Some investors have a view that intermediaries, for example investment advisers, remisiers, bank relationship managers, have insider information or is able to time the market simply for the reason that they are in the investment business. Well, its true that there are tons of fund house reports and investment investment views floating around. But they certainty do not point to the same direction or is able to give accurate warnings of impending dangers. If there really are accurate insider information, there will be no intermediaries because they will have made it big and will spent their time on their yachts sailing around the world.

In the early part of August, before the market upheaval, the big story was the US debt ceiling dateline. If the adviser have shifted the whole portfolio to cash because of the debt ceiling, the investment would be doing very well now as it would have ...