I am seeing recent books from old authors touting this or that new investment idea. Their previous advice may have been off the mark, but this time they’ve got it all figured out.  And just think, they are willing to sell you their wisdom for the low price of $12.95 in soft cover or a low monthly subscription fee.

No thanks.

People should be absolutely ruthless when it comes to assessing investment advice. An attitude of guilty until proven innocent will serve them well.

Be ruthless when looking at what an investment guru is saying. Maybe they did change their tune, but what is to say the new tune is right this time either? How did their advice work in the past? Was their economic thinking sound? Did they tell you to do things with your money that in hindsight were very risky? Did they make predictions and how did they turn out? Don’t rely on what they said their predictions were, go back yourself and read what they said and compare it to what actually happened. Be ruthless about the accuracy.

Also, don’t be lulled into “Aw, schucks…” apologies about how off they were before and how much they’ve learned their lesson. Those kinds of statements don’t get your money back. Early in my investing career I learned this lesson the hard way. Following a popular investment guru cost me money that didn’t need to be lost. I wasn’t ruthless enough in questioning the advice I was getting. I am now.

Investing is not a popularity contest and investors are not graded lower for coming off like a skeptical jerk. Be a jerk. Be ruthless. Question everything a guru says and why they are saying it. Make them prove what they are saying is true – Every last word of it.

Investors that are ruthless in assessing where to put their money put the odds in their favor. Unleash the ruthless investing jackass that is deep inside of you. You’ll be better off for it.

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