April 27, 2016
Richard’s Wisdom – “Richard’s Thoughts on the Market”
Do you know the single most fantastic thing about the
market? It is that there are no market experts. True, there
are brilliant students, there are highly successful investors, but there are NO experts. One of the things that I have
had to learn when dealing with markets is that any person, any analyst, any man or woman, professional or
otherwise, can at any given time be DEAD WRONG.
I've watched and studied so-called experts for four decades. I've seen presidents, treasury secretaries, Fed chairmen,
advisory writers with national followings, Wall Street "geniuses," money-manager heroes -- I've seen them all
pitifully wrong at various times. And that is probably the most fascinating thing about Wall Street. It makes humble
men and women of us all. Or else, it renders us fools. I will put it in a stronger way...
There's a bit of Wall Street lore which I often turn to -- and it goes like this: "Watch the Wall Street guru who has
been right for a long period. At the time of his greatest following and fame, he is most apt to be completely wrong.
Conversely, watch the advisor who has been wrong for a long time. Just about the time when everybody ridicules
him and writes him off, that's the time when he is most likely to be right."