Michael Mauboussin of Legg Mason writes in his Strategy newsletter:
Our society tends to hold experts in high esteem. Patients routinely surrender their care to doctors, investors listen to financial advisors, and receptive TV viewers tune in to pundits of all stripes. All of this may cause you to wonder: what do we know about experts?
This piece provides perspective on how to think about experts. We address some basic questions, including:
What is an expert?
What characteristics do experts share?
Where do experts tend to do well and where do they do poorly?
Does the world of investing have experts?