Jeremy Warner at the Telegraph isn’t exactly Nouriel Roubini’s greatest fan.
After hearing Roubini at Davos, who was ‘surprise, surprise’ pessimistic, Mr. Warner takes Dr. Doom to task for his incessant pessimism.
Had you followed Roubini’s forecasts at Davos last year, you would have missed one of the greatest market rallies of all time.
Telegraph: Er, well, the great sooth sayer and now standing feature of this mountain top conference for the elite of business and finance thought that even if governments and central bankers did everything right in terms of fiscal and monetary policy, we’d all still be in recession across the advanced economies for all of 2009 and 2010. And for sure, the S & P was going to 600. Admittedly, it did get as low as 650, but now it’s back above 1,000. If you’d listened to Mr Roubini, you would have missed out on one of the greatest stock market rallies ever. As for recession, some economies were growing again by the second quarter of last year, and even Britain is now showing marginal growth.
Still, these forecasting errors are perhaps forgiveable for one who got the big call spot on. Except that he was making it as far back as 2002. Which all goes to show that if you say something consistently enough for long enough, eventually you will be proved right.