In 1999, with the spectacularly bad timing that often accompanies such legends, the pair published a book called DOW 36,000: The New Strategy For Profiting From The Coming Rise In The Stock Market. The book urged investors to throw caution to the winds and put most of their money in stocks.Moreover, he believes that his first book was based on very deep study of the markets and history, and that "the world has changed", hence is call was wrong because what was true in the past is not true anymore.
The book quickly became a classic, albeit for the wrong reasons. The DOW cratered [...]
And, for the record, Glassman still thinks the DOW will eventually hit 36,000.
He learnt all the wrong lessons, and forgot that this time is never different. He still predicts Dow 36,000 by assuming that historically, the Dow has grown 8% per year on average, and that it might now do 5-6%.
The fact that a person with such a disastrous track record manages to write another book, has the guts to come on TV and give advice on what people should do with their investments, and still be listened to is extremely worrisome.
In addition, in my opinion, this interview is symptomatic of the current exuberant sentiment, because instead of falling into oblivion, Glassman is forgiven, the page is turned on the mistakes of the past, and since we are back in the bull market, maybe this time he's going to get it right, so it's worth giving him some audience and spread his opinion.