July 7, 2015

TV talking heads reporting on Greece

    "Wall Street is the only place that people ride to in a Rolls-Royce to get advice from those who take the subway."    - Warren Buffett

With every macroeconomic event, nearly every "talking head" has a view.

Greece is just another of a long list of events that "requires" instantaneous reporting. But opinions are like noses (anatomy part changed to allow for publication!) -- everyone has one.

Consider the depth of knowledge of commentators when they offer glib and self-confident recommendations based on events such as Greece.

While there are exceptions, I just listened to a trader on the floor of the New York Stock Exchange who offered a confident view of Greece.

Most of these self-proclaimed authorities are three miles long and a few inches deep in knowledge of the subject matter; they've spent minutes -- not hours or weeks -- learning about the event.

And that includes yours truly.

    "A prediction about the direction of the stock market tells you nothing about where stocks are headed, but a whole lot about the person doing the forecasting."     -- Warren Buffett

VIA The Street