Originally Posted by
Daytr
Buffett was referring to economists & on that we can agree, most economists can't pick their nose. I used to have to correct bank economists work before it was published as quite often the foundation of their view was incorrect, I.e they didn't understand how the gold market functioned & what were the key drivers of demand & supply.
Most traders don't publish their views, they just act on them & make money off them. Be it they are paid handsomely to do so or trade their own money it doesn't matter. The fact is they wouldn't be paid handsomely unless they performed.
Traders don't actually have to get it right the majority of the time to make good money as long as they have good discipline. I.e stop out losing trades & let winning trades once. However good traders will get it right the majority of the time and make excellent returns.