Photo : Laura Lewis

Ce « blog » a été écrit par Morgan Housel du site Motley Fool (rédigé en novembre 2013)- je le conserve précieusement dans mes « favoris » et je pense qu’il est toujours bon de le lire et de le relire de temps en temps. C’est tellement vrai….

 

My job requires reading a lot of financial news. It’s one of my favorite parts. But it gives me a front-row seat to the downside of financial journalism: gibberish, nonsense, garbage, and drivel. And let me tell you, there’s a lot of it.

Here are a few stupid things I hear a lot.

« They don’t have any debt except for a mortgage and student loans. »

OK. And I’m vegan except for bacon-wrapped steak.

« Earnings were positive before one-time charges. »

This is Wall Street’s equivalent of, « Other than that Mrs. Lincoln, how was the play? »

« Earnings missed estimates. »

No. Earnings don’t miss estimates; estimates miss earnings. No one ever says « the weather missed estimates. » They blame the weatherman for getting it wrong. Finance is the only industry where people blame their poor forecasting skills on reality.

« Earnings met expectations, but analysts were looking for a beat. » 

If you’re expecting earnings to beat expectations, you don’t know what the word « expectations » means.

« It’s a Ponzi scheme. »

The number of things called Ponzi schemes that are actually Ponzi schemes rounds to zero. It’s become a synonym for « thing I disagree with. »

« The [thing not going perfectly] crisis. »

Boy who cried wolf, meet analyst who called crisis.

« He predicted the market crash in 2008. »

He also predicted a crash in 2006, 2004, 2003, 2001, 1998, 1997, 1995, 1992, 1989, 1984, 1971…

« More buyers than sellers. »

This is the equivalent of saying someone has more mothers than fathers. There’s one buyer and one seller for every trade. Every single one.

« Stocks suffer their biggest drop since September. »

You know September was only six weeks ago, right?

« We’re cautiously optimistic. »

You’re also an oxymoron.

[Guy on TV]: « It’s time to [buy/sell] stocks. »

Who is this advice for? A 20-year-old with 60 years of investing in front of him, or a 82-year-old widow who needs money for a nursing home? Doesn’t that make a difference?

« We’re neutral on this stock. »

Stop it. You don’t deserve a paycheck for that.

« There’s minimal downside on this stock. »

Some lessons have to be learned the hard way.

« We’re trying to maximize returns and minimize risks. »

Unlike everyone else, who are just dying to set their money ablaze.

« Shares fell after the company lowered guidance. »

Guys, they just proved their guidance can be wrong. Why are you taking this new one seriously?

« Our bullish case is conservative. »

Then it’s not a bullish case. It’s a conservative case. Those words mean opposite things.

« We look where others don’t. »

This is said by so many investors that it has to be untrue most of the time.

« Is [X] the next black swan? »

Nassim Taleb’s blood pressure rises every time someone says this. You can’t predict black swans. That’s what makes them dangerous.

« We’re waiting for more certainty. »

Good call. Like in 1929, 1999 and 2007, when everyone knew exactly what the future looked like. Can’t wait!

« The Dow is down 50 points as investors react to news of [X]. »

Stop it, you’re just making stuff up. « Stocks are down and no one knows why » is the only honestheadline in this category.

« Investment guru [insert name] says stocks are [insert forecast]. »

Go to Morningstar.com. Look up that guru’s track record against their benchmark. More often than not, their career performance lags an index fund. Stop calling them gurus.

« We’re constructive on the market. »

I have no idea what that means. I don’t think you do, either.

« [Noun] [verb] bubble. »

(That’s a sarcastic observation from investor Eddy Elfenbein.)

« Investors are fleeing the market. »

Every stock is owned by someone all the time.

« We expect more volatility. »

There has never been a time when this was not the case. Let me guess, you also expect more winters?

« This is a strong buy. »

What do I do with this? Click the mouse harder when placing the order in my brokerage account?

« He was tired of throwing his money away renting, so he bought a house. »

He knows a mortgage is renting money from a bank, right?

« This is a cyclical bull market in a secular bear. » 

Vapid nonsense.

« Will Obamacare ruin the economy? »

No. And get a grip.

 

 

Source : The Motley Fool – Novembre 2013 

Cet article Des fois, on aurait meilleur temps de se taire est apparu en premier sur Investir.