John Wayne is often credited with saying “Life is hard; it’s harder if you’re stupid.” Truth be told, at least according to Snopes, he never actually said it.
It doesn’t matter if he did or didn’t. If you know John Wayne and the characters he portrayed, it’s more than fitting as something he would have said. In fact, a lot of things are tougher if you’re, well, shall we say, “mentally challenged,” or, perhaps more to the point, “inexpert.”
This is especially true of investing. Hordes of behavioral researchers have gone out of their way to show just how “inexpert” the investing public really is. Is it any wonder that surveys show those who use professional advisers are more likely to achieve their financial goals?
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