It is easy to criticise investment forecasting. I do it myself on a regular basis. As enjoyable a pastime as this is, there is a problem. All investors are consistently making forecasts. Consciously and unconsciously. Even the biggest sceptic of the folly of market and economic predictions is inevitably expressing views about the future when they make an investment decision. If we are all forecasters, then we need to be careful about denouncing it in a broad and unequivocal fashion. Some nuance is required. If we must make forecasts, when and how should we make them?
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