Difference between Investor and Journalist/Blogger
Ultimi Barbarorum has a great post on differentiating between investor and journalist/blogger:
It's a topic that I would not have thought about, and yet it is one that I should have thought about, especially since I am a avid reader of blogs and news.
And, I can't find myself re-reading and agreeing with this paragraph found in the post:
Much more than philosophy, investing should be a solitary activity. A group of people or colleagues you can check your ideas with is a good thing, but you must take responsibility for your investments yourself. You will receive conflicting advice, all of which will sound plausible but most of which is wrong. Consider that 98% of the people you encounter who claim to know what they are talking about simply don’t, and have as much chance of being right about these things as you do. You will find out about things you need to know much much later than the professionals. You will need to make most of your mistakes yourself, and it will take a long time and much capital to gain the context to be able to properly learn from them. Being in the market is the only way to get its benefits, the positive black swans that occur all the time and which rarely get written about, but know also that professionals as a rule consider retail investors to be the patsy in the market. In their minds they are the sheep, and the sheep get shorn. The greater level of sophistication you are likely to get out of watching Mad Money or subscribing to some websites may help, but it is a drop in the ocean compared to what you will need to succeed.