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Monday, January 23, 2012

Joe Granville: The Dow will fall 4000 Points in 2012

Bloomberg dusted off crusty 89-year old Joseph (Joe) Granville, the top forecaster of 2011, for an interview today. He is not bullish to put it mildly.

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Ruminations: I'm an investment professional and have spent the bulk of my career in the investment management industry. I am a deep value investor, but I also move in and out of asset classes based on my macro outlook (typically 10-20 trades a year). I don't mind holding a big slug of cash even if it earns nothing in hopes of hitting that fat pitch (as I did in 2009). I've been watching our current economic train wreck with a mixture of fascination and dread. The pain is not over and the worst is still to come. Under a reckless Fed that has callously disregarded its duty to supervise the markets, we are slowly but surely heading towards a day of reckoning where we will see the global currency system realign, interest rates in the United States rise sharply, and our standard of living decline measurably.

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Monday, January 23, 2012

Joe Granville: The Dow will fall 4000 Points in 2012

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