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Inside the Market

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Ah, those crazy journalists Add to ...

Magazines take a lot of abuse for getting their timing wrong - so much so that some observers see cover stories as contrarian indicators. When a magazine cover declares "the end of equities" during a brutal bear market, it may be time to buy stocks.

As a journalist and former magazine writer who has made more than a few dumb calls, I take a masochistic delight in these observations. Courtney Comstock, writing on Clusterstock, found a good example of one that may play out in the not-too-distant future: "You Know It's Over When Esquire Magazine Is Telling Its Readers How To Invest In Gold Funds."

Blogger Felix Salmon picks up from there (hat tip: Abnormal Returns), looking at Esquire journalist Ken Kurson's track record for calling good investments. "There's the 2006 article where he says that everybody should invest in credit default swaps...," he said. Or that U.S. auto makers were a screaming buy in 2005. Or that Apple Inc. should have been sold short at $65 (U.S.) a share in 2005 (the shares now trade close to $200).

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