Ignore Dow 10,000, The Economic Scoreboard Is Still Horrible
The Dow is at 10,000. Reporters glow. Retirees relax. Investors sigh: “Whew, we’ve made it.” They’re wrong. This purported milestone isn’t a victory. It’s nonsense. The market is the wrong place to look when measuring the health of our economy. The collective wisdom of mutual fund analysts was wrong in 1999, wrong in 2006, and it’s wrong right now. The best investor in the United States basically ignores Wall Street. Warren Buffett has billions he could trade in and out of stocks.