Wisdom of Crowds Analysis – Part 2

An investor should act as though he had a lifetime decision card with just twenty punches on it.” – Warren Buffet

Although I often employ the advice of crowds when it comes to product recommendations, when it comes to more personal matters of life decisions, I do not turn to crowds as often. Although I may sometimes gather their opinions on matters, I do not hold their comments with the same weight as I do my own thoughts, and the ones of those around me. When I am forced to make a major decision or deal with a dilemma, I like to act on my own thoughts and judgment, and not have anyone decide how to act for me. If I feel that I need a second opinion or advice, I have friends and family to turn to that would know me better than a horde of anonymous individuals. Purchasing products is one thing, life-altering decisions is another thing entirely.

Although I would find myself unlikely to ask such questions to an advice columnist or crowd, if I had to I would probably go with the crowd. Although there is a chance that I would get some bad or downright strange advice from some individuals, I feel as though I would benefit more from the sheer range of talent and experience offered by a group of people over that of just one.

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2 Comments

Filed under Miscellaneous

2 responses to “Wisdom of Crowds Analysis – Part 2

  1. Caitlyn S

    I agree that for personal matters it is much better to rely more on your own thoughts than those of the crowd. I guess when the crowd gives opinions about products you know they bought the same thing tried it in a similar way and that their advice only really varies in other products they have tried. Where when they give you advice about personal problems they don’t physically have the problem to try, they have to go off of what you said and try to figure out something that works for you personality.

  2. Fred

    I think that using your own thought and feelings is a useful tool but I value the thoughts and opinions of others just as much as I value my own sometimes. I think that you should try listening to others more. I know thaat when it comes down to it you will probablly go with your gut, but try and invest in others a little more, you may be surprised with what you get.

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