A good quote regarding all of those cocksure know-it-alls but get-it-all-wrong anyway on the tube:
"I continue to listen to and read a lot of convicted opinions — for instance, the market has bottomed, financials have bottomed, oil has topped, stocks are enormously undervalued against historic measures (like short- and long-term interest rates), etc., etc. Their mantras of "certainty" are almost laughable considering so many uncertain economic, credit and geopolitical factors…
I would put those convicted opinions in a locked closet away from children and "talking heads" (like myself) who sometimes act like children…Err on the side of conservatism and invest/trade light. Too many imponderables, from my perch."
– Doug Kass, THE EDGE (8/07/2008)
Update: August 22, 2008 9:50am
Here’s a May 2008 Barron’s interview with Doug regarding his investing history and track record (Barron’s pulls the info from Tremont Hedge Fund Research).