Correcting Myths: Phony is OK, Harmful Phony is the one to watch for.

http://www.fooledbyrandomness.com/myths.htm

– Golden rule: one is not ethically allowed to tells others what to do unless he is doing it himself, and can suffer harm in case it turns out to be a bad advice. Predictors should be harmed by their prediction errors if these stand to hurt others. As such I cannot give advice, I can only tell readers what I do. Likewise, I cannot tell people what I predict, I can just describe my portfolio. This rule prevents people from being harmful phonies.

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