As an MBA business school student in the fall of 1987, in the middle of a raging bull stock market, I was in receipt of a very strong sell signal. In all honesty, I had been for a long time.
Was it from Herby Fischer, my own (and Dad’s) stock broker? (I had a very small account with one holding, Wix, which promptly went down after Herby bought it for me). No.
How about my pal, Arch Crawford, the famous stock prognosticator who predicted future DJIA index levels by Astrology? Nice try. But wrong.
Ok. Ya think the source could have been someone who had no experience whatsoever in portfolio theory, Elliot wave, or value investing? Someone who never quoted Peter Lynch, Warren Buffet, or even read Alan Abelson’s column in Barron’s?
Yes, it was. None other than the namesake of this blog. My own Dad, Bernard Olcott. Only problem was, he was predicting that the stock market was going to crash. Every. Single. Day. So each evening, I would review the financial news and remark to myself, boy oh boy, that stock market just keeps climbing like gangbusters!