Jim Rohrbach writes:
Have you noticed that there are some “experts” on TV who say they knew what the market would do what it did on Monday and Tuesday? I was watching CNBC on Tuesday evening and there was a guy on there who said that he knew on Sunday what the market would do on Monday and Tuesday. He said, “I predicted that the market would be down 2%.” I bet this guy can also pick the winners in every horse race after he receives the next day’s newspaper. This guy manages money for clients. They asked him what he was advising his clients to do right now. Want to guess what his answer was? You guessed it. He said he would tell them that he was in for the long haul and that they should relax and stay with their positions because everything was going to be okay. They told that same story in 2008 while their clients saw their portfolios drop 50%. I think it’s time for these birds to come up with a new and better tune. They can’t tell people to time the market because we all know that it can’t be done. So we will just tell them to remain fully invested at all times. Then they can collect their commissions, smoke their pipes, and drink their beer. After all, it’s not their money that is being lost.