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?)