My friend Tadas Viskanta at Abnormal Returns was kind enough to publish an excerpt from the first chapter of my new book, Clash of the Financial Pundits. In the chapter, The Myth of the Media Diet, I talk about why it’s unrealistic to think we can simply “turn out the noise” and why a strategy of becoming a savvier consumer of financial news and opinion makes more sense…
The Myth of the Media Diet
Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.
In a perfect world, you can put your money to work across stocks and bonds, cash and commodities, REITs and real estate, and be done with it. You can allow your invested assets to grow like mushrooms in the dark, and go through life utterly unfazed by the daily doings of others and the unfolding of economic and geopolitical developments in real time.
Sounds great, until you realize that this is not a perfect world and that news actually matters as it pertains to your portfolio. Things happen.