Wall Street’s 2017 Market Predictions: Pathetically Wrong - WSJ

Wall Street’s 2017 Market Predictions: Pathetically Wrong – WSJhttps://www.wsj.com/articles/wall-streets-2017-market-predictions-pathetically-wrong-1511474337As investors’ inboxes once again become clogged with annual outlooks from Wall Street’s scribblers, there is little admission of the nearly universal failure to predict what happened this year. There are two big lessons to learn from the mistakes of the year-end crystal-ball gazing. The first is that when everyone agrees that prices can only go in one direction, it is dangerous. The second is more nuanced: We really know an awful lot less about how the economy works than we thought.