John Wayne is often credited with saying “Life is hard; it’sharder if you’re stupid.” Truth be told, at least according toSnopes, he never actually said it.
It doesn’t matter if he did or didn’t. If you know John Wayneand the characters he portrayed, it’s more than fitting assomething he would have said. In fact, a lot of things are tougherif you’re, well, shall we say, “mentally challenged,” or, perhapsmore to the point, “inexpert.”
This is especially true of investing. Hordes of behavioralresearchers have gone out of their way to show just how “inexpert”the investing public really is. Is it any wonder that surveys showthose who use professional advisers are more likelyto achieve their financial goals?
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