“An expert is an ordinary man away from home giving advice.”
— Oscar Wilde
There are questions and confusions.
These create space for “Experts”.
In an experiment done in the US-50% of the recipients were advised a “Buy” while the other 50% were advised a “sell” on a stock.
Obviously 1 group got the right advice.
50% of those who got the right advise were again sent a “buy” and the other “50%” were sent a sell.
So on and so forth till some people who kept on getting the right advice became converts and believed in the expertise of the sender.
Often enough this is how expertise really gets established.
Keeping saying disaster will strike or “this will end badly”, “stock markets will crash”.
And as we know even a broken clock shows the correct time twice in a day, at some point the forecaster will be proven right establishing expertise.
Today we have experts on everything-covid, health, weather, terrorism, economics, stock-markets.
Some people are on TV every-day as experts on almost every subject under the sky because they have a view which is made to sound like expertise.
And now these TV experts have been joined by the online experts whose job is to provide expertise.
Don’t believe me-check out-expertcentral.com; Xpertsite.com; Knowpost.com and several other such online portal where you can ask a question and an expert will respond.
What are the credentials of these experts-your guess is as good as mine?
Search for the “Right Answers”
End of the day-human beings have been looking for answers forever.
Some make an attempt to find the answers through their efforts while other rely on the “EXPERT” who has made the effort.
Earlier they used to seek divine intervention (guess its relevant even know) and now they have got human intervention.
Here is an exchange I witnessed today on one of my groups-
1 person asks-what’s the views on a particular stock.
Another person confused that company with a brand of hotels operated by another listed company gives expert advice on hotel brands, also recommending another stock to look at.
Best part, the company originally targeted has nothing to do with “hotels” but runs a textile company.
Reminds me of how stock ticker of online meeting interface company Zoom (ticker-ZM) was confused with Zoom technologies (ticker-Zoom) sending shares of Zoom Tech up by 1800%.
There is no “Shortcut”
When time is of essence and one might not have the competence to do the relevant research, it is easier to take the word of the expert rather than do laborious research.
Fraudsters know what people are looking for and they are ready to deliver.
Old school processes work and for good reason.
If you are looking for an answer, you got to do your research.
However, before you do that, you got to know what you are looking for?
It’s not easy however and that’s why you have genuine experts.
Now again genuine experts might be expensive but will save you a lot of heartburn and losses.
Who is an EXPERT?
Even if you are looking for an expert, you got to know who an actual expert is.
Just because someone is visible in media, doesn’t necessarily mean one is an expert.
I am sure you are aware that media wants to sensationalize you and has limited patience for genuine expertise.
They just want to push a quick point that is easily understood and digested by the audience.
Some benchmarks that can be used are:
- Regulatory License and qualification
- Association with an institution
- Relevant Experience
- Track-record and its consistency
Of-course even with all the above, those who are looking to take you for a ride will do so and in-fact some of the above makes it easier for people to cheat you and hence while it might take time, it is better to take that time to test the expert and their expertise.
Overtime, develop the ability to ask the right questions which is crucial to put the expert under pressure and test how good they are.
Nothing is finally 100% fireproof, however developing a process can certainly help.
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