My Sunday Washington Post Business Section column is out. This morning, we look at why It’s time to market forecasters to admit the errors of their ways.
It is yet another look at the parade of really bad forecasts we get treated to constantly in the world of investing and finance.
Here’s an excerpt from the column:
“What say we finally put a fork in Prediction, Inc.?
There is a forecasting-industrial complex, and it is a blight on all that is good and true. The symbiotic relationship between the media and Wall Street drives a relentless parade of money-losing tomfoolery: Television and radio have 24 hours a day they must fill, and they do so mostly with empty-headed nonsense. Print has column inches to put out. Online media may be the worst of all, with an infinite maw that needs to be constantly filled with new and often meaningless content.
Just because the beast must be fed does not mean you must be dragon fodder. (More on this later.)”
The entire piece is worth your time to read in full, including some advice on the best way for you the home viewer to deal with this.
It’s time to market forecasters to admit the errors of their ways
Washington Post, January 18, 2015