Beware Who You Listen To
Meb Faber tweeted out the following;
I included the link above in case you want to read the entire thread. If he is not talking about Dave Ramsey then I have no idea who he is talking about. A lot of people listen to Ramsey and it seems as though he helps an awful lot of people sort out their personal finance woes. That doesn't necessarily mean he knows anything about how to construct a portfolio or how the markets work beyond a superficial level. He may be very knowledgeable about capital markets but that statement gives a hint that maybe he isn't. I've literally never listened to his show, does he get carried away, can that be the explanation for the above comment?
Very coincidentally I stumbled across an article at Seeking Alpha that made a shockingly stupid argument in an attempt to give advice. I am going to try to make this as anonymous as possible and hope that the guy goes back to the drawing board on a few things. I don't comment often on other peoples articles at Seeking Alpha but I did in this instance, citing one contradiction and to point out a couple of things he clearly did not know and given his pedigree he should have. There was one reply he had to a different commenter with something else that he'd never heard of and again, given his pedigree is should have known about.
This person also has some sort of subscription service he offers through Seeking Alpha that he charges north of $200 for. The subject matter for his service appears to be slightly different than the article that drew my attention so maybe he is a guru on the one subject and got out over his skis, way over, on the other subject.
Blogging is a very democratizing thing, someone who might never have found an audience can find one through blogging. I've often given the same advice about blogging when asked about how to get started, I say that if you have something interesting to say, then an audience will find you, but you need to stick with it. Fourteen years in for me and I still love it.
It can be difficult to discern between bloggers (and other information providers) who know what they're doing and those who don't. It can also be difficult to know when someone is straying out of their lane. I had an example this week in my post about what might be a way to legally get around paying taxes on Roth conversions. I had an idea (not claiming originality), ran it by my accountant, wrote about that idea and said in that post five times that if you thought that idea could work for you that you should check with your accountant. Whatever my lane is, it isn't accountancy which is why I asked my guy. I obviously differentiate someone who realizes they are outside their lane saying hey here's an idea go learn about it versus you should do this thing.
Many of us learned to be skeptical about various news sources during the previous election cycle, that also pertains to consuming blog content.