The Asset Allocator: Prediction Is Fiction

The contemporary prophet Harry Dent Jr. says the stock market will collapse this month. The financial newsletter writer even added that he will quit his job if he is wrong. This podcast (6:21) warns that even the most brilliant economic sages – like the great American economist Irving Fisher – falter when they make predictions, because their vast knowledge does not endow them with this ability. Hoping to cure investors of their innate credulity, I summon the story of the Witch of Endor, which memorably illustrates the fraudulence of acts of divination.Learn more about your ad choices. Visit megaphone.fm/adchoices