http://www.pimco.com/en/insights/pages/io%20dow%205000%20gross%20dec%2008.aspx
Here I go again! Gosh it was only six years ago that I cemented my place
in stock market history by predicting that the Dow would fall from
8,500 to 5,000, instead of going up to 14,000 where it peaked in October
of 2007. Well, I could use the standard set of excuses: 1) No one else
saw it coming, 2) I was misinterpreted, and taken out of context, 3) I
was tired, overworked, and had family problems, or 4) I had just come
out of rehab. But these days what really works is a full confession. I
mean, like, uh, it was totally my fault and I take full responsibility.
The fact is I was only off by 9,000 points. That’s my story, and I’m
stickin’ to it.
Dow 5,000? We don’t have to go there if current domestic and global
policies are focused on asset price support and eventual
recapitalization of lending institutions. But 14,000 is a stretch as
well.
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