A few weekends back, I read these 2 Marketwatch articles that came out within hours of each other and couldn’t help but laugh. “Pieces might be in place for dollar to sustain gains” says this:
“Yes, it’s for real,” said Marc Chandler, global head of currency strategy at Brown Brothers Harriman. “The U.S. multi-year down trend is over. The process we described as ‘carving out a bottom’ has been completed.”
whereas the first quote in “Talk of $200 oil by year’s end quietly fades” is:
“Now analysts are lining up to say the top is in,” said Sean Brodrick, a natural resources analyst at MoneyandMarkets.com.”
Uhhh, we’re talking about a group of people who are known for being the biggest bunch of con artists around considering they’re right less than half the time and yet they are considered “experts” by financial journalists–who themselves are about as knowledgeable as drunken bums on the corner of the street–and suckers investors looking for guidance of any kind whatsoever, no matter if it’s from a bum or not. Cuz advice, of any kind, is comforting.
Normally, if you’re toilet is broken you call a plumber and since he’s an expert in that department, he gets the job done. Television not working? Call the cable guy and he’ll get it fixed. But finance is different–the experts won’t solve your problems cuz they’re frauds…and their track records, or lack thereof prove that.
The above articles have these ANALysts making statements about tops and bottoms waaaaay after the patterns have made big big multi-year moves and have reversed–think 10-20%–aka even if they’re wrong, they won’t be proven wrong for a while so they can come out with some excuses later if need be…
I mean my friggin God, do people actually listen to this coin-flipping-esque-gibberish? I feel like I’m taking f#$%en crazy pills!?!?!?!
Posted in ANALysts, Guessing Games, idiots