Word: prechterized
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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...
Georgia's Robert Prechter, 39, had become the hottest stock guru in 1986 and '87 because of the bullish predictions in his newsletter The Elliott Wave Theorist ($233 a year). He based his forecasts on a mix of esoteric formulas and offbeat indicators like hemlines: the return of the miniskirt, he said, was a sign of a peak in the market. Prechter issued a warning on Oct. 5, advising his subscribers to sell their stocks. But he did not predict the downturn's severity, which disappointed some followers. "New business has virtually disappeared," Prechter concedes, but he is philosophical: "Going...
Other sages of the investment community agree. One of Wall Street's hottest gurus, Georgia-based Robert Prechter, has used an arcane branch of analysis known as Elliott Wave Theory to predict that the Dow is on a march that will peak at 3600 by 1988. In December 1985, Yale Hirsch, editor of the newsletter Smart Money, forecast the date of the Dow's 2000 day within roughly a week. Now Hirsch predicts that the index may climb to 2300 within three months and reach 2700 later this year...