The experts are always wrong – ALWAYS.
One hundred percent of the time, they are wrong. I’ve seen it all my life. At the racetrack. All sports. Politics. The trading world. On TV. Wrong, wrong and wrong. Economists, analysts, forecasters, pundits, commentators, critics. All of them – wrong.
I watch numbers Economists forecast everyday. They’re never even close. Most of the time they miss forecasts by 50 or 100%. Sometimes by 1000%! When a number is bad, the consensus was for it to be good. When a number is good, the experts were forecasting it to be bad. Then, after a trend is established, if the market (any market) is going south, they’re on the bandwagon to the downside. If it’s good, every-thing’s OK! What could go wrong?!
It really is a joke. Who hires these people? Who puts these people on stage? Better question: Who made these people experts? Who gave them this power?
Most of the time it’s self proclaimed power or credential induced. A series of letters with periods after their names. No one really knows what these letters actually stand for. You’re afraid to ask because you think you’re the only one who doesn’t know.
Most of these people have never done a thing. Their money is not where their mouth is. It’s their mouth that makes them money. They have no risk, they have nothing invested. If they’re wrong? Oh well… They keep their paid positions because, hey, they’re experts!
Here’s the trick they use. What do I mean? “Stay with the program.” What does that mean? It means stick to your mantra. Keep saying the same thing over and over, predicting the same outcome, eventually you’re gonna be right. Example: I’ve seen stock market “experts” say it repeatedly, “the market ‘s going higher from here”. They’ve made a fortune, a living, an existence, I don’t know….(because I’m NOT an expert) repeating the same phrase because the market ALWAYS does go higher from here! …Eventually.
What these experts don’t tell you is “when” because they have NO IDEA. You could go broke waiting for the market (the market in anything, not just the stock market) to go higher from here. No one will remember the market went lower for days, weeks or months after the expert announced the markets will go higher. Said expert will however be back on TV to proclaim his brilliance when the market does eventually, one day in the future, in fact go higher. Damn the carnage…
Please remember this and keep it squarely in mind: Experts use the rear view mirror – always. Real people, people on the front-line, in the trenches, with split lips and bloody knuckles – use the bathroom mirror.