by Andy Hoffman, MilesFranklin.com:
It’s rare that I react to articles by newsletter writers that utilize sensationalistic “memes” to drive sales; such as, to name the worst of the lot, “$950 gold” Harry Dent. Yes, the same Harry Dent that forecast Dow 41,000 and NASDAQ 20,000 in 1999 – to be reached in, gets this, by 2008; topped only by his April 2011 prediction that the Dow would fall to 3,000 by 2014.
Dent’s track record is as bad as any I’ve come across. However, he is clearly a fantastic marketer and charismatic speaker – as unquestionably, he has mastered the same “pixie dust” that enabled Robert Prechter to maintain a long-term career as a “financial guru” based on a single, ambiguous call. In Dent’s case, his “hook” relates to playing on basic human emotions; i.e., utilizing investors fear and greed to attract their hard-earned capital. In other words, when the market is rising, he predicts price explosions; and when it’s falling, collapses.
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