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The Forum > Article Comments > The ethics of expertise: in financial and medical advice, climate and everything > Comments

The ethics of expertise: in financial and medical advice, climate and everything : Comments

By Don Aitkin, published 15/5/2015

My GP satisfies those maxims, and I have been his patient for 35 years. But in the world of financial advice?

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oh the Irony.
Posted by Cobber the hound, Friday, 15 May 2015 2:20:14 PM
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'But in the world of financial advice? In that of ‘climate change’, I would argue, you do not find a great deal. I do not trust some of the experts there, because I find that on my experience with them so far that they do not deserve that trust.'

You were obviously around Don when the 'experts'in the 1970's and 1980's tried to scare the heck out of people by claiming no oil would be left by 2000 and that we were heading for an ice age. And then we had the 'Australian of the year' making so many dud predictions while collecting a very handsome salary. Yes only the gullible and naive accept the word of the 'experts' who have won no credibility.

Much of medical expertise is based on science (tested and tried). Much of the warming hysteria is like economics. It is based on pseudo science with everyone an expert after the event. It lacks credibility.
Posted by runner, Friday, 15 May 2015 4:07:09 PM
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'morning Don,

I think runner just said it all really.
Posted by spindoc, Friday, 15 May 2015 4:49:19 PM
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An Ivy league study followed 300 economists for thirty years, to ascertain the accuracy of their financial advice/predictions.

Apparently the study showed that the average accuracy rate was no better than a dart throwing monkey, with the more well known and better rewarded, being the least accurate of all?

Financial advice is simple and roughly goes like this; buy on the fall, sell on the rise and never panic; or that its hard to lose money on energy; or that our capital city's housing stocks are massively overpriced and over-leveraged!?

And the big four are far too reliant on capital city housing stocks or mortgages!

During the great depression the best performing stocks belonged to the breweries, and or, that co-ops the only free market private enterprise model that almost alone survived intact.

However, as there are oils and oils, not all expertise deals almost exclusively in intangibles or unproven theories or humanities.

And given a known climate related history, where this caused that, we would be well advised to inform ourselves by studying historical cause and effect results. Ditto economics.

The great depression was heralded and almost a forgone conclusion, when we concentrated too much of our finite wealth in too few hands; ditto the more recent GFC!?

And given little has changed there, almost honor bound to repeat again and again?

Climate science is a very different discipline from finance.

I mean, one cannot lump medicine and law together, the way Don has tried to with Financial advise and climate science, which probably informs us he knows little about either.

And talking about the law.

Q: What does a whore have in common with Lawyers?
A: At least when you're dead, the whore stops screwing you? Boom boom.
Rhrosty.
Posted by Rhrosty, Friday, 15 May 2015 5:02:14 PM
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Judith Curry is a nut job.. You lost me there...
Posted by Valley Guy, Friday, 15 May 2015 5:08:54 PM
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'morning Valley Guy,

A stunning rebuttal, full of incisive thinking and well substantiated content.

Well done, this tells us much about your intellectual capacity.
Posted by spindoc, Friday, 15 May 2015 5:26:38 PM
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