Wednesday, February 28, 2007
Ever since my days as a financial journalist, I've derived occasional mild amusement from authoritative statements about what's going to happen in the markets. The truth is nobody knows and, repeatedly, experts have shown themselves as ignorant as anybody else. So, following yesterday's steep fall, it was good to read the words of Bob Parker, deputy chairman of Credit Suisse Asset Management. 'This,' he announced, 'is going to be more than just a one-day event and could go on for a few weeks. But it's not the start of a one-year bear market trend.' The wonderful exactness of his words makes this a particularly fine example of the genre. My own advice, based on extensive research and very deep thought, is vaguer but more resonant: be afraid, be very afraid. This is, in fact, always good advice about anything.
Posted by Bryan Appleyard at 8:16 am