Can I gripe a little? First the media tells us that inflation, or even hyperinflation is imminent. Then, often on the same day, they tell us that we are on the verge of a depression to rival the Great Depression, and deflation is going to be our problem. How on G*d's Green Earth a relatively novice investor such as myself is supposed to position her portfolio to prepare for both of these "certainties" at the same time is beyond me. And if I somehow figured that out, neither would happen. [/gripe]
Thank you. I feel SO much better, now.
Interesting topic to me and probably TMI but what I've learned so far about things like this in my 55 years:
1) You can find someone who can
convincingly argue either side of any situation. With the internet, it's even easier to find equally convincing arguments from all sides.
2) Most people tend to point to sources that agree with views they already hold. Again the internet provides the best examples, when people provide links to other sources. More often than not, the "agree" with the article because it supports the conclusions they've already drawn, not because they've learned anything new. You see it here and everywhere - people who simply can't/won't listen to another point of view, they use the same arguments over and over again without ever really addressing another POV. Beware someone who answers primarily with quotes and links, and unfortunately many of them pass off the thoughts of others as their own without your knowledge. Show me an example of someone
really changing their views here. I see points argued for page after page without anyone budging a single inch...
3) The "media" is one of the worst sources in general. More than ever they are a business trying to get your viewership first and foremost, an information source second. Even more now with print media fighting for their very survival in many cases. I used to watch CNBC every day. IMO, there is so much non-news and speculation, the real news becomes unrecognizable.
3) I don't claim to be smarter than anyone, nor do I claim I can see through 1 & 2 above. But what I do take from the above:
a) We are all on our own for the most part. Nothing wrong with trusting others by any means, but in the end it's your life and your portfolio. If you lose half your net worth or more, others won't do anything but feel bad for you and move on.
b) So I try to read both sides, I deliberately and always look for views unlike my own to consider them. I still make mistakes, but hopefully fewer than folks who pick their sources and mindlessly follow them (liberal sources, conservative sources, Cramer, Oprah, Suze O, etc.). While there are people who I tend to agree with more often, there is no one who I agree with on every topic 100% of the time (even though I realize I am wrong far more often than I know today).
FWIW...