The worst among the sorry lot of market forecasters are the one-hit wonders who get a single outlier call correct and spend years crowing about it to enraptured audiences, Fusion IQ CEO Barry Ritholtz told advisors today at the fourth annual Innovative Alternative Investments conference in Denver.

"I'm not going to name names but it rhymes with Boobini," Ritholtz said in remarks entitled "This Is Your Brain On Stocks" at the meeting sponsored by Financial Advisor and Private Wealth magazines.

When it comes to experts, they tend to be "articulate incompetents," he said. The best forecasters tend to be very modest and acknowledge they might be wrong. The result is that they are unlikely to command the level of media attention received by a prognosticator who is always certain and bombastic, and rarely right.

Ordinary folks may do even worse, Ritholtz said. "The average person isn't built for investing," he told attendees.

Ritholtz addressed a number of behavioral mistakes both individual and professional investors are prone to, including herding, group think and the recency bias. "There is safety in numbers" even if you are wrong, he said. After all, it's hard to fire an equity manager for owning Apple if 90% of his rivals also own it.