There is an interesting read for investors at the Daily Bell. It deals with the concept of “experts” in general and financial experts in particular. Neither are treated kindly. I think the motivated investor will find the piece interesting and of possible value. The article concludes:
It might be said that the only real expert is the individual himself – and the only determinant of expertise is the way a decision interacts with the market in a real-life context. In a sense, therefore, experts and expertise are a kind of dominant social theme – promoted by the elite. People are taught to defer their own “human action” to those who have advanced degrees and illusory authority. Doctors, scientists, lawyers and politicians – all are to be seen as experts, repositories of hard-won knowledge not available to the ordinary citizen. But in the end, the Invisible Hand will have the final say, not the “expert.” The market is the final arbiter. The higher authority is natural law, not an advanced degree.
