John Bogle on CNBC, "Barron’s experts…are almost always wrong"

By on January 20, 2009

John Bogle, the hero of investing efficiency, was controversial on CNBC today, proposing innovation in tax policy. You could hear the groans from the ‘know-nothings” in the background when he suggested that taxing securities transactions, “the croupiers in the middle,” might be a good idea. The very attractive host, Becky Quick, was extremely quick in trying to divert the conversation away from this idea.

Mr. Bogle also noted that the majority of Barron’s roundtable “experts” were looking for a strong stock market up, on average, 20% in 2009, which he suggested was not very reassuring given their past track record. Anyone who reads that publication with a critical eye would probably tend to agree. Has anyone seen the performance of Archie MacAllaster’s seven picks for 2008? Devastating. Abby Joseph Cohen is always looking forward to a higher stock market (playing the odds) and largely lacking in critical thought.



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