This is why you shouldn’t read the media
May 09, 2020
Media agenda
Whenever bloggers, online personalities, or journalists post information online, it stands to reason that there’s an underlying agenda of some sort.
Motives aren’t always ulterior, of course.
But when you think about it, it’s also extremely unlikely that the agenda of online media will be consistently aligned with your own.
Often the goal of online media is to generate clicks, eyeballs, fear, or sensationalist headlines, in turn to sell advertising space.
Of course, I’m generalizing here.
But if you stop to think about it, it’s also often very true.
Ignore the noise
As an investor, you need to remember the old mantra:
“It is their job to entertain; it is YOUR job to ignore”.
In part due to the Pareto Principle, you’ll often find that the bulk of your results in life are accounted for by the decisions you make during times of turmoil.
That’s because recessions tend to be times when there is a transfer of wealth.
And if you can keep a cool head when others are not, then downturns can be times of great opportunity when most people are fearful.
Be more discerning
Therefore you should be very discerning when you choose your media and information sources.
People often mistakenly assume that if an opinion is written online it must be inherently accurate, true, or written by someone with credibility, qualifications, or a proven track record of success in that field.
Sadly, often this is simply not the case.
The same should apply when you choose your mentors.
It makes sense to find people who have achieved what you want to achieve, because very often your peer group and the prevailing system has a strong vested interest in the status quo (whereas to get different results from the crowd, you’ll need to think and act differently).
I discussed this a little further in the short video here
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