Friday, January 11, 2008
Who do you listen to?...er..To whom do you listen?
I comment at Megan's
Krugman's like most humans. I take prognostications seriously based on the amount of money deliberately staked on the outcome. Otherwise, there's too much influence on prognostications from validating your priors or grinding a political axe. I remember taking note when I heard Shiller got out of stocks and sold his house.
As a money manager, getting people's current capital (as opposed to future lottery dollars, which provide a different motivation) into the game is critical to sound decision-making.
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