The Only Guaranteed Way To Build Wealth Is To

The Only Guaranteed Way To Build Wealth Is To Invest In Yourself

Don’t Turn to the Financial Media for Advice

Sometimes, Ill scan financial news on Reuters, Bloomberg, MSNBC and so on, not for information to make investment decisions, but just for ideas to write another blog entry. Occasionally Ill find something to comment on. By most of the news that I find in the mass financial media is junk. Case in point. A couple of weeks ago, Chevron, Devon and Statoil announced the discovery of massive oil reserves, perhaps as much as 15 billion barrels, in the Gulf of Mexico. Major news media commented that day that oil prices plunged in response to this discovery.

However, because this massive reserve of oil is located in deep waters, 1.3 to 5 miles underwater, the impact of this discovery may not alter oil supply significantly for another decade or perhaps not even until two decades or more. So are people really stupid enough to let a discovery that wont significantly impact oil prices for perhaps 20 years out in the future significantly affect the price of oil price futures today? Its not as much attributable to stupidity as it is to a mob mentality. So...