How Bloggers Beat Wall Street
Wednesday was a great day. The so-called "amateurs" beat Wall Street's finest by correctly predicting Apple's (AAPL) reported earnings for their most recent quarter. And people are starting to take notice.
In aACNN Money list of the best (and worst) Apple earnings predictions, the bottom 20 spots (out of 41) were firmly occupied by the "professionals". In fact, barring two bloggers, the bottom 30 were all analysts. The top 9 were individual investors.
Naturally, many people will be surprised by this and rightly so. It's common sense to think that handsomely paid professionals who spend countless hours evaluating companies and who have the best investing tools in the world available to them would easily beat a few guys with a laptop and an internet connection.
