No one in the financial industry will like this tweet. 😂👇🏽 There are over 230,000 investment bankers in the US, and additionally, more than 50,000 economists. Moreover, there are 10s of thousands more all over the world. All of them work for a salary. And that is the biggest clue of them all. If they even remotely had any investing skills or predictive power in the real world, they would be a deca-millionaires already — and not working for an hourly wage. They have no idea what they are doing any more than you or I. They aren't worth a dime in fees without achieving performance (excess return above a hurdle). That is why the most aligned compensation between a principal (you and your money) and the agent (investor acting on your behalf) is a performance-based fee with a fair hurdle rate. Paying fees to investment banks, advisors, newsletter editors and the like — without actual, trackable, evidence-based performance — is asinine.