Harry Newton writes
8:30 AM EST Thursday, May 8, 2008: I'm on a list. Random brokers call me randomly with hot tips. They have great pitches. "We're making a move on..." They're always so solicitous. "How are you Mr. Newton today?" In the old days, I'd hang up on them. These days, I listen. I squeeze their hottest tips out of them, and put them in my little spreadsheet. I follow their "progress."
And the results of my "research?" ... Drumroll. Not one tip of the past six months has gone up. Yup. I would have lost money on every hot tip.
I've also applied the same research to my friends' hot tips. Guess what? Their hot tips do even worse. Some of my friends have The Reverse Midas Touch in spades. Everything they touch (and recommend to me) turns instantly into shit.
