Anonymous said......Per my previous post regarding my note to Uncle Bob, this is what I wrote (without response from Bob or MT). What is interesting though is that I never received notice that my MT subscription was due to expire in November (I wonder why) - read on:
Subject: When will the Mea Culpa from Bob arrive?
The advice for better than a year has been way, way, off. Several times Bob called (what he defined as good entry points for investors), once those levels were taken out, the message changed to dollar cost averaging (This was done in the low 1400’s, 1300’s and 1200’s). Now Bob tells us he’ll send a message for the infamous “BUY” signal. Buy with what? We were never given a “SELL” signal. Instead over the last 12+ months all we’ve been given is the same old rehash of recession evaluation metrics – always bullish! Still calling for new records next year as of the last issue? Ludicrous at this point, S&P 500 earnings in the 80’s or 90’s, do you still believe that Bob?
With all due respect, Bob has done great work over the years educating the masses and his on the air advice has always been pretty good. But somewhere along the line over the last 18 months Bob has either been dialing it in, or has lost the “touch”. We sit at quite possibly the cusp of a depression (or at least a severe downturn) and a sell signal never came.
As a token, Bob should offer a one year free subscription to the current customers of such and get serious about developing a new play book. The old one did not work this time around. I’m sure I speak for many that using Bob’s guidance this year has proven very costly and may take many, many years to recover.
Tell it like it really is Bob – you blew it big time on this one! Folks will be battening down the hatches and spending will come to a crawl.
My subscription expires in November and I certainly will not be renewing it as that $185 looks like a very poor investment (similar to index buys I made at entry point calls).
Mea Culpa Bob, you owe it to your base subscribers. Obviously the economic problems are not your fault, and we all need to filter things to make our financial decisions, but regardless, your business model and the very name of your newsletter “MarketTimer” depends on your ability to Shepard your flock ahead of the curve. Instead it looks like we went over the cliff like everyone else. Turns out this could probably be the worst of all times for you to miss a call.
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I was MT subscriber - no longer - wrote Uncle Bob a note (no response) that he should offer a free year to subscribers as a token. No Mea Culpa from this self-appointed, dangerous Guru. Personally, I rolled over a large lump sum into my IRA invested 70% in the market before the crash at around 1220 on the S&P - although I assume responsibility, I did reference Bob's new money call at this level (August) timer. Fortunately I do not need this money for several years, however, it will probably take that long to get back to even.
Everything prior to 2008 has washed away for Bob. He needs to start over now perhaps joint 12 steps for fallen Guru's - I understand that Greenspan attends now.
November 17, 2008 10:42 AM