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Billion-Dollar Fund Manager Predicts Dow 5,000, Gold $2,000
businessandmedia.org ^ | September 30, 2008 | Jeff Poor

Posted on 09/30/2008 1:08:55 PM PDT by Rufus2007

The doom and gloom crowd was piling on after a record one-day 777-point drop in the Dow Jones Industrial Average (DJIA).

David Tice, who manages the $1.1 billion Prudent Bear Mutual Funds from the Virgin Islands, offered a bleak assessment of the financial future in an interview with Bloomberg TV anchor Carol Massar on Sept. 30.

“Unfortunately Carol, we don’t believe that the pain is over,” Tice said. “We think that we’re going to have to pay for the excesses of really the last five to 10 years of this excessive credit growth with a dramatic slowdown in the economy, dramatically lower markets. We’re still above 10,000. We think we’re going to, you know, fall below 5- or- 6,000 on the Dow and we think we’re going to have to readjust the U.S. economy towards less consumption – where we pay for goods with goods.”

..more (w/video)..

(Excerpt) Read more at businessandmedia.org ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: bloomberg; dow; gold; tice
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Check out the video of the Bloomberg anchor's reaction when this guy says Dow 5,000.
1 posted on 09/30/2008 1:08:55 PM PDT by Rufus2007
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To: Rufus2007

He runs a Bear fund. What do you expect him to say?


2 posted on 09/30/2008 1:10:04 PM PDT by Liberty1970
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To: Rufus2007

I guess someone forgot to tell him the DJIA is up almost 500 today (so far).


3 posted on 09/30/2008 1:11:00 PM PDT by OCCASparky (Steely-Eyed Killer of the Deep)
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To: Rufus2007

Really? Why is all that European money rushing here? Why hasn’t OPEC gone tothe EURO? Poppycock..Fooled me once—not again.


4 posted on 09/30/2008 1:11:16 PM PDT by the Real fifi
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To: Liberty1970

And probably is heavy into gold.


5 posted on 09/30/2008 1:11:19 PM PDT by refermech
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To: Rufus2007

Really? Why is all that European money rushing here? Why hasn’t OPEC gone tothe EURO? Poppycock..Fooled me once—not again.


6 posted on 09/30/2008 1:11:21 PM PDT by the Real fifi
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To: Rufus2007

the sky is falling, the sky is falling! BS


7 posted on 09/30/2008 1:11:57 PM PDT by street_lawyer (Truth is a defense and the best offense.)
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To: refermech

“probably is heavy into gold”

and, no doubt, a seasoned short-seller!


8 posted on 09/30/2008 1:13:06 PM PDT by Cletus.D.Yokel
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To: Liberty1970

Never trust anything that comes out of the Virgin Islands, Maaann, except Estate Diamond RUM! (PS: there are NO virgins left down there!)


9 posted on 09/30/2008 1:13:19 PM PDT by WellyP
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To: OCCASparky

This is like Warren Buffet supporting the death tax

because his business is selling vehicles to avoid the death tax.

I swear, whenever these leftist bastids speak, I always know the opposite is good for the country.


10 posted on 09/30/2008 1:13:55 PM PDT by MrB (0bama supporters: What's the attraction? The Marxism or the Infanticide?)
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To: Rufus2007

I’ll have some of what he’s having! Must be good stuff.


11 posted on 09/30/2008 1:13:59 PM PDT by JoSixChip
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To: Rufus2007
Tice has made similar predictions in the past. In 2002, he said the Dow would drop to 3,000, although the 10-year low for the Dow is just below 7,500 – occurring in late 2002.

What an idiot.

12 posted on 09/30/2008 1:14:06 PM PDT by Fan of Fiat
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To: OCCASparky

Tice is actually quite the expert on bear market rallies, especially vicious 62-78% Fibonacci ones. These rallies confirm the bear market is still alive. When the moonshot rallies stop, and the gradual climb begins, the bear market is probably over.


13 posted on 09/30/2008 1:14:40 PM PDT by steve86 (Acerbic by nature, not nurture™)
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To: Liberty1970

Isn’t this guy a big donor to Ron Paul’s presidential campaign?


14 posted on 09/30/2008 1:14:54 PM PDT by Rufus2007
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To: MrB

Actually, Tice is very conservative. He wants the system washed clean, as do many here.


15 posted on 09/30/2008 1:15:59 PM PDT by steve86 (Acerbic by nature, not nurture™)
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To: Rufus2007

I say Dow 7,500, gold 4,000, but Tice is on the right track. Historically, the ratio between one share of the Dow and one ounce of gold always returns below 2/1 at the Dow’s secular bear market low.


16 posted on 09/30/2008 1:16:37 PM PDT by Mr. Jeeves ("One man's 'magic' is another man's engineering. 'Supernatural' is a null word." -- Robert Heinlein)
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To: Rufus2007
The guy pimps a bear fund and we are supposed to grovel on the gravel and say "Thank you Lord for delivering us from the market!"

Our dollar is surging because the pos Bailout lost.

Besides the Dow/DIA, the S&P 500/SPY is doing even better.


17 posted on 09/30/2008 1:17:28 PM PDT by Grampa Dave ( I do not want to know the type of person, who does not like Sarah !)
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To: Fan of Fiat

He’s just giving us more cr@p for that cr@p sandwich Congress has been making for us to swallow.


18 posted on 09/30/2008 1:19:28 PM PDT by antceecee (McCain ~ Palin '08!!!!! May God have mercy on us and protect us from evil.)
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To: steve86

You’re right—I’d like to see a nice 6-8 week trend before making any sort of claim.


19 posted on 09/30/2008 1:20:14 PM PDT by OCCASparky (Steely-Eyed Killer of the Deep)
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To: Rufus2007

He’s on crack.


20 posted on 09/30/2008 1:22:21 PM PDT by Centurion2000 (McCain/Palin 2008 : Palin the Paladin 2012)
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