Wall Streeters Have Comments on Everything. Ignore them. In my early years in this industry, I had the good fortune to work alongside many extremely bright people. They all had something to say, but one comment stood out: “You may be a fool, but you don’t need to prove it.” Keeping that in mind, my daily reading of the silly noises coming from the exalted levels of the financial community always leads to amusement. Whichever the medium, the outpourings, with rare exception, are embarrassments. There’s certainly nothing wrong with commentary on daily markets or the economy, even though the ostensible reasoning may be questionable, but when the verbiage gets into thoughts about what lies ahead, that becomes a guaranteed minefield. Here are some interesting quotes: “Today’s market uncertainty is a reminder of the value of humility.” How is that helpful? “It does feel like an inflection point where things could go either way.” Translation: The market could go up or dow
THINK TWICE ABOUT BETTER BUSINESS BUREAU RATINGS Although it might be comforting to believe that ratings from the Better Business Bureau are reliable, people would be best advised to avoid betting the ranch on same. Indeed, there are more than a few reasons not to rely solely on those ratings. Contrary to popular belief, BBB ratings do not measure how good a business is. Instead, they are supposed to measure how likely a business is to respond to its customers. The key factors ostensibly underlying the ratings are things such as complaint history, type of business, time in business, transparency of business practices, willingness to uphold BBB standards, licensing, and advertising. If, for example, a license is required, but the business is not licensed, the rating would drop. Similarly, use of the BBB logo without permission from the BBB is a no-no. But there’s more and that’s often the key. Although the BBB presents itself as a nonprofit organization, it still n