Is Now The Time To Buy Stocks? Why Is It Always “A Great Time To Buy Stocks”? Don’t Listen To The Media
Maybe it’s just me but I’m getting tired of the pundits on TV telling me that “It’s a great time to buy stocks”. They’ve been saying this for the past year and they’ve all been completely 100% wrong. Why are these people still allowed on TV? I understand that buy and hold is the traditional method of dealing with the stock market and that’s how wall street makes money but it’s clearly not necessarily the best method. I have yet to see a single person come on tv and say “hey you should be in cash until this volatility subsides”. I think CNBC should start putting little YTD performance meters in the corner of the screen anytime someone comes on and starts talking about buying stocks. Would you listen to anyone that’s down 40% for the year? I know I wouldn’t.
Check out this video from 2006 and 2007. These guys literally laugh and scoff in Peter Schiff’s face talking about 10% appreciation in home values and a roaring economy and yet he’s one of the very few people who saw this coming and called it dead on. I mean, Ben Stein is a very respected economist (and actor too; loved him in saved by the bell) but WOW was he completely wrong. And that other dude from FOX who said the DOW would be at 16000 and recommended buying Washington Mutual should be fired. He’s quite obviously totally useless as a panelist. I’ll admit, I didn’t think this situation was going to get as bad as it has but I don’t claim to be an expert and I don’t give my opinions as if I were an expert. I figure I’m not smart enough to figure out the big macro thesis so I just trade the technicals.
Tags: market timing, peter schiff
Other Posts You Might Like:
