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Comment by vegabook | Hacker News Reader

The Economist has a knack for getting on the case of sectors / companies whenever their price is at an extreme - and being wrong. It's actually a good contra-indicator, as we've seen with oil, shale, gold, more recently Deutsche bank, and now Twitter.

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It's actually a good contra-indicator

My all time favorite wrong call of theirs came in 1999. Oil had dropped to $11 and they were predicting that it could hit $5:

   a “normal” market price might now be in
   the $5-10 range. Factor in the current
   slow growth of the world economy and the
   normal price drops to the bottom of that range.

Of course, oil did just the opposite, climbing to about $140 per barrel over the next decade.

http://www.economist.com/node/188181

totally agree. They're infamous for this front page call. Remember when they also were lauding Gordon Brown for selling half of Britain's gold for an average price of 270?

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