I don't mean to pick on the financial media. They are part of a much bigger problem.
The securities industry is premised on the flawed assumption that they can add value. In reality, as many investors now understand, the value they add is to their own bottom line at the expense of the investors they profess to serve.
The financial media plays an important role in perpetuating this myth. I am not just referring to Jim Cramer and Fast Money. These shows do incalculable damage to those investors who still believe the insights and predictions of these pundits are anything more than musings of narcissistic personalities.
The more traditional media is not much better. Their daily grist consists of "analysis" geared to justify their selection du jour of stocks to buy or mutual funds that are likely to outperform. Investors who rely on these predictions suffer the consequences.
If the financial media couldn't predict the worst recession in a generation, why would you rely on them for advice about what the future holds?
In this week's video, I discuss how reliance on the financial media is bad for your financial health. It is the untold story of how the media and securities industry work together to separate you from your money.
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