Below is a brief excerpt and the "Chart of the Day" from today's Early Look note written by David Salem, Managing Director of Capital Allocation at Hedgeye.
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Today’s Early Look focuses on folly, defined as the pursuit of policies contrary to the interests of those pursuing them. ... 1. S&P 500 price targetsNo comments needed on this regularly recurring folly, the latest iteration of which comprises today’s Chart of the Day, except to note that... 1. Having pondered such pronouncements for many years, I know of no provably or indeed plausibly sound means of generating such targets and 2. Given their inherent unreliability, the surest means of putting such targets to use in the deployment of investable wealth is to ignore them, applying bandwidth that’d otherwise be allotted to their review to labors more conducive to effective investing. |
