The #1 Lesson From This Year’s Election
This week’s “Slap in the Face” goes out to anyone who made changes to their investments based on pre-election reporting by the financial media. And there were a lot of you.
Whether you were delighted or disgusted by the outcome, there’s one thing you have to agree with…
The same media that blew the election call, that didn’t have a clue what was happening, are now telling us what to expect next year.
And too many people are still listening.
It’s crazy because the financial media is about entertainment, not information. They exist for one reason only: to sell advertising space.
They’re not there to help you make money.
If you made any financial decisions based on their pre-election calls of a 10% sell-off if Trump was elected – or post-election predictions of trade wars and a recession – you’re so far off base in your thinking that you should immediately disengage from managing your money and get a professional to do it for you.
These networks have to produce 24 hours of talk every day. And 90% of what they publish is useless.
The actual information they produce is short-term and nonproductive at best. It’s focused on fixing things that aren’t broken and useless headlines that only make money for brokerage firms.
The mainstream financial media takes no responsibility when they’re wrong. They report nothing about the outcomes of their calls.
And when they finally have a guest who knows what he or she is talking about, you can’t hear their ideas over the childlike shouting back and forth.
What we need to learn from this election isn’t who won or why…
It’s that the media, especially the financial media, showed how totally useless they are on so many levels.
They proved that they exist to cost you money, not make you money.
The only workable investment approach for the average guy is a long-term strategy based on solid fundamentals that allows the market to be a market… a market that no one can accurately predict and that (based on decades of real data) will always go up.
So whether you were thrilled or appalled by Trump, you should have learned this from the election: The news media is there to help themselves, not you.