Dow 13750? Predicting is always difficult…

Posted on Apr 25, 2010 by WHC Bassetti in Letters

Predicting is always difficult, and above all when it concerns the future.  As Nils Bohr was fond of saying.

First of all let us make clear that we do not stand behind our predictions.  Or, as John Kenneth Galbraith said, the purpose of economic forecasting is to make astrology look good.  The interpretation of the chart above is less a question of analysis than it is a species of long term economic forecasting.  It is what is called a point and figure chart.

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