I’ve always urged investors not to invest based on the latest headlines or on ideas of the likely implications of those headlines. Those aren’t the things that matter to the markets. To the extent they are, they already are factored into market prices. This article makes the same points.

Despite the strong historical evidence that following news headlines is a really bad way to invest, there are certainly no shortage of pundits who continue to try to suggest you do exactly that. Political turmoil is probably at the highest level it has been in the last several decades. We have our first President in office who sends regular messages to the American people via Twitter, and those messages are often times controversial, which creates a news feedback loop on both sides of the political spectrum.

But there is a lesson in that. And it isn’t a political one.