🎰 #BOYCOTT #CNBC! Hope of #Gain; #FEAR of #LOSS is a SNAKE OIL SALESMAN Strategy! 🎲 🎲
AKA #CASINO! 🎰
🥊 Step_Away From CNBC
If you want to make money in the stock market, change this channel.
They are teaching you how to 🥘 #PANHANDLE bc if you listen to these LIARS any longer you will be IN the SOUP LINE!! 🍲
If you wanted to design a financial channel that would cause investors to underperform 🎲 🎲 the stock market, you'd create CNBC, NBC's financial counterpart that runs on cable news and ostensibly tries to make viewers better investors. You'd make it sober and rational (well, there is Jim Cramer, but we'll get to him later), no need to feature anyone foaming at the mouth about stocks that could triple in six months or worried Cassandras warning that it's time to sell everything and burrow underground. And yet, you'd ensure that viewers stay engaged by keeping them on edge, worried and confused about what might happen next. Anxiety, you'd discover, is your friend, viewer hypervigilance your bread and butter.
In other words, CNBC makes viewers nervous in a very specific way. Nervous that they're about to lose money in a market downturn. Nervous that they might miss a hot trend or stock. Or uncertain that they're in the right sectors. Then an "expert" comes on and says, "Hey, you're in the wrong sectors -- it's time to leave tech for industrials, financials, and health care." In its sober, rational way, the network creates a sense of urgency. Although its tone is never like that of an infomercial, sometimes the message is similar. Act now. The problem is, hypervigilance is probably the worst quality most investors can have. "Sit on your ass," the late Charlie Munger advised investors, emphasizing that when it comes to investing, less is more. Feeling nervous leads to excessive trading. And "all the evidence shows that individual investors do worse the more they trade," says Jay Ritter, professor of finance at the University of Florida's Warrington College of Business. "Buying and selling something based on what you see on CNBC is not likely to be a successful strategy."
https://slate.com/business/2024/02/cnbc-investing-advice-bad-making-money.html
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