In The Name Of The Faber, Gross, And The Holy Roach
Ridicule is the tribute paid to the genius by the mediocrities.
-Oscar Wilde (Irish poet, novelist, dramatist, and critic. 1854-1900)
From Greg Barns of the Canberra Times (Australia) today:
Marc Faber, Bill Gross and Stephen Roach are household names in the world of investment, but little known to the general public. And all three predicted some years ago that we would end up where we are today.
Of course, we gave Faber, Gross and Roach air time, and their small band of followers are no doubt sitting pretty and ready to ride out these wild economic times, but the rest of us did what human beings always do when the sun is shining and we are relaxing. We refused, because we could not see it on the horizon, to believe that the storm clouds were gathering…
The forecasts by this trio of contrarians were not isolated. They continued to hammer the same theme over and over. But their voices were drowned out and their message was not what we wanted to hear. They were useful to the media as counterpoint voices swimmers against the prevailing tide and therefore good copy. But of necessity they were viewed as loners, or iconoclasts.
But now, with the cycle fully turned, their views have become orthodox. We are now realising that all along the crash was inevitable.
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Paul Heaton, “Mermaids And Slaves” (2008)
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Source:
“Three wise men whose prophecies we ignored”
Greg Barns
Canberra Times (Australia), October 10, 2008
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