October 1999: James Glassman, author of Dow 36,000
“What is dangerous is for Americans not to be in the market. We’re going to reach a point where stocks are correctly priced, and we think that’s 36,000 … It’s not a bubble. Far from it. The stock market is undervalued.”
---A year later the Dow had fallen from 10,500 to 8,840 a decline of 16% .
December 1999: Larry Wachtel, Prudential Investments
“Most of these stocks are reasonably priced. There’s no reason for them to correct violently in the year 2000.”
---The Nasdaq fell 50% in 2000.
August 2001: Lou Dobbs, CNN
“Let me make it very clear. I’m a bull, on the market, on the economy. And let me repeat, I am a bull.”
---The market lost a third of its value following this call.
April 2001: Abby Joseph Cohen, Goldman Sachs
“The time to be nervous was a year ago. The S&P then was overvalued, it’s now undervalued.”
---2 Years later the market was 20% lower.
1 comments:
The real question is, what are the experts saying about the vaulation now. Then, invest the exact opposite way!
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