Quote of the Day (Jason Zweig, on the Charade of One-Year Market Forecasts)

“How inaccurate are one-year market forecasts? They're like a person looking in an unlit cavern at midnight for a black cat that isn't there….Over the past 20 years, according to Joachim Klement, an investment strategist at Panmure Liberum in London, the correlation between the forecasts and the market's actual returns was minimal for the [stock] analysts and zero for the [market] strategists.”—American financial journalist and “The Intelligent Investor” columnist Jason Zweig, “How To See Through Wall Street’s Annual Charade,” The Wall Street Journal, Jan. 11-12, 2025