OK, I admit it, I enjoy it when a pundit sticks his foot in his mouth and ends up with egg on his face—even if I have to wait a whole year for it to happen. It helps me put my own goofs in perspective. Here, courtesy of Business Week, are my favorites ordered my way, but including their BW rankings.
12 “But [it] is very likely that oil prices will range in the medium term around an average of $40…. In the long run it could even be $25 to $30.”
LORD BROWNE, CEO, BP, June 12, 2006. Oil prices averaged $70-plus a barrel in 2007.
5 “We do notexpect significant spillovers from the subprime market to the rest of the economy or to the financial system.”
BEN BERNANKE, Federal Reserve Chairman, Might 17, 2007. A global credit crunch began three months later.
3 “The media’s great love affair with the Nintendo Wii is beginning to sour…. There are whispers that the device is tiring and gimmicky.”
TYLER TODD, video-game columnist, The Gazette (Montreal), Oct. 14, 2006. Press reviews stayed positive in 2007, and buyers stood in line for the console for the second year in a row.
4 “AMZN is a stock that continues to live on borrowed time.”
TIM BOYD, Caris & Co. analyst in a report about the stock of Amazon.com on Oct. 26, 2006, when the company’s shares were at 38.50. On Dec. 17, 2007, Amazon shares were trading at 85.09.
9 “The steady improvement in [home] sales will support price appreciation…[despite]…all the wild projections by academics, Wall Street analysts, and others in the media.”
DAVID LEREAH, chief economist, National Association of Realtors, Jan. 10, 2007. Housing prices steadily worsened, falling even farther than many skeptics had predicted.
Now look at what you predicted that didn’t come true. Isn’t it great? There’s no way any of us got our feet further into our mouths than these guys.
What’s your favorite foot-in-mouth experience?
Your comments—priceless
Don’t miss a post, subscribe via RSS or EMAIL
Share This


Share This
Share This