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Don’t Make Me Say I Told You So 169

These projections that they make are called “forecasts,”

but they should really be called “guesses.” They may be
educated guesses, but they are guesses nonetheless. There

is overwhelming evidence that such short-term forecasting is
impossible.

The problem, once again, is not that economic forecasters
say these things or make these guesses. That’s their job, and

people expect it from them. The problem is that investors listen
to this nonsense and make decisions based on it. Following

these guesses is like smoking – everyone knows it’s unhealthy,
but millions of people can’t quit doing it.

Chapter 4: The Most Common Investor Mistakes