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Wow, more bashing of Trent at The Simple Dollar but this time by JPL at AllFinancialMatters. There are many interesting comments but this one caught my eye, “Consider that the dozens of comments disagreeing with you were made by folks more objective about the way your post reads than you could be, and that some number of these folks could potentially be more savvy than you on the subject.”

The epitome of  GroupThink and why those bashing Trent will unlikely achieve the wealth and success that Trent (and others who think for themselves) will over the long run.  There are over 40 comments and most of them imply Trent gave the wrong advice.  The funny thing is that HIS ADVICE was solicited and not any of the other people commenting on that blog.   Sounds like a bit of jealously perhaps?

I think all of these symptoms of GroupThink were covered in JPL’s comments and post.

  1. A feeling of invulnerability creates excessive optimism and encourages risk taking.
  2. Discounting warnings that might challenge assumptions.
  3. An unquestioned belief in the group’s morality, causing members to ignore the consequences of their actions.
  4. Stereotyped views of enemy leaders.
  5. Pressure to conform experienced by members of the group who might otherwise disagree.
  6. Shutting down of ideas that deviate from the apparent group consensus.
  7. An illusion of unanimity with regards to going along with the group.
  8. Mindguards — self-appointed members who shield the group from dissenting opinions.

It’s been amusing reading up on it but the important thing right now is to be OUT OF THE MARKET for at least the next month.  If you need a reason why, check out this link.