Why Do We Follow Celebrity Investment Tips?
“When everything gets answered, it's fake.”
Perhaps you’ve heard of the tulip bubble. Or the real estate bubble or the Internet bubble or any of myriad other bubbles which have risen and then popped and left investors, or, more appropriately, speculators, shellshocked and out of pocket.
But have you ever heard of an emu bubble?
Yes, emus. Those flightless birds which are somewhere between kiwis and ostriches. In India, there was an emu bubble which left over 10,000 farmers stuck with the bill (http://www.theaustralian.com.au/news/world/thousands-of-indian-farmers-ruined-in-emu-scam-in-tamil-nadu/story-fnb64oi6-1226451001143) (no pun intended).
A promoter – ironically named Guru – sold farmers on the idea that they could raise three emu chicks in a shed and get paid when the chicks grew up into full-grown, edible emus. Nobody asked about actual demand for emus in India, processing plants, restaurants, or the like. Instead, what did they rely on for validation that this was a legitimate business and not a Ponzi scheme?
Yes, these people were relying on the Indian version of Tom Cruise, Paris Hilton, and the like to provide trustworthiness that emu farming was the next big thing in India.
It wasn’t, yet, as one farmer lamented, “My friends and neighbours had invested - I just followed them. I believed the claims made by the firm because they were endorsed by famous actors.”
“Poor Indian farmers,” you think to yourself, imagining that you’re immune from such nonsense.
Yet, in our society, we do the same thing.
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Jason Hull is a Fort Worth fee only, hourly financial planner who serves clients in Fort Worth, TX and Dallas, TX as well as serving clients nationwide.
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