“Experts” obsess about irrelevancies, overlook what’s crucial – and are once again prodding the herd towards the risk of large losses. It’s “an article of faith among Wall Street research departments,” wrote David Dreman in Contrarian Investment Strategy (1979): “Nothing is as important in the practice of security analysis as estimating the earnings outlook.” Whether for … [Read more...] about Everything the mainstream says about earnings is wrong
Chris Leithner