Forecasts to ignore

At the start of a New Year, the media is full of forecasts about the likely path of the economy and markets for the coming 12 months.  Most of these 'investment outlooks' are marketing exercises. The actual outcome of the forecasts doesn't matter since few people recall them anyway. 

The famed US economist John Kenneth Galbraith once said that the only function of economic forecasting is to make astrology look respectable.  Yet people keep on trying.  The link below to an article by Barry Ritholtz revisits some of the (now) embarrassing forecasts made this time a year ago.