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'Step Away From CNBC'

Andrew Feinberg, writing for Slate: If you wanted to design a financial channel that would cause investors to underperform the stock market, you'd create CNBC, NBC's financial counterpart that runs on cable news and ostensibly tries to make viewers better investors. You'd make it sober and rational ...

You'd make it sober and rational (well, there is Jim Cramer, but we'll get to him later), no need to feature anyone foaming at the mouth about stocks that could triple in six months or worried Cassandras warning that it's time to sell everything and burrow underground. Then an "expert" comes on and says, "Hey, you're in the wrong sectors -- it's time to leave tech for industrials, financials, and health care." And "all the evidence shows that individual investors do worse the more they trade," says Jay Ritter, professor of finance at the University of Florida's Warrington College of Business.

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