I was going through some old posts of mine looking for something I had written when I stumbled on a gem I had completely forgotten. A few years ago, I had a post that quoted a piece in the American Spectator. Sadly, it seems for some reason they’ve seen fit to take it off-line, but here’s a bit from my cut-and-paste job from a few years ago:
Kudlow: …The companies that lead that change will lead the NASDAQ to 10,000.
TAS: In this decade?
Kudlow: By 2010 it should reach 10,000. The Dow Jones–which is really an old-economy value index–should keep rising, because the old dogs are learning new tricks.
TAS: The NASDAQ at 10,000 will please my wife. But what about my mother? Where do you expect the Dow to be at the end of the decade?
Kudlow: I’ve been on the record for 35,000 for awhile.
Last I checked, the Nasdaq was at eighteen hundred and change, the Dow was about 8500. So figure we’ve got a 5X run-up due on the Nasdaq, and a 4X move on the Dow, all by the time we reach 2010. Unless, of course, Larry is wrong again. We all make the occasional mistake, but has anyone bothered to go back and check on this guy’s track record? All through 2008 he was talking about the goldilocks economy. I’m having a hard time coming up with something he was actually right on. Why do people listen to him?