Reagan-Carter: it was the misery index (unemployment + inflation). We are likely to see it reappear.

Have fun.

John Walter Russell

I’ve written and spoken in defense of Glassman on several occasions (and I am still happy to offer a defense of the logic of some of the claims made in the book).

I can’t go for the unwillingness to admit a mistake, however. He said that DOW 3600 would happen within eight years (I believe it was — my recollection of the article is not total today) and it hasn’t happened. To now change it to — “it will happen sometime in the future, I am certain of that much, and the fact that it will at least happen sometime in the future means that I was not wrong” (this is a paraphrase, not a quote) — Yucko!

That’s too much like all the other “experts’ who cannot pronounce the words “I” and “Was” and “Wrong.”

This has become my most important critieria for assessing whether someone is an investing expert or not. Those who cannot admit mistakes shouldn’t be giving investment advice, in my assessment. Period.

I have come to find this a major turn-off.

Rob