Ignore The ‘Experts’

If you’re like most people, you listen to the experts: Economists and investment managers. If there’s anything these folks are good at it’s making predictions about the future and then eloquently explaining why their predictions didn’t come true.

Economics is a pseudoscience that relies on unrealistic models that tend to be completely detached from reality. In case you don’t believe me, below is a list of projections made by various economists and investment managers over the past decade. All of these predictions proved false.

So next time you read a headline or hear a soundbite about the near-term direction of the economy or markets, treat it as background noise.

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So who should you listen to? There are good economists and investment managers. They are the ones who are skeptical about their own conclusions. They tend to have a long view that ignores the day-to-day and week-to-week fluctuations. Instead of making overconfident predictions, they provide a framework for decision making by observing the world around them.

Source: JP Morgan Asset Management

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