Quote:
Originally Posted by pelagius
Its too strong of a statement; the advisor may just be overconfident. There is lots of empirical evidence consistent with fund managers and people in general being overconfident (i.e., they overstate the probability they are correct).
I wouldn'tnecessarily think badly of Waters friend. I am not privy to the whole conversation. Its possible he had a very nuanced discussion of risk and expected returns and Water's summary leaves something to be desired. I don't know ... more information would be required before I made the inference the Waters should avoid investing with him.
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overconfident = a form of incompetence. no?
I'm being overly aggressive in this thread but it's to balance what I perceive the vast majority of being way too far on the trusting side of "investment advisors".