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Financial Markets: Concepts & Practice - Part 2
BY: Oliver Schoeffel
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Personal Use Only

An enormous amount of evidence suggests that we simply can not forecast any financial market trend. For example, it is quite funny to know that around 75% of fund managers think that they are above the average at their jobs! It is an ancient lesson from Lao Tzu (6^th century BC): “Those who have the knowledge don’t predict. Those who predict don’t have the knowledge”. Of course, on the very long run, as the economy is growing, it must reflect in earnings and then on main financial indices, but you have to keep in mind that it only holds for the very long run...

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