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« Weighing the Week Ahead: Will Q3 Earnings Disappoint? | Main | Lessons from the Crash of '87 »

October 17, 2012



Hi Jeff. I totally agree with you. People seem to think that since he was hired to be the major portfolio guy at a big firm he must know what he is doing.


seems hilarious you fall into the same method of half info you are attacking, (which i agree). Holding back the name of whoever it is (could be one of many) from your readers.


Thanks to CD7 and Gerry. Maybe some of the questions will find their way to the right places!



truedolamite -- Thanks for filling us in on some of Faber's successful forecasts via his newsletter. It is always a challenge when the message to subscribers varies a lot from the public image.

The summary from his public statements is available at CXO:

He is widely embraced by major media, always treated with the utmost respect and never really challenged. He is one of the leading examples of succeeding by reinforcing fears, so that is why I cited him specifically.

Meanwhile, I am happy that you provided more color on his other viewpoints.

Thanks for joining in.



Yeah, Faber's interviews are all gloom and doom marketing, not real market calls. His standard line is "Investment XYZ is going to get crushed, but it could see a 30% rally before that." So he really isn't saying anything.


Michael Pento, maybe? I rarely see CNBC except for 5-10 minutes in the morning, so I don't even know if he's on anymore, but he fits the description.


Hi Jeff,

I believe Marc Faber is a bad example here as a bearish pundit. Yes he has apocalyptic bearish views of the world and what is going to happen due to "all the money printing", but his actual investment calls are very reasonable and I feel he has been quite accurate. (Note that I subscribe to his newsletter). Not all of his calls are made in his tv interviews, but some are.

For instance, he has consistently recommended a diversified portfolio of short term bonds, cash, stocks, and real estate/hard assets (like gold). He has admitted his error in calling the long bond market completely wrong (something that many pundits do not do).

He believes we are going to have massive economic problems, but his investment advice on how to deal with these problems is not at all "doom/gloom and lock yourself away with your gold horde" type of style.

Some recent calls he has made:
He was buying Spanish/Italian/French equities this past summer, along with Italian bonds, and has since recommended that some profits be taken.
His most recent call is that one should consider taking a position in Chinese stocks has they have been down for so long and people view them very pessimistically.



Would somebody enlighten me...Who is the often wrong/seldom in doubt/multiple job hopping guest?

Gerry Provost

I agree with cd7. Your insight into the financial news reporting is spot on.
This "Big News" type of reporting is rampant in all our news coverage.
Thanks for trying to keep us straight.


Fantastic column, Jeff. Would that this form of
incisive questioning were alive throughout journalism.
Sadly, it's not, but as the old saying has it, 'why
wise up a chump?'

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