People Make Irrational Decisions When Choosing Experts
People are not only bad investors; but they also choose the wrong experts to listen to. New Scientist highlights research by Don Moore of Carnegie Mellon University which provides evidence that investors will choose a self-confident buffoon like Jim Cramer over a more historically accurate forecaster such as Jeremy Grantham for the simple fact that Cramer has more personal charisma.
Source:
http://www.newscientist.com/article/mg20227115.500-humans-prefer-cockiness-to-expertise.html
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