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Don’t Make Me Say I Told You So 175

predict the short-term movements of the stock market. ... What
is likely, however, is that the market will move higher, perhaps

substantially so, well before either sentiment or the economy

turns up. So if you wait for the robins, spring will be over.” If
Warren Buffet can’t do it, these guessers can’t either.

Summary

► Predicting the future of the stock market is impossible.

► People try to predict the future or listen to the

predictions of others in order to give them a feeling of
control over their lives.

► Many people make a living trying to do so on radio and

TV shows, and in print publications devoted to investing.

► All of these predictions are worthless nonsense and may

cost you a lot of money if you follow and act on them.

► Want to check the quality of your foresight? Write down
your forecast of the closing value for the Dow Jones

Industrial Average. Do that weekly or monthly for a year
and check the accuracy of your predictions. You are likely

to find that your foresight is not nearly as good as your
hindsight.

Chapter 4: The Most Common Investor Mistakes