Prediction is difficult – especially about the future, as Niels Bohr might have said (but apparently it is just as difficult to predict who invented well-used aphorisms in the past). As such, we can safely assume that anyone who earns lots of money by investing in stocks that go up in value must be very clever indeed. Or can we? A neat experiment performed on a Norwegian television show and related by the Financial Times illustrates flaws in this line of reasoning.
The programme challenged two stockbrokers to an investing contest. Their competition? An astrologist, two beauty bloggers …
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