Shorting Wal-mart two years ago would not have worked out well.
Posted on 01/08/2009 4:52:55 PM PST by SeekAndFind
As "annus horribilis" 2008 recedes into the background it might be timely to look back a few years and ask: Who really saw all of this coming? Was such an economic and financial disaster foreseeable? What kind of financial sage would have predicted it three or four years ago, in the middle of the "go-go" years? Well, it turns out there was such a prescient, counterintuitive person, keen of mind and generous of soul. That person himself passed away at age 95 in mid-2008. He was, Sir John Templeton, stock picker of the century, innovator, renowned philanthropist, and always a step or more ahead of the pack…far ahead.
I had the benefit of knowing Sir John and visiting him often where he lived, at Lyford Cay, the Bahamas. I also served on his board of advisors of the John Templeton Foundation. So more recently, in the throes of deepening recession, massive foreclosures, government bailouts, a global stock sell-off, indeed, near financial collapse and all around general -- doom and gloom, I found myself repeatedly wondering out loud the same question: "What Would Sir John Say?" Then I remembered. I happened upon this urgent and wise "Memo" from him, written in June 2005. If only we had all taken it to heart and acted upon it then, how much better off we would be now. Read on:
MEMO
Subject: Financial Chaos
By: John M. Templeton
Date: June 15, 2005
Increasingly often people ask my opinion on what is likely to happen financially. I am now thinking that the dangers are more numerous and far larger than ever before in my lifetime. Quite likely, as we near the end of the first six months of 2005, the peak of prosperity is behind us.
(Excerpt) Read more at spectator.org ...
We're supposed to believe this guy's predictions when he doesn't even know that Hillary isn't President?
This person obviously hasn't had to suffer with my piles.
Just one? Please, there have been thousands and thousands of us! Virtually every follower of Austrian economics has seen this result coming for years.
Just one? Please, there have been thousands and thousands of us! Virtually every follower of Austrian economics has seen this result coming for years.
There’s almost no doubt that we quoted him extensively here at the time.
Even more certain than that would be that the predictions were roundly hooted at by FR’s kindergarten economists at the time.
The only thing that was surprising to this reader of the Austrians is that Greenspan managed to stretch the bounds of good sense so far beyond what seemed possible. It is no surprise that it has crashed so far so fast. The only real question is how far down will it go.
Are you joking?
Exactly, and I think we’ll find out in 2009.
With Obama’s plans I think we are going to go down in a cometary blaze of inflationary glory, myself.
Oh, brother! AN article? Just one? Off the top of my head, how about dozens and dozens posted by Mish Shedlock,
http://globaleconomicanalysis.blogspot.com/
going back years, for one example? Or Schiff or Willie or Bonner or many others?
Frankly, your request floors me! Guess what, water is also wet, and the sky is blue! Breaking news! Stop the presses!
Shorting Wal-mart two years ago would not have worked out well.
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