Authority is in the eye of the beholder. Love Dylan. Absolutely 4th Street is one of my faves....and he's got a point in your quote.
Still, the authorities are dependent upon what you are looking for. I look at it this way: would I prefer to win the Master's or 5 minor tournaments. My general feeling is that the Master's is cool, but 5 wins is 5 wins. So, there are a few "Masters" when it comes to opinion (Templeton, Buffett, etc.) and they're good. I like them. But there are alot of minors (I have been tempted to post articles here that support my view, but abstained for various reasons) who disagree, and not even for reasons that match mine. I'll take 5 minors to a master. Sometimes, the little guys are working harder for their information. Of course, sometimes, like Blodget, they are just trying to make a name for themselves by going out on a limb. Given that few will make a name for themselves in this market, I doubt there are many taking overt risks of that nature.
I agree about what you said for the LTBH crowd and Greenspan's comments. Thing is, his comments were designed to get people to sell. Which I didn't do. Some did, for about 2 days. They felt stupid a week later when they bought in again at higher prices. |
