Well, that didn’t take long

Barry Ritholtz should catch some hell for taking less than three days to be proven VERY wrong on his price of oil prediction. On June 3, he wrote the following, thanks to an Economist cover on oil prices:

For those of us who believe in such things as contrary indicators, this suggests a short term top in Oil to me. I would bet we don’t see new highs in Oil for the next 6 months, and perhaps even 12 months.

He wasn’t kidding on the “short-term top” part, at least. Today, oil almost hit $140 per barrel. A new record. Less than three days after Ritholtz’ prediction. (Is that some sort of record for how quickly an economist has been proven wrong?)

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