Yeah, because that Food Pyramid has worked so well...
Hey, he has a degree in economics, people, and he's not afraid to use it...
Seriously, though, he may be on to something. Certainly people need to understand that passive investing remains a pretty good choice, if not perfect by any means. But does the government need to remind folks of this? Perhaps they could subsidize and update of "A Random Walk Down Wall Street" or write a Cliff Notes version for the masses. Burton Malkiel told us about how the market worked more than 40 years ago, and yet so many people still miss out.
Good thing for financial advisors, not so much for investors (unless they're paying for piece of mind, which I imagine that many are). Scott Adams suggests that financial advisors be required to disclose that their services have been proven scientifically unnecessary, but that has been understood for a while I think. Perhaps researchers should go back to trying to understand why people invest in the first place.
I'm not an investment advisor, but it seems to me that paying for investment advice in this day and age is kinda iffy. Even sketchy, perhaps.
