Fund managers, being interviewed on TV, are all chartists now. They are freely throwing moving averages and chart patterns along with P/E calculations in the same sentence.
I find this extremely funny. I would like to hear the conversation their subordinates are having with their clients, who call to ask what to do. "Well sir/ma'am, we are waiting to retest the 1101 bottom and then we'll go to new highs, we think your money is safe with us, as you are practically unable to catch the bottom, do not sell the lows". Can someone please pull the plug on these professional liars. They were all screaming "retest of lows and then new highs" all the way down in 2008. Finally, market found lows in March of 2009. Are we at new highs now? What good did it do to devastate the portfolio with 55%+ decline?
Do me a favor and stop trusting anyone but yourself with your money. Nobody will do for you what you will do for yourself. Big guys are just as wrong as small. They make bigger mistakes. This morning Bill Gross admitted missing the big rally in bonds. But give him a credit, at least he had the guts to say it out loud.
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