Maybe as a group we do not have paid agendas, but as a minimum we have biases and desires that things turn out in our favor. We read as much into incoming data as possible to support our view, and point out flaws in incoming data that go against our assumption. That’s human nature. It’s only when we reconsider our own biases that we move forward and learn.
When I say to my friend that rents are going to start dropping and my friend says, “You are on crack.” I don’t take it personally that he believes that I am partaking in the consumption of a highly addictive agent.
Instead I take that time to reconsider my position and determine whether the current vacancy rate of 1.8% might support my friend’s point of view. Whether or not my friend led me to the data, at least his reaction is enough to get me thinking, even if he is the one smoking crack.
