Our Services
The Founders
Speaking Engagements
News & Information
Financial Briefs
Articles Of Interest
Featured News
Market Data Bank
Stock Quotes
Problem Solvers
Client Forms
Helpful Websites
Contact Us
More Articles  Printer Friendly Version


Wall Street's Idols Were Totally Wrong

In an era in which Wall Street financiers are worshipped, we're here to hold them and the financial press accountable for perpetuating the myth of false idols.

Less than six months ago, these financial icons were all extremely bearish, and they were all wrong.

A follow up article about their bad advice, which was published by Barron's on August 8, 2016, probably is not forthcoming.

In an article published August 8, 2016, in Barron's, the venerable weekly financial magazine owned by Dow Jones & Co., Randall W. Forsyth, who has written about investing for over three decades, in a column entitled, "The Billionaire Bears Club," at Barron's, documented the negative outlook on the stock market articulated by Wall Street's stars.

"Bill Gross says he doesn't like bonds or stocks," according to the article published in Barron's digital edition, adding "'Sell everything,' Jeffrey Gundlach advises. And Stanley Druckenmiller, George Soros, and Carl Icahn, all have declared themselves negative on stocks."

After 12 months of moving sideways from mid-2015 to mid-2016 - and frightening investors with double-digit plunges twice along the way - the Standard & Poor's 500 surged in the second half of 2016.

To their credit, Barron's noted Carl Icahn's misfortune in a January 10, 2017 article, entitled "Icahn's Hedge Fund Loses 20% In 2016," and its sister publication, The Wall Street Journal, on January 13, 2017, reported that George Soros lost $1 billion betting against the U.S. stock rally.

For Mr. Forsyth to write about the bad advice his column trumpeted last August would burn the biggest names on Wall Street, his best sources. It may never happen.

The echo chamber may be perpetuated, and readers of the nation's most venerated financial publications may never find out the real facts.

They may never figure out that Wall Street's idols could just have been lucky in the past or that most of them made their fortunes buying single companies that were undervalued - not calling world financial markets.

The Standard & Poor's 500 index and Dow Jones Industrial Average closed at all-time highs. It was the fifth straight week of gains for the Standard & Poor's 500 index.

With fake news and alternative facts flourishing, our weekly reports are not intended as advice but as a source of prudent analysis about news affecting your wealth over the long run. Please feel free to share our timely weekly reports with your family and friends.

Email this article to a friend

Stocks Dropped For Second Straight Week Amid Strengthening Economic Reports
17 Year-End Moves That Can Preserve Your Tax Benefits
Finding The Balance For Retirement Draw-Downs
Key Components Of A Post-Divorce Estate Plan
Despite Wall Street Guru's Terrible Advice A Year Ago, He's Back
With Stocks Near All-Time High, Personal Income And Employment Data Are Released
How Strategic Asset Allocation And Rebalancing Worked In The 12 Months Ended June 30
Wall Street's "Top" Strategists' Recommendations Are Like Monkeys Throwing Darts
Five Documents At The Core Of An Estate Plan
10 Common Questions On Social Security Benefits
Plan For Retirement At Different Stages Of Life
Are You Still On Target For A Secure Retirement?
Stocks Break Another All-Time High. What Is Going On?
Stronger Than Expected Jobs Creation But CNBC Reports "Trouble Lurked"
S&P 500 Returned 2.9% In 2nd Quarter And 9.2% In First Half Of 2017
Despite Distractions, Demographics Are Poised To Drive U.S. Long-Term Growth

This article was written by a professional financial journalist for The Dover Group and is not intended as legal or investment advice.

©2017 Advisor Products Inc. All Rights Reserved.
Financial planning provided by Williams Advisory Services, LLC, a Registered Investment Adviser.
This message is intended for the use of the person(s) to whom it is addressed.
It may contain information that is privileged, confidential, proprietary, and/or exempt from disclosure under applicable law