O'Reilly logo

Clash of the Financial Pundits: How the Media Influences Your Investment Decisions for Better or Worse by Jeff Macke, Joshua M. Brown

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

CHAPTER 9

DOW 100,000!

The most distressing thing that can happen to a prophet is to be proved wrong. The next most distressing thing is to be proved right.—ALDOUS HUXLEY

 

On Christmas Eve in 2012, Bernie Madoff sent a letter to CNBC in which he weighed in on a host of current finance topics, from the opaque dark pools that had begun to dominate daily trading activity to the rapid proliferation of hedge funds—both of which he saw as dangers to investors. I’ll pause now while you rifle through your pockets for that anti-irony pill . . .

Let’s continue.

The news media immediately picked up on Madoff’s comments and went live to air and the web with them as though they were helpful or important. Never mind the fact that the man doing the opining, ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required