Is There a Guru in the Investment Industry?

There are no gurus, there are only cycles. There was a time in my life when people saw me as a guru in 2011 when I said there was a summer crash coming because certain indicators are saying the conditions are there for an accident. And again, it's not going to help your client. People don't change. They're going to take credit for themselves when the stock goes up and blame you when the stock went down. It's just smoke and mirrors. Nothing more. The industry, not even talking about investor behavior is legitimized. You see enough of these cycles and you watch the way that people behave. But 99% of the time, it's a losing game.

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