I was in Fort Worth, TX last week visiting a couple advisors. One of them shared this with me.
“Matt, people all the time think they know what’s going to happen in the market or economy. And the truth is…no one knows. When someone tells me what either they, their broker, their bank, their neighbor says is going to happen in the market, I pull a book off my shelf and fire up a conversation.” (Here’s the book: The Great Depression of 1990.)
Then they visit about how hard the “Great Depression of 1990” hurt them…(it didn’t, it was the greatest bull run of all time). Then finish the conversation agreeing their local bank teller or neighbor couldn’t know things PhD’s don’t.
I realize this won’t fit everyone’s style. But if you like it, I’d order the book and keep it close by.