Find the Real Investment ‘Pro’ in Your Mirror

In most areas of human endeavor, we use the term “professional” to refer to someone whose educational background and skill level give him or her a level of expertise worthy of admiration or deference.

It doesn’t work that way with investing. The term “investment pro” is tossed around with abandon. It refers to anyone who considers himself or herself to have insight into the market, regardless of that person’s demonstrated ability. These so-called “pros” are often featured in the financial media, where they make predictions about the direction of the market and recommendations on which stocks to buy or sell. They also pick mutual funds they believe are likely to outperform.

Investment pros aren’t pros. By this definition, Dennis Gartman is the quintessential investment pro. Gartman is the editor and publisher of The Gartman Letter, and a frequent contributor on CNBC and Bloomberg TV. With commendable candor, Gartman recently lamented that every time he tries to move to the sidelines, it proves to be the “absolutely wrong thing to do.” He added on CNBC’s “Closing Bell,” “It seems like all the pros are the ones not doing well in the market.”

Read the rest of the article at US News.