I spend a good chunk of every day watching the ups and downs of the stock market. I, as an investor myself, have been enjoying the historic rally over the past three months I am also amazed at the number of "experts" who continually try to speak down stocks.
Consider where we are today: The Dow industrials have been up for eleven consecutive sessions with each close during that run representing a new all-time high. That has only happened one time in the history of the NYSE back in 1987.
The anticipation of what would happen when the Dow finally busted through 20,000 was completely wrong. Most "experts" had suggested it would trigger a substantial sell off in the markets. Today, we are closing in on 21,000.
This morning the headline on a column at MarketWatch.com screamed, "Expect an "avalanche" of selling when this market breaks." It reference an article written bu Mark Faber, editor of the Gloom, Boom & Doom Report. Of course, Marc first predicted this crash in August of last year. Anyone who heeded his advice then would have missed about a 5,000 point move up in the Dow.
Look instead to the comments of Warren Buffett in his recent letter to shareholders released on Saturday.
"American businesses - and consequentially a basket of stocks - is virtually certain to be worth far more in the years ahead. Innovation, productivity gains, entrepreneurial spirit and an abundance of capital will see to that. Ever-present naysayers may prosper by marketing their gloomy forecasts. But heaven help them if they act on the nonsense they peddle," said Buffett.
Even worse, heaven help you if you all for their foolishness. As Buffett often says, "America's best years are ahead."
Photo Credit: Getty Images)