Comments on: The media is atrociously bad at prediction and I’m sick of it http://www.iwillteachyoutoberich.com/blog/the-media-is-atrociously-bad-at-prediction-and-im-sick-of-it/ Personal finance blog for college students, recent graduates and everyone else -- including entrepreneurship -- for getting rich. Featured in the Wall Street Journal and New York Times. Sat, 20 Mar 2010 22:43:50 -0700 http://wordpress.org/?v=abc hourly 1 By: Does This Economic Crisis Change Your Personal Finance Strategy? — Green Panda Treehouse http://www.iwillteachyoutoberich.com/blog/the-media-is-atrociously-bad-at-prediction-and-im-sick-of-it/comment-page-1/#comment-86042 Does This Economic Crisis Change Your Personal Finance Strategy? — Green Panda Treehouse Fri, 09 Jan 2009 17:09:57 +0000 http://www.iwillteachyoutoberich.com/blog/the-media-is-atrociously-bad-at-prediction-and-im-sick-of-it#comment-86042 [...] magazines, books, and TV predicts  what investments or investments and ’secrets’ will protect us in this uncertain economy. People are trying to figure out what to do with their [...] [...] magazines, books, and TV predicts  what investments or investments and ’secrets’ will protect us in this uncertain economy. People are trying to figure out what to do with their [...]

]]> By: La crise financière… - Sandbox http://www.iwillteachyoutoberich.com/blog/the-media-is-atrociously-bad-at-prediction-and-im-sick-of-it/comment-page-1/#comment-76505 La crise financière… - Sandbox Tue, 07 Oct 2008 14:35:42 +0000 http://www.iwillteachyoutoberich.com/blog/the-media-is-atrociously-bad-at-prediction-and-im-sick-of-it#comment-76505 [...] pulls off one of the finest pieces of reporting on the bailout. When I wrote The Media is Atrociously Bad at Prediction and I’m Sick of It,I highlighted how various business media point make bold predictions,get it completely wrong, and [...] [...] pulls off one of the finest pieces of reporting on the bailout. When I wrote The Media is Atrociously Bad at Prediction and I’m Sick of It,I highlighted how various business media point make bold predictions,get it completely wrong, and [...]

]]> By: vandenbowen.co.uk http://www.iwillteachyoutoberich.com/blog/the-media-is-atrociously-bad-at-prediction-and-im-sick-of-it/comment-page-1/#comment-76193 vandenbowen.co.uk Sun, 05 Oct 2008 15:26:59 +0000 http://www.iwillteachyoutoberich.com/blog/the-media-is-atrociously-bad-at-prediction-and-im-sick-of-it#comment-76193 [...] Media Gawker pulls off one of the finest pieces of reporting on the bailout. When I wrote The Media is Atrociously Bad at Prediction and I’m Sick of It, I highlighted how various business media point make bold predictions, get it completely wrong, and [...] [...] Media Gawker pulls off one of the finest pieces of reporting on the bailout. When I wrote The Media is Atrociously Bad at Prediction and I’m Sick of It, I highlighted how various business media point make bold predictions, get it completely wrong, and [...]

]]> By: Banks of Unites States of America-mortgages, loans, repayment http://www.iwillteachyoutoberich.com/blog/the-media-is-atrociously-bad-at-prediction-and-im-sick-of-it/comment-page-1/#comment-75666 Banks of Unites States of America-mortgages, loans, repayment Tue, 30 Sep 2008 22:52:02 +0000 http://www.iwillteachyoutoberich.com/blog/the-media-is-atrociously-bad-at-prediction-and-im-sick-of-it#comment-75666 [...] Media Gawker pulls off one of the finest pieces of reporting on the bailout. When I wrote The Media is Atrociously Bad at Prediction and I’m Sick of It, I highlighted how various business media point make bold predictions, get it completely wrong, and [...] [...] Media Gawker pulls off one of the finest pieces of reporting on the bailout. When I wrote The Media is Atrociously Bad at Prediction and I’m Sick of It, I highlighted how various business media point make bold predictions, get it completely wrong, and [...]

]]> By: Would You Make a Run on Your Bank? :: Steadfast Finances http://www.iwillteachyoutoberich.com/blog/the-media-is-atrociously-bad-at-prediction-and-im-sick-of-it/comment-page-1/#comment-73682 Would You Make a Run on Your Bank? :: Steadfast Finances Mon, 15 Sep 2008 19:33:39 +0000 http://www.iwillteachyoutoberich.com/blog/the-media-is-atrociously-bad-at-prediction-and-im-sick-of-it#comment-73682 [...] stoic personality to near panic levels.  For this reason, I often suggest that most people should avoid the daily financial news because it’s so overly dramatized and causes even the most resolute people to get caught up [...] [...] stoic personality to near panic levels.  For this reason, I often suggest that most people should avoid the daily financial news because it’s so overly dramatized and causes even the most resolute people to get caught up [...]

]]> By: Scott H Young » Stop Checking Your Web Stats Every Day! http://www.iwillteachyoutoberich.com/blog/the-media-is-atrociously-bad-at-prediction-and-im-sick-of-it/comment-page-1/#comment-53687 Scott H Young » Stop Checking Your Web Stats Every Day! Tue, 26 Feb 2008 17:00:37 +0000 http://www.iwillteachyoutoberich.com/blog/the-media-is-atrociously-bad-at-prediction-and-im-sick-of-it#comment-53687 [...] in stocks is about patience and long-term growth, not jumping on the latest pick, according to finance writer Ramit Sethi. Constantly switching between investments to make a quick buck doesn’t work. You may end up [...] [...] in stocks is about patience and long-term growth, not jumping on the latest pick, according to finance writer Ramit Sethi. Constantly switching between investments to make a quick buck doesn’t work. You may end up [...]

