"Former Fedhead Alan Greenspan warned on 27 Feb 07 that 'It is possible we can get a recession in the latter months of 2007, but most forecasters are not making that judgment and indeed are projecting prosperity forward into 2008.' Greenspan said that while it would be 'very precarious to try to forecast that far into the future,' he could not rule out the 'possibility' of a recession late this year. Now that Greenspan agrees with us we have decided to continue to predict a recession. We still believe that the beginning of a recession lurks somewhere this year, and has begun."
"The Dow's last all-time high was reached on 20 Feb 07 at 12,795.93, which might stand unpenetrated for a long time."
The Dines Letter is the top performing letter over the past 12 months according to the Hulbert Financial Digest. It's up 47.73% vs. the dividend-reinvested Dow Jones Wilshire 5000's 12.15%. Over the past five years, it's up at an annualized 28.52% rate vs. 8.39% for the Dow Jones Wilshire 5000's 8.39% annualized.
Even more remarkably, TDL is up 17.66% annualized over the past 10 years, vs. 8.12% annualized for the DJ Wilshire 5000. This means that Dines is not merely riding the hard assets revival, which began only with the new millennium.
This might look like enough of a record to proclaim Dines fail-safe. But in fact he has had terrible years, especially after the last gold boom ended. However, Dines has reinvented himself heroically, several times. It's actually quite inspirational to those of us who've been around a few years. And right now, well into his seventies, he's on a roll.
From CBS MarketWatch Article by PETER BRIMELOW
Edited by Russ, 23 March 2007 - 10:21 AM.
