I’ve posted Column Entry #57 to my weekly Investing: The New Rules column at the Death by 1,000 Papercuts site. It’s called It’s Hard to Make a Buck Offering Good Financial Advice.
Juicy Excerpt: I have a friend named “Norm” who I only see once a year when I attend a Christmas party held in my old neighborhood in Arlington, VA. Every year Norm asks me how my web site is doing and every year I tell him “not as good as I would like.” The last time I saw him Norm arrived at the party bearing advice.
I’m not going to follow his advice. But I know from things I’ve seen about how people read on the internet that he’s right. Long doesn’t sell. People hate long. They want to pick up those action steps and get out.
There’s only one problem. Reading and following action steps will never make you an effective investor. It cannot work.