I can't help but thinking that we are suffering an epidemic of the Kruger Dunning Effect, and I think Facebook and social media has a lot to answer for.
Wikipedia
The Dunning–Kruger effect is a cognitive bias in which low-ability individuals suffer from illusory superiority, mistakenly assessing their ability as much higher than it really is. Dunning and Kruger attributed this bias to a metacognitive inability of those of low ability to recognize their ineptitude and evaluate their ability accurately. Their research also suggests corollaries: high-ability individuals may underestimate their relative competence and may erroneously assume that tasks which are easy for them are also easy for others.[1]
Dunning and Kruger have postulated that the effect is the result of internal illusion in those of low ability, and external misperception in those of high ability: "The miscalibration of the incompetent stems from an error about the self, whereas the miscalibration of the highly competent stems from an error about others."[1]
And unfortunately there is a lot of it about.A certain male American Presidential candidate comes to mind, but we can be proud not to be upstaged by the yanks, we have Pauline Hanson!
I long for the days you could pick up a newspaper and an intelligent journalist would tear these people to bits.
But alas they are mostly long gone.
Hardly anyone under 40 buys a newspaper anymore, relying on social media to supply their news, which is pretty much a fact free zone. God help them!
This is a big issue, the price of democracy is eternal vigulence!
our modern democracies for the last 100 years have depended on Journalists and independent newspapers to provide us with the "truth" or at least a forum to debate intelligently!
I fondly remember Peter Ruele of Australian Financial Review, I wish he was still alive, there would be no way Trump would get away with his Dunning Kruger ways, Ruele would have torn him apart and we would have been amused, entertained, and more importantly educated and informed!
in my opinion not much truth or intelligent debate on social media!
But maybe im a grumpy old man that's lost touch?
Its unlikely to change, so better just get on with it and manage things.
Its a lot like life, having recently relapsed with drugs failing and tumors moving again, I have to rethink my strategy.
Having just finished 5 weeks of radiation therapy, feels like im wearing lead boots, certainly saps your energy.
Hopefully it has given me a bit more time, and im grateful for the medical professions help and expertise.
I have also been offered a new trial treatment, I am also very grateful for, but working out if its a smart thing to take on isn't easy.
My challenge with the stock market and my health is to not fall victim to the Dunning Kruger effect, and start to think Im smarter than I actually am!
Having recently completed an options trading course, I realize Im not smart enough to succeed there.
Building Click for info Iron Condors sounds smart, and is probably a reasonable strategy for generating income, but you would need unlimited time to manage, so not for me, Truth is im a bit too worried it might prove I suffer from the Dunning Kruger syndrome!!
So for me I will continue to look for good companies that run good businesses.
since July I have sold half my gold stocks and bought
: ANZ.AU, Anz Bank, I think our banks are oversold
: ISD.AU, Isentia, social media monitoring company, if everyones on it, why not have a company that's making a dollar out of all this rubbish!!
:CFG.AU, Collins Food Group, who doesn't like KFC!!!
see performance page
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