Word: prechter
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Dates: during 2000-2009
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...fundamentals are great, the experts tell us. Innovation is creating new opportunities and new wealth. We've gotten better at managing risk. After a few years of market trouble, though, the tone changes. "When the trend is sideways to down, they think the machine is broken," says Robert Prechter. "Jeez...
Wanna bet? Prechter does. He has made a career out of his belief that financial markets are ruled not by fundamentals but by waves of irrational behavior. Lately, after a long run of relative obscurity, he's been getting lots of attention. So have other believers in cycles and waves: the New Yorker recently expended 10 pages on Martin Armstrong, a self-taught forecaster (currently imprisoned for fraud) who made several eerily on-the-mark calls using a formula based on the mathematical constant pi. Prechter appeared in that piece too, but only briefly. He comes across as too reasonable...
DIED. HEINZ PRECHTER, 59, creator of the car sunroof, philanthropist and generous supporter of Bush family campaigns; of suicide by hanging; in Grosse Ile, Mich. Prechter came to the U.S. from Bavaria in 1964 and, with $764 in savings, started up his sunroof business in a California garage; its annual sales now total half a billion dollars. Though described by all as "dynamic," he was being treated for severe clinical depression, from which he had suffered for years...