Warren Buffett Warns Not to Listen to Investing Gurus, ‘The Only Value of Stock Forecasters Is to Make Fortune Tellers Look Good’

Investing legend and Berkshire Hathaway (BRK.A) (BRK.B) CEO Warren Buffett has built a reputation on rejecting many of the conventions that dominate Wall Street, and one of his most pointed observations concerns the practice of market forecasting. “We've long felt that the only value of stock forecasters is to make fortune tellers look good,” he wrote in a 1992 letter, summarizing his long-standing skepticism toward predictions about short-term movements in stocks or the broader economy. The statement app ...