We see a lot of people online, especially YouTube, who espouse their views about everything frmo crypto to real estate. The problem is these people often are all over the place.
Of course, it is not relegated to just YouTube. People like Peter Schiff has been wrong for more than a decade yet keeps espousing how gold is going to $5,000. He started this rant, as far as I know, back in 2011.
In this video I discuss how markets move in cycles and we need to be mindful of that. Also, markets act in different ways. Real estate is not going to be have like cryptocurrency.
▶️ 3Speak
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Very important point here! No one can accurately predict the future. But for influencers, their major selling point are promises and optimism. They're just interested in their referral bonuses and the money paid them.
Apart from Hive influencers, I barely listen to any crypto influences at all, and Thankfully so
those things are true markets are cyclical and they don't all behave the same way all the time
Schiff is a pretty solid logician. The problem is that even with rock solid logic, poor assumptions will still lead one astray. He's been pretty consistent with the doom and gloom in US markets, along with pro gold and pro foreign markets since before 2008. He was right very briefly but there are many variables that he obviously failed to consider moving forward after 2009. He continued to beat the same drum and people who listened to him missed out on the longest continuous bull market in human history (that I know of). As I age, one certainty that continues to show itself to me is that once you think you've got it all figured out, the market slaps you in the face and humbles you. There are no people I've come across yet who are exceptions to this rule.
A lot of people need to stop paying attention to those articles and clips. Jim Cramer is the easiest example to see how things bite you when you don't pay attention. Most of the time when the media tells you something, the move is almost over.
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Spot-on as usual, Taskmaster. I absolutely despise the current state of affairs in this space. Anyone with a Youtube channel thinks they're god or something. I've seen so many BILLIONS of dollars lost by retail because they take financial advice from unlicensed scammers and hype-men (and women).
Funny how the punishment for giving unlicensed financial advice is 5 years in prison AND $5000 fine PER VIOLATION. Can you even imagine how much time people from Youtube would spend in Prison if the feds actually enforced the law? Crazy stuff
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