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Richard Russell, a newsletter writer who has been penning the “Dow Theory Letters” since 1958, is now advising his clients to buy stocks, an about face for someone who had been pretty bearish for much of the four-year-old bull market.
And of course no apologies for the last 4 years...
The problem I have with people such as Richard Russell is they can't do no wrong. They always buy gold. And when gold goes up it is "I told you so". And when gold is correcting it is "I always hold gold as store of value".
Nice gig if you can get it. Any serious "newsletter guy" making calls on the market needs to maintain a sample portfolio of his investment recommendations so people can see how following him has panned out. When one does not do it, makes one a god man quack in my eyes.
In some ways, Russell is worse than those who invest in stocks based on lunar and solar cycles. At least they are not being pretentious, just stupid. And then only stupid people invest with them. With Russell, its a godman complex. It is the same folks who have been listening to him for last 50(?) years.
Finally, it is now "fun to be on the side of the federal reserve". Fun ?!?!?!? This guy has been pillorying Burrrrrnancie and Greenspam for years. That wasn't fun? And now put a mental stop at 8% below purchase price? He gets paid money to dispense such tripe? This is the mantra of every day trader out there. OR sorry. What am I saying, others put mental stop at 7% below, sometimes 10%. 8%. Yup. Very original Mr. RushToSell. But wait! "My intuition tells me...". Barf, Choke, Wheeze, Croak!
PS Note to self: Look into starting newsletter to fund retirement funded by other people also in retirement.
The "fun" remark, which I saw the other day - is just bizarre. I don't have anything against the guy - I've never been interested in any of these newsletter writers and have only a few economists who really interest me, but the "fun" remark - WTF?
Comments
The problem I have with people such as Richard Russell is they can't do no wrong. They always buy gold. And when gold goes up it is "I told you so". And when gold is correcting it is "I always hold gold as store of value".
Nice gig if you can get it. Any serious "newsletter guy" making calls on the market needs to maintain a sample portfolio of his investment recommendations so people can see how following him has panned out. When one does not do it, makes one a god man quack in my eyes.
In some ways, Russell is worse than those who invest in stocks based on lunar and solar cycles. At least they are not being pretentious, just stupid. And then only stupid people invest with them. With Russell, its a godman complex. It is the same folks who have been listening to him for last 50(?) years.
Finally, it is now "fun to be on the side of the federal reserve". Fun ?!?!?!? This guy has been pillorying Burrrrrnancie and Greenspam for years. That wasn't fun? And now put a mental stop at 8% below purchase price? He gets paid money to dispense such tripe? This is the mantra of every day trader out there. OR sorry. What am I saying, others put mental stop at 7% below, sometimes 10%. 8%. Yup. Very original Mr. RushToSell. But wait! "My intuition tells me...". Barf, Choke, Wheeze, Croak!
PS Note to self: Look into starting newsletter to fund retirement funded by other people also in retirement.