The Rise and Rise of the 'Expert'

[grubs50]

There seems to be an increasing number of people earning a living as professional 'experts' in our daily lives. we have experts in virtually everything parading their 'expertise' in all our media even though what they say is just plain common sense or conclusion by deduction (i.e no solid facts to back up their arguments or assertions).
From a trading perspective, just watch Bloomberg or CNBC or search the net (or read through financial BB's) to find typical examples.

 

[Trader333]

Yes agreed in fact people nowdays seem to know more and more about less and less and at this rate soon we will have people who know everything about nothing.


Paul

 

[TheBramble]

Interesting point Paul and ignoring the metaphysical aspects of your conclusion, I think that's where the real issue resides.

In an increasingly technologically and informationally complex world, no one person can concentrate on anything other than smaller and smaller areas of interest.

From medicine to physics to trading. The information acquisition engine is so fast and so broad, that we can overload in any topic we choose with just a few minutes research.

Specialists have to specialise or they simply couldn't function.

The 'real' experts seem to be those who specialise in a very small area. In trading for example, those who primarily look at Level-II or just moving averages or just the FTSE futures etc.

I think the problem with those 'experts' we hear and see on TV etc. is that they have to be generalists (to appeal to a general audience of course) and they can only ever provide bland and very general commentary.

Even if they are rolled out to the general public as a 'specialist' in the US markets for instance - they still have to address a very broad spectrum of market interests.

 

[grubs50]

In my book they are all the same...............nobody can ever make u a better trader cos they are an expert in a facet of trading, it will always be ultimately down to the individual styles and mentality. They can only make u understand the basic workings of any subject but u would have to pull the trigger when it comes to reality and that depends on how u interprete the information u have at your disposal at that moment in time.

 

[Rognvald]

Bramble
Agree totally
"Rolled out to the general public" is spot on. It is however our fault (as the general public) if we accept these "pearls" at their face value. At this point the major problem ( imho) comes up - that of TIME. We are resources rich and time poor.

 

[dolton]

Definition of an "Expert"............"Someone who knows more and more about less and less"....

 

[TheBramble]

...or even...

Ex as in 'used to be something' and

Spert as in 'a drip under pressure'

 

[dolton]

Further definition is someone who tells you the time by your own watch and charges you...hang on thats not right .....thats a definition of a "Consultant" ho hum thats what I do for a living!!

 

[chump]

Then you will have heard the one about the KPMG consultant and the sheep farmer ?

 

[Rognvald]

No - this could be good?

 

[china white]

an expert on the option trading floor is usually a quant who spends 16 hours a day modelling option pricing - but never actually trades......

 

[TheBramble]

Then you will have heard the one about the KPMG consultant and the sheep farmer ?

I haven't Chump.

And while we're on the subject of consultants...(as an Ex-Expert Consultant myself...)

Consultant:- "someone who knows 380 ways to make love, but never has".

 

[chump]

A shepherd was looking after his sheep on the side of a deserted road.

Suddenly a brand new Porsche screeches to a halt. The driver, a young man
dressed in an Armani suit, Ray Bans, Tag Heuer watch, White Cerutti shoes,
tailor-made mauve shirt, with a Boss tie.

He gets out and asks the shepherd 'If I can guess how many sheep you have,
can I keep one?'

The shepherd looks at the large flock of sheep and says 'Okay'.

The young man connects his laptop to his mobile phone/fax, enters the NASA
website, scans the field using his GPS, opens the database linked to 60
Excel tables, filled with logarithms and pivot tables, then prints out a 150
page report on his high tech mini printer. He studies the reports and says
to the shepherd 'You have 1586 sheep'.

The shepherd replies, "That's correct. You can have the pick of my flock."

The young man packs away his equipment, looks at the flock and puts one into
the boot of the Porsche.

As he is about to leave, the Shepherd says, "If I can guess what your profession is will you return the animal to me?'

The young man thinks for a minute and says 'Okay'.

The shepherd says 'You are a KPMG Management Consultant'.

The young man says' Correct, how did you know?'

The Shepherd replied, 'Simple. First you came here without being invited.
Second you charge me a fee for something I already knew.
Third, you don't understand anything about my business.'

Now, can I have my dog back?'

 

[TheBramble]

Aaaghhh....

That was worth the wait.

Thanks Chump. Very funny.