Investment advice is not the same as investment information. Advice may contain information significant and be based on facts, yet it is subjective interpretation of information. Call it processed information. Investors can gather information and do the processing on their own, or the investors can let others do the processing. Since there are many individuals processing the same information and then expressing their views, the supply of advice can easily exceed the actual or raw information. One of the key characteristics of a good investor is having rational inattention - knowing what information or advice to exclude from a decision versus using all of the opinions or advice that is present.
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