For those of us in the opinion writers’ trade, ‘tis the season to pound our chests for our prescience and don sackcloth and ashes for our errors over the past year.
9. I also warned a couple of times that rising rates would reduce the value of investors’ bond holdings. In 2015 I said the bond market was no longer a haven and declared the following year would be investors’ last chance to dump bonds. Instead, as we all know, rates on shorter-term Treasuries have fallen back to just above zero in the U.S. in the wake of the COVID-19 pandemic.
6. I’m generally not a fan of cyclical stocks and my bias got the better of me when I wrote in 2013 that the party was over for these economically sensitive equities. Since then, the Consumer Discretionary Sector SPDR ETF XLY, +0.06% has gained 149%, beating the S&P by 40 percentage points. 3. And then there’s Tesla TSLA, +1.57%. I never weighed in on the stock price , but I did say its genius/crank founder Elon Musk was a classic example of a celebrity CEO who was “not cut out to run a public company.” Musk and other celebrity CEOs are alive and well, and since that column ran Tesla’s shares have soared 1,200%. You win, Elon.
Well, it just proves one more person on the planet does not know everything.
Only?
With such a lousy record why he still here with opinion? No shame?
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