What Ever Happened to Robert Prechter’s Dow 1,000 Prediction?
This story from Wall Street Cheat Sheet
Even a broken clock is right once a day, but how long must investors wait to realize profits from Robert Prechter’s Dow 1,000 call from June 2010?
Surely Prechter’s heard John Maynard Keynes’ investing axiom, “Markets can remain irrational a lot longer than you and I can remain solvent.” Or maybe he doesn’t care since extreme emotions such as fear can be more easily monetized than providing consistent investment advice.
Either way, our new sister site Wall St. Watchdog is making “pundit” calls transparent for investors, and we’re going to spend some time calling out the most famous pundits who offer media catching commentary but don’t deliver where it counts: the profit & loss statement.
In this case, during June 2010 Prechter told his Elliot Wave newsletter subscribers he predicted the Dow (NYSE:DIA) would crash to 1,000. Let’s see how that call has panned out over seven months (Click for Larger Image):
Clearly, I don’t need to beat a dead horse. But we can all see why, based on technical analysis, Prechter said markets were starting to roll over. The problem is history rhymes – it does not repeat. That’s why an overwhelming majority of pundits and money managers can’t beat the indexes: they simply look at the past and predict a repeating pattern.
One of the problems we see in financial media is the preference for people who can talk … and talk … and talk yet have absolutely horrific track records if you actually listen to what they say and take action (e.g., Nouriel Roubini). This is a major problem with financial media, and we need to fix it.
In the meantime, head over to Wall St. Watchdog and record “pundit” picks when you see them on the web or TV. If we crowdsource the effort, we’ll expose the frauds a lot sooner.
Don’t Miss: Is Elliott Wave Theory High Priest Robert Prechter Certifiably Insane? >>
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