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Rick Santelli [CNBC] spanked by his own colleagues for 5 years of bad advice
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Rick Santelli [CNBC] spanked by his own colleagues for 5 years of bad advice

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Rick Santelli [CNBC] spanked by his own colleagues for 5 years of bad advice

Wow, CNBC colleagues lay into Rick Santelli for predicting runaway inflation, the crash of the US Dollar, and all of his doom and gloom of the last 5years that have not come to pass.



This is why it's more important to follow price than try to time when the predictions about the markets that you think are going to come true.


Last edited by shodson; July 14th, 2014 at 05:53 PM.
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I don't know if Rick has actually advised against being long equities. Maybe he has, I do not know. People say he has been a fearmonger and scared people out of the market. Okay, well, he deserves no more scorn than those who were getting people balls deep long during the dotcom bubble.

He seems to simply want a market that is allowed to express itself in natural ways, in ways not manipulated by the Fed. I think most of what he says is quite logical--but that doesn't mean that an investor should not be long equities.

It was a shame to see Josh Brown snickering and joining the ranks of those jumping on Santelli today. He seems to have bought into his own bullshit, though that's not surprising given who he works for--legends in their own minds. The smugness of Liesman and Brown as they derided Santelli was very interesting--such condescension often has a way of coming back to people... let's see what tune they are singing in a few years. Maybe it will be a nice one, maybe not.

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I don't watch CNBS, but Rick has always struck me as a down to earth guy and he simply thinks all the bullshit from The Fed is bullshit, can't argue with that. But he has let his anti-Fed sentiment turn into a doom and gloom philosophy, much like permabear Zerohedge where everything is so laced with doom and gloom they can't see the bull trend right in front of them for worry of when the next crash will be.

It's an absolute, the market will crash again. But here is the trick: buy when the market is going up, instead of constantly trying to time the turn. Take your profits and build a nice diversified portfolio. When the market turns you will have losses but can fall back on all the profits you've built during the bull market to cushion that.

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I "watch" CNBC but primarily as background noise as I'm getting dressed in the mornings, or before the open to get a feel of what's going on in the market pre-open and what happened over night. I also sometimes watch Fast Money, I like to see how others approach the market today.

I have to say Josh is probably the most astute trader of the traders they regularly have on the panels. Being a short-term trader, his snickering at Rick was more of what most of us believe: trade the market that's in front of you, not the one you think will eventually show up.

Long-term, I think we are screwed and our monetary policies and lack of legislative will to fix the problems that got us here will doom us all, eventually. Meanwhile, trade price. That's the safest way to trade/invest.

Eventually almost every prediction about the market will come true.

<cliche>Even a broken clock is right twice a day</cliche>

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I worked 20 feet from santelli on the floor of the Cbot. He worked for a Japanese bank and I worked for a Wall Street firm. If it wasn't for cnbc, he would be selling life insurance right now. He always liked to talk and he has never stopped. I have been in the business over 25 yrs and I never saw him trade. He was a glorified phone clerk and now cnbc. He needs to stop calling himself a former trader.

He panicked at the lows and it has been rage ever since. Not only has he embarrassed himself in the equity mkt he has been wrong on the treasury mkt. I remember when the 10 yr yield was around 3.75% and the Japanese had a 'failed' bond auction. He went on a tirade saying who is going to buy our debt....who is going to buy our debt...we were trading 2.75% a month later.

I follow the price action. Not sure what Rick follows because the mkt he is supposed to cover (the treasury mkt) does not move.

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I just read that Rick is affiliated with the tea party. If true, then I have lost what little respect I had for him.

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George

This scene reminds me of santelli...outright panic...

https://www.youtube.com/watch?v=AnfbhdELQLA

i had a friend in high school and his Dad used to tell us "guys, be the adults in the room tonight"....it was good advice.

the typical cnbc viewer needed to see an adult on the screen when they turned on cnbc in 2008/09. instead, they got santelll....who did his best to fuel the flames of panic.

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I just read that Rick is affiliated with the tea party. If true, then I have lost what little respect I had for him.

Mike

What have you got against people that want less taxes and less government intrusion in their lives....?
Do you advocate the opposite ?
I don't think the Tea party is any more than that.

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@kbit....

U just don't mix politics with your trading and investment decisions. Unfortunately, Santelli has done just that. It can be an expensive exercise. I am for the most part a passive index investor. I am on the Boglehead forum and they have a lot of simple rules...buy n holld, diversified, low cost etc..that indivuals should follow. However, they never mention politics impacting your investment decisions. It has been an expensive lesson for many who bailed on the mkt due to their political beliefs. Tragic in a few instances I observed.

I could care less about anyone's politics. I am just in the mkt to make money to support my family. Real simple.

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