In my book, Think, Act, and Invest Like Warren Buffett, I noted that the Oracle of Omaha advised investors:
“We have long felt that the only value of stock forecasters is to make fortune-tellers look good. Even now, Charlie (Munger) and I continue to believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children.”
I also noted the anomaly, and tragedy, that while investors idolize Buffett, many tend to do exactly the opposite of what he advises – and that applies to acting on the advice of forecasters such as John Hussman. John Hussman runs the Hussman family of mutual funds. He’s also a former professor of economics and international finance at the University of Michigan, and has a Ph.D. He’s perhaps best known for his persistent criticism of the U.S. Treasury and the Federal Reserve. Since late 2009, he has been calling for another financial crisis due to bad policy choices made by the US government.
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