RE:RE:RE:A BLAST FROM YOUR PASTStratocheif wrote: Sanguinity wrote: "Economics was my expertise."
Anyone claiming they're to be relied upon for their "economics expertise" is a con artist.
Absolutely right. You see these guys (the biggest names in the field) in interviews. And they publicly contradict one another. Hey man this is you life's work. You are supposed to come up with valid opinions or forecasts. But they don't. They are mostly off the mark and I wonder if a 5 year old might do better.
And the crazy thing is no matter how many times they get it wrong, they are still high profile people who are repeatedly asked for thier opinions year after year after year.
Must be a nice profession. You can say whatever you want, get it wrong and still make a ton of money for your "advice"
Charlie Nenner made that point once. He was a medical doctor who then went to work at Goldman Sacks. And now he analyses cycles. He said....as a medical doctor I had to make a correct diagnosis and prescribe the correct treatment otherwise there would be consequences. But these economists at Goldman and other firms say whatever they want and nothing comes of it. They just keep at it.
That unfortunately led to the collapse ao Sherritt. They were a great company 10 or 12 years ago.
But then they took seriously all the "economists" whe were , back In 2010 or so that nickel prices would double in 10 years.
So sherritt sold thier coal business for a billion dollars and put the money in Ambatovy expecting to cash in on rising nickel prices.
Well as it turned out, the economists were wrong and by the time Ambatovy came on line, nickel prices hadn't doubled. They'd fallen 50%. The rest of the sherritt misfortune we know too well