Tags: CNBC | nouriel | Roubini | misses

CNBC.com: Roubini Has Had More Recent Misses Than Hits

By    |   Tuesday, 28 Sep 2010 08:03 AM

Economist Nouriel Roubini has turned into a media star, making pronouncements right and left about the economy and financial markets – mostly negative.

But while he may have been accurate in forecasting the financial crisis of 2007-2009, he’s made plenty of bad calls since then, notes CNBC.com.

It’s a bit ironic that CNBC should be the one to point out Roubini’s shortcomings, given that his appearances on that network have done much to boost his reputation.

In any case, here are some of Dr. Doom’s snafus:

• With the Dow Jones Industrial Average near 7,950 in April 2009, Roubini predicted it would sink back down toward the March low of 6,500. Instead, it went the opposite direction. By the end of May, it stood at 8,500.

• With the Dow near 8,100 in July 2009, Roubini said the market’s gain from its March low was nothing more than a bear market rally. The Dow soared 38 percent over the next nine months.

“I am not giving Roubini a bad time,” writes CNBC contributor Gary Gordon, a financial planner.

“Rather, this is more of a condemnation of fortune-telling and the mainstream media's need for heroes. Nobody has any idea what will happen — it's the greatest certainty of all.”

Investment legend Warren Buffett has made the same point. Whenever he’s asked for an opinion about the stock market, he says he has no idea where it’s headed in the short term.

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Economist Nouriel Roubini has turned into a media star, making pronouncements right and left about the economy and financial markets mostly negative. But while he may have been accurate in forecasting the financial crisis of 2007-2009, he s made plenty of bad calls since...
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2010-03-28
Tuesday, 28 Sep 2010 08:03 AM
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