Tell me, does this help YOU or anyone else who has commented on her forecasts make money? Who cares what she says. I'm always puzzled why so many people make such a fuss about market strategists. These people are merely MARKETING tools for their respective investment banking firms. They are a "face" to the firm that they represent. Face it, taking "pot-shots" at market strategists that are more often than not deeply embedded in fundamental data is too easy. These kinds of threads are a total waste of time, and anything but constructive.
If even a few people gain of healthy dose of skepticism and learn to be leery of such tools because they happened to dig into the details of the game, it's all worth it.
I believe that these threads are a great thing. They help to educate the naive. The Abbey Joseph Cohens and David Lereahs are shills and nothing else. Selling bullshit pays well. It isn't always a good time to buy stocks and it isn't always a good time to buy a house.
That's exactly what I said in the post just prior to your. I just happen to think you said it more completely and better.
good ole Abby ! i remember those days ... nasdaq 5000 ... then nasdaq 3500 and abby calling it a screaming buy ... then nasdog 2500 ..and abby pulling out the megaphone .. sheesh ... what a tool
I remember her screaming buy recommendation the week after 9/11 when the market reopened. Her clients got killed over the next year or so.
Doesn't matter much when you charge a flat 2% fee on wealth management services without a performance fee. 2% on $5m is good cash, when the portfolio goes to $4m within a year they still take 2%. Doesn't matter. The only thing they have to avoid is the client pulling out and going to cash. That's why they have talking heads like Abby. "STOCKS ARE CHEAP. I SEE A LOT OF VALUE OUT THERE".
did you notice the glaring hole in the argument? Because the prices gapped the system failed" HELLO ? GAPPED..........made a gap..........what made the gap? like saying the titanic would not have sunk without the iceberg.........derr........the titanic would not have sunk without the arrogance that brought the event.........the iceberg was merely (part of) the accident, awating to happen.........so let's blame the gap..........Ive always preferred Paul Volcker take on that period.........the sane sounding one.........always amazes me that events or bits of machinery are looked to, for excuses......... it was the gap sir, oh, and my hair gel too........ the masochist "hit me, hit me" the sadist "no!"
I have a question. Why is Cohen paid anything at all, let alone the high amount she receives? Surely there is a high supply of informed market strategist wannabes who are slightly more on the ball than she is, and who would be willing to work for much lower wages? She has been wrong so badly and so often, that I struggle to believe that Goldman could not save say 9 million and improve their quality of service by hiring a more intelligent strategist. What's going on here, is it something we don't understand? Is Cohen just the institutional equivalent of Oliver Velez? Are there really that many suckers who choose to use Goldman because Abby works for them? She doesn't exactly help their credibility.