Keeping 'Em Honest: Wall Street's Track Record Is Not Good
Every year since 2005, 10 top Wall Street strategists are asked by Barron’s, the weekly financial magazine, to pick the best and worst sectors to invest in.
And, every year, an independent economist, whose research we license, has tracked the results.
This shows the returns of the consensus picks made by Wall Street’s top strategists for the past 11 years.
If they had picked the best sectors, the black dots would lie along the red line.
The strategists include brilliant economists, but this approach to investing is flawed.
Picking the best and worst investment from among 10 possible industries is much more difficult.
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