6 January 1981: Joe Granville tells everyone to sell everything
Newsletter writer Joe Granville, then the most famous market guru in America, sent subscribers a late-night alert: sell everything. The next day the Dow dropped sharply on what was then record trading volume, as if one man's opinion could move the whole market. It could, for a day. But the great bull market that began in 1982 left his bearish calls looking badly mistimed. Gurus are most dangerous when they are most famous.
The lesson: When one forecaster can move the market, the market is listening to the wrong things.
Could you have called it at the time? The wheel picks the year, you pick the position, ten seconds a pick.
Play Sixty-40