Most predictions are utter nonsense. They’re made by self-styled “gurus” who are really emperors with no clothes. If they are right, it’s due to luck and not skill (although they are quick to claim credit). Warren Buffett’s view of those who pretend to have the ability to predict the future is spot-on. He famously stated:
“We’ve 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.”
While investors routinely laud Buffett for his legendary investment expertise, they often ignore this wise admonition.
Read the rest of the article at The Huffington Post.