Forecasting is a Folly

The tendency at this time of year for those in the financial industry to make predictions about what’s to come is characterized by¬†Bloomberg columnist Barry Ritholtz as a “prelude to looking foolish.” “Over the past years,” writes Ritholtz, “it has been my distinct privilege (and, truth be told, pleasure) to point out how silly this process is,” adding that some of the financial industry’s bigger firms and notable economists are jumping on the bandwagon. Referencing… Read More