Charles Wallace of DailyFinance.com has compiled a list of the seven worst “calls” made in business journalism, further proof that business reporters should never get in the prognostication business.
Here is part of his list:
4. Time has also been behind the curve on the auto industry. Its Nov. 9, 1992, cover was entitled “Can GM Survive in Today’s World?” After that piece ran, GM stock rose 60%. This was followed a year later, in December 1993, by “Autos: Back on the Fast Track,” when the industry really began to run out of gas.
5. The Economist, ever the highbrow, can still be a contrary indicator. In March 1999, the magazine published a cover story headlined “Drowning in Oil.” “The world is awash with the stuff and it is likely to remain so,” the Economist predicted. At the time, oil sold for the rock-bottom price of $10 a barrel. It’s $83 today.
Read more here to find out who is No. 1.
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