Financial journalists are useless and their readers are mostly idiots. That is the claim made by economics blogger Noah Smith. He says: "In one sense, all financial news is a hoax. Financial news, by definition, is public information - if you've read it, you can bet that thousands of other people have too. That means that if the market is anywhere close to being efficient, any information in any article you read will already have been incorporated into the price of financial assets." The only people who trade on such news, he says, are those who are irrationally overconfident about their abilities - and they are heading for trouble.