Posts filed under “Financial Press”
Via New York Magazine, comes this amusing collection of bad forecasts for the 2008 year:
• Jon Birger, senior writer, Fortune Investors Guide 2008
Smart investors should buy [Merrill Lynch] stock before everyone else comes to their senses.”
Merrill’s shares plummeted 77 percent.
• Elaine Garzarelli, president of Garzarelli Capital, Business Week’s Investment Outlook 2008
Buy some of the most beaten-down stocks, including those of giant financial institutions such as Lehman Brothers, Bear Stearns, and Merrill Lynch.
As of January 1, none of these firms will still exist.
• Sarah Ketterer, CEO of Causeway Capital Management, Fortune Investors Guide 2008
“Fannie Mae and Freddie Mac have been pummeled. Our stress-test analysis indicates those stocks are at bargain basement prices.”
Fannie and Freddie had lost 90 percent of their value.
• Jon Birger, senior writer, in Fortune Investors Guide 2008
Our bet is that in a stormy market investors will gravitate toward, GE, the ultimate blue chip.
GE’s stock price tumbled 55%, and it’s on the verge of losing its triple-A credit rating.
• Archie MacAllaster, chairman of MacAllaster Pitfield MacKay in Barron’s 2008 Roundtable
“Bank of America will [not cut its dividend], I think they’ll raise it this year. My target price for the stock is $55.”
BofA share price now hovers around $14, and it has slashed its dividend in half.
• James J. Cramer, “Future of Business” New York Magazine
“Goldman Sachs… finishes the year at $300 a share. Not a prediction — an inevitability.”
Goldman Sachs’ share price was $78, and the firm announced its first quarterly loss — $2.2 billion.
Yes, the 2008 investment guides were HILARIOUS — but what makes you think the 2009 guides will be any different.
The Folly of Forecasting
6/7/2005 1:05 PM EDT
Worst Predictions for 2008 (December 2008)
2008 Investment Guides Are HILARIOUS
By: Daily Intel
New York, 12/22/08 at 6:01 PM
I guess this makes it official: The net is now a bigger source of news than newspapers, according to Pew Research Center for the People & the Press: The internet, which emerged this year as a leading source for campaign news, has now surpassed all other media except television as a main source for national…Read More
The Top 10 quotes of 2008, as compiled by the editor of the Yale Book of Quotations: > 1. “I can see Russia from my house!” — Comedian Tina Fey, while impersonating Alaska Gov. Sarah Palin on the TV comedy show “Saturday Night Live,” broadcast Sept. 13. 2. “All of them, any of them that…Read More
World’s 25 Most Influential Companies: 1. Wal-Mart 2. Toyota 3. Saudi Aramco 4. JPMorgan Chase 5. Unilever 6. China Mobile 7. Microsoft 8. News Corp. 9. 3M 10. Apple 11. Google 12. Huawei 13. Monsanto 14. YKK 15. Nielsen 16. Jarden 17. Intuit 18. Autodesk 19. HCL Technologies 20. Japan Steel Works 21. Sirius XM…Read More
The Sunday New York Times has a front page article more or less blaming Bush for the housing and credit crisis. Its part of their “The Reckoning” series, and it is in some ways, off base. The long article (written by 3 people) comes close to some real truths, but it veers off, focusing on…Read More
In 2001, reporter Erin Arvedlund wrote an article for the financial weekly Barrons that was skeptical of Bernard Madoff’s strategy and performance on Wall Street. She questioned how Madoff was able to offer good returns. She talks with Steve Inskeep about the impetus for her story and what she learned in the process.
Morning Edition, December 18, 2008
Columbia Journalism Review interviews the Miami Herald reporter whose series we have highlighted here many times. JD: I expected there would be some criminal histories. There’s gonna be a few pot possessions and stuff like that. The law said that they were supposed to screen brokers for crimes involving fraud, dishonesty, and “moral turpitude”, which…Read More