]]> By: Nick Boorman http://www.iwillteachyoutoberich.com/blog/the-media-is-atrociously-bad-at-prediction-and-im-sick-of-it/comment-page-1/#comment-12988 Nick Boorman Thu, 26 Apr 2007 03:36:42 +0000 http://www.iwillteachyoutoberich.com/blog/the-media-is-atrociously-bad-at-prediction-and-im-sick-of-it#comment-12988 Don't forget this classic from 95 http://www.leadershipnow.com/leadershop/2053-8excerpt.html An experiment from The Economist, titled, "Garbage In-Garbage Out: Economic Forecasting, The Accuracy of the Dustmen's Predictions," puts the need for anticipation in perspective: In 1984, a questionnaire was sent to four ex-Finance Ministers, four Chairmen of multinational firms, four students at Oxford and four London Dustmen (referred to in the U.S. as Garbage men). Ten years later the predictions were compared to the actual results and the British Garbage men outperformed the ex-Finance Ministers and the Oxford students while equaling the foresight of the multinational business executives on a number of key economic predictions. (The Economist, June 3, 1995) The garbage men did a better job of anticipating what would happen than the government officials and Oxford students. Knowing what things are going to look like in advance can help you make the right decisions. Anticipation is natural. Everyone does it every day. Don’t forget this classic from 95

http://www.leadershipnow.com/leadershop/2053-8excerpt.html

An experiment from The Economist, titled, “Garbage In-Garbage Out: Economic Forecasting, The Accuracy of the Dustmen’s Predictions,” puts the need for anticipation in perspective:

In 1984, a questionnaire was sent to four ex-Finance Ministers, four Chairmen of multinational firms, four students at Oxford and four London Dustmen (referred to in the U.S. as Garbage men).

Ten years later the predictions were compared to the actual results and the British Garbage men outperformed the ex-Finance Ministers and the Oxford students while equaling the foresight of the multinational business executives on a number of key economic predictions. (The Economist, June 3, 1995)

The garbage men did a better job of anticipating what would happen than the government officials and Oxford students. Knowing what things are going to look like in advance can help you make the right decisions. Anticipation is natural. Everyone does it every day.

]]> By: Joshua Zika http://www.iwillteachyoutoberich.com/blog/the-media-is-atrociously-bad-at-prediction-and-im-sick-of-it/comment-page-1/#comment-12628 Joshua Zika Tue, 24 Apr 2007 02:55:16 +0000 http://www.iwillteachyoutoberich.com/blog/the-media-is-atrociously-bad-at-prediction-and-im-sick-of-it#comment-12628 I'm really glad someone finally mentioned that these finance magazines write articles with absolutely no foundation to them. They ramble on and on about how to invest and plan and stuff without actually saying anything at all. I had a subscription to Smart Money for a year and totally gave up on magazines. Now I purchase Barron Financial books, they may not be as sexy as magazines or the like but damn they have some good information. I’m really glad someone finally mentioned that these finance magazines write articles with absolutely no foundation to them. They ramble on and on about how to invest and plan and stuff without actually saying anything at all. I had a subscription to Smart Money for a year and totally gave up on magazines. Now I purchase Barron Financial books, they may not be as sexy as magazines or the like but damn they have some good information.

]]> By: Eleanor http://www.iwillteachyoutoberich.com/blog/the-media-is-atrociously-bad-at-prediction-and-im-sick-of-it/comment-page-1/#comment-11799 Eleanor Tue, 17 Apr 2007 18:20:49 +0000 http://www.iwillteachyoutoberich.com/blog/the-media-is-atrociously-bad-at-prediction-and-im-sick-of-it#comment-11799 Ramit, Thanks for (repeatedly) pointing out the absurdity of "handwavy" deliberations and predictions about our economy, stocks, etc. Since I've started reading this blog, I've been much more aware of this. The clearest example is the constant reporting on the housing market. Is it booming? Is it bursting? Homes are foreclosing, but the market's on the upswing! There are some great deals, so you should buy! Rent, because the cost of owning a home is more expensive than renting! Blah, blah, blah. How about I continue paying $500 a month in rent while I invest the extra money, and buy a home in five years? Anyway, I'm definitely taking all of this business reporting with a grain or two of salt, and seeing through a lot of it for the hooey that it is. Thanks! Ramit,

Thanks for (repeatedly) pointing out the absurdity of “handwavy” deliberations and predictions about our economy, stocks, etc. Since I’ve started reading this blog, I’ve been much more aware of this. The clearest example is the constant reporting on the housing market. Is it booming? Is it bursting? Homes are foreclosing, but the market’s on the upswing! There are some great deals, so you should buy! Rent, because the cost of owning a home is more expensive than renting! Blah, blah, blah. How about I continue paying $500 a month in rent while I invest the extra money, and buy a home in five years?

Anyway, I’m definitely taking all of this business reporting with a grain or two of salt, and seeing through a lot of it for the hooey that it is. Thanks!

]]> By: Jim http://www.iwillteachyoutoberich.com/blog/the-media-is-atrociously-bad-at-prediction-and-im-sick-of-it/comment-page-1/#comment-11643 Jim Mon, 16 Apr 2007 17:30:05 +0000 http://www.iwillteachyoutoberich.com/blog/the-media-is-atrociously-bad-at-prediction-and-im-sick-of-it#comment-11643 I am unsubscribing to your blog - I am not interested in what makes you mad. Isn't this supposed to be 'I will make you rich' not bitching. Get a beer and a friend to do that. You are now wasting our time. I am unsubscribing to your blog – I am not interested in what makes you mad. Isn’t this supposed to be ‘I will make you rich’ not bitching. Get a beer and a friend to do that. You are now wasting our time.

]]>