What is a guru? If you had asked me that "some years ago" I would have a totally different answer than now. In personal finance, it's more like, who are the gurus and what are they doing out on the loose?
In our opinion, a Wall Street Guru is someone who talks about things that we really consider to be unknowables. Therefore, as long-term investors who DON'T CARE where the market is going to be in a week, or a month, or a year or even two or three, we DON'T CARE what these people say about the market. Also, a lot of times, you can ask ten (or pick any number greater than one) gurus their view and you can end up with so many conflicting answers that it renders the whole exercise useless. We'll call what they say an acronym - GURU: (G)enerally (U)nfathomable (R)ash (U)tterances
I can believe that you would like us to NAME NAMES while we kick butt on this issue. We'll give you a couple. Elaine Gazarelli and James Cramer. She is credited with "calling" the 1987 "crash". What has she done for anyone lately? Gazarelli once told Bill Griffeth on CNBC that he could "throw darts" at small-cap names and do fine...why do they even talk to her? Mr. Cramer is better cast in a lead role in one of those "Scream" movies. He ran a hedge fund - we have no use for them in our investment lives. Maybe for someone else, but not us.
We don't believe that these gurus should be banned, or muzzled, or even regulated. We just know that they serve a function for some types of investors and we are not those people.
As an affirmation to our position on this issue, we direct your attention to the article in the August 12 - 1998 edition of Investor's Business Daily - called "Listen to Your Stocks Rather Than Wall Street Gurus". They say many of the things we say here and give you other tools to use to make intelligent decisions about your portfolio. They also have a web site that publishes many of their stories.
Also, it seemed like on a weekly basis, you once could hear a "cooler head prevailing" in the words of Louis Rukeyser. It seems like he always gave an honest reality check to all the hype and overreaction du jour on Wall Street to everything that's said or done.
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