I have a confession to make - I occasionally watch CNBC.  The week of July 15, CNBC was present at a conference called "Seeking Alpha".

The financial industry, with CNBC as the cheerleader, wants you to believe that it is a reasonable behavior to "seek alpha".  It's not only reasonable - it's glamorous and exciting.   For men, its "macho".

The extensive coverage of this conference highlights the financial media and Wall Street's manipulation of the general public with misinformation and false hopes. 

In fact, seeking alpha is foolish.  

Seeking alpha is speculating.  

Seeking alpha means that you are trying to "beat the market".  80-90% of those that actively invest "seeking alpha" in fact, end up with "negative alpha" - falling short of the general market return.   Much of the time, it is not just missing market return - but in fact, falling significantly short of the market return.   Sadly, to add insult to injury, you pay dearly in fees, too!

This is the ironic aspect of investing that I often write about in these newsletters.  In most pursuits, working harder and smarter plays out in more substantial results.   In investing, too much hard work and analysis is more often harmful.

Another aspect of this that is shocking to me:   A large number of "advisors", perhaps the majority, do not understand these concepts, and eagerly watch and believe what they see on CNBC.  They really believe that they can "beat the market" for their clients, and instead fall short while beating them up with excessive fees.