The good news is that economists are intelligent, engaging and often charming folks. The bad news is their work is often of little use to investors.

It is important for investors to understand what they do and don't know. Learn to recognize that you cannot possibly know what is going to happen in the future, and any investment plan that is dependent on accurately forecasting where markets will be next year is doomed to failure.

Salesmen always need something to sell.

Unlike cheap stocks, inexpensive asset classes have a lower chance of big drawdowns (broad asset classes don't go to zero) and a higher probability of average or better returns.

Returnless risk is not how you prepare for a decent retirement.

Never forget this simple truism: Forecasting is marketing, plain and simple.

The market is going to love it. The market always seems to applaud major mergers, even though the vast majority of them don't work out and don't increase shareholder value.