11/09/2010 04:54 am ET | Updated May 25, 2011

7 Classic Bad Calls In Business Journalism

This week, Barron's has a cover story entitled, "Bye-Bye Bear." The basic idea is that the bear market is finally over for good and "America's money managers say stocks are cheap and the economy will keep growing."

The magazine may be right, if only because it has history on its side: The stock market has gone up an average of 10.5% in the third year of a presidential term going back to 1833, according to the Stock Trader's Almanac. But in general, newspapers and magazines are horrible predictors of future stock market movements. They're so bad, in fact, that they have been studied as a leading contrary indicator of stock prices.

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