In the summer of 2008, many of you may not remember this, Cyrille Moulle Bertaux of Traxis Partners came out with a WSJ article telling us that housing had bottomed and he had charts and data and analyses that convinced Traxis that the bottom in housing and the market was near.
Barton Biggs was consistently bullish through S&P 880 and the market bottomed at 666.
Then in May of this year, we had Barton Biggs on Bloomberg when the S&P was around 1180 telling us that the economic recovery was strong and he saw another 15% upside in the markets.
As more of these bull market gurus fall, all it does is convince me that the entire pay structure for fund managers and Wall Street is skewed and this will be corrected before all is said and done.
Less than 1% of these guys has any skill. The overwhelming majority are idiots and clueless about the markets and should not be managing money.
The only bigger idiots are the institutions that buy into their pitches and invest with them.
Barton made his name with the bull market of the 80s. What is it that they say, do not confuse a bull market with brains?
Interestingly, Charles Reinhardt of Morgan Stanley is another uber bull equity whore that was predicting a multi year bull market at precisely the top on the S&P 500 in May.
Wall Street has truly become a wasteland and is being exposed for what it is - a bunch of talent less over paid back stabbers that will do anything to make a buck.
You would do well to ignore ALL advice you receive from investment companies, whether in the U.S. or India.
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