“I predicted 24 of the last 2 bear markets and all I got was this lousy article”

Permabears are funny.  They constantly think the world is going to end.  Businessweek has a great article about all the noteworthy bears who were correct on the credit crisis.

http://www.businessweek.com/magazine/content/10_25/b4183048417437.htm

In the article they talk about Robert Prechter.  I note this because Mr. Prechter markets a newletter/dogma that may seem appealing to new traders looking for a place to start.  Below is a fairly objective look at his trackrecord from CXO Advsory.  You have been warned!

http://www.cxoadvisory.com/individual-gurus/robert-prechter/

This article is a little more straightforward:

…the newsletter’s timing advice for traders is in last place for performance over the last 20 years among all stock market timing strategies tracked by the Hulbert Financial Digest.

Even though he is perma-wrong, I’m sure one day he’ll be able to say, “I told ya so.”  Until then, trade the market you have in front of you.

Update: He’s at it again!  This time pushing out the timeline to 2016!?


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