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Naked Truth Investing: Looking for investment advice in all the wrong places

This is the part of a new series of columns called "The Naked Truth," by retirement expert Dan Solin. Please bring him your questions, in the comments box, and he will answer as many as he can.

Every survey I have seen indicates that saving for retirement is the number one goal of Americans.

Given the extreme importance of this subject, it is puzzling why investors continue to look for investment advice in all the wrong places.

Case in point: Many investors rely on Jim Cramer's stocks picks. Yet academic analysis clearly demonstrates that the stocks he recommends have an initial bump in price, but reverse their gains less than two weeks after his recommendation. These studies show that Cramer can move markets, but only for a very short period of time.

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Last updated: May 28, 2012: 09:34 AM

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