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Paul Montgomery often has pointed out that covers of publications
devoted entirely to business and finance (e.g. Barron's, Business
Week, the Economist, Fortune ) are much less reliable indicators of
public opinion that are the covers of popular newsweeklies like Time
and Newsweek.
As an illustration of this caveat I would cite the cover of Barron's
for the last August issue of 1982. The cover was a picture of a
snorting bull and the accompanying article was very bullish on
stocks. The 1981-1982 bear market low in the Dow at 777 had
occurred three weeks before the cover came out and the Dow has never
once sold below the level it traded at when that cover came out, a
period of 21 years!
Carl
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