Jeff Sommer and his “Strategies” column in the New York Times has often have been the target of our slings and arrows, and we can’t resist one more shot. This Sunday’s business section in the Times carried an article penned by Mr. Sommer with the uncharacteristically bullish headline–“Forecast For A 20,000 Dow Still Holds.” Of course this is not Mr. Sommer’s forecast, but rather a prediction made by Seth J Masters, Chief investment Officer of Bernstein Global Wealth Management last July when the Dow was below 12,900. I will not go into the reasoning on Master’s prediction, but I do recommend that you view for yourself via the link we have provided. I will say that since I have been following Mr. Sommer’s work (Feb of 2013), he has pretty much been arguing against the market’s rise, even with the benefit of Mr. Masters wise counsel. We are linking you to session 8-“A Masterpiece of Uncertainty And Contradiction…” and session 31–“Dow 15000 And The Big Disconnect–Wall Street’s Giddiness vs. Main Street’s Pain.” In particular, with regards to Sommer’s comments in the February 25, article, pay attention to his remarks about investors plowing into the market like there was no tomorrow. The Sunday article does a complete reversal on this assertion. This goes to the heart of our thesis about the media and investing–paying close attention to what they say is counterproductive and hurtful to investment results.
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