Representatives from the Chinese side say they think it likely that Chinese President Xi Jinping will attend the G-20 meeting later this month. But in order to reach a trade...China Economyread more
Software engineers straight out of college often make six-figure salaries, not counting equity compensation.Technologyread more
Wall Street, though, is clamoring for a rate cut, with an 85% chance of a move in July and a 61% probability of three reductions by year's end.The Fedread more
A company spokesperson said the outage was the result of a "an internal technology issue" and was not security related.Retailread more
The flattening of the yield curve is exuding a bad omen for the stock market if history is any guide.Marketsread more
Using MIT's living wage calculator, CNBC Make It mapped out the minimum amount a single parent must earn to meet their basic needs without relying on outside help in every...Earnread more
Hong Kong Chief Executive Carrie Lam announced at a press conference on Saturday that a contentious bill to allow extraditions to mainland China has been put on hold.China Politicsread more
Stratolaunch, the world's largest airplane, which flew once, is up for sale, sources familiar told CNBC.Investing in Spaceread more
Transparency is key… or is it? With the first-ever non-transparent, actively managed exchange-traded fund receiving approval from the SEC, "ETF Edge" goes straight to the...ETF Edgeread more
Mired in a crisis over its best-selling 737 Max plane, Boeing could hand the spotlight over to its rival Airbus at the Paris Air Show.Airlinesread more
A new update to the Apple Watch called watchOS 6 will notify you if the environment you're in is too loud and could damage your hearing.Technologyread more
Lots of chatter about how this weekend's Barron's cover features a gleaming new Lifesavers-shaped headquarters on the cover with a feature story about why it's destined to be the first $1 trillion company.
All the usual smartasses are offering commentary about how this is "the kiss of death" or "marks the top" or whatever. Barron's, like every other investor, sometimes gets it right and sometimes gets it wrong. They've made huge, important calls, like the top of the Dot Com Bubble and they've had some notable whiffs, like the infamous "Facebook is worth $15" cover from September 2012.
They're no more likely or unlikely to get everything right all the time than anyone else is. It takes a certain child-like sort of mindset to expect otherwise.
There are no serious professionals who change their portfolio allocations based on magazine cover indicators.
People who were already predisposed to agreeing with the premise of a Barron's cover story will enjoy the confirmation it offers. Those who were already predisposed to have the opposite opinion will hold it up as evidence that the current trend has reached the end of the line.
If you hated Apple stock (or, more realistically, hated yourself for missing its run), then you get to parade around on social media offering this cover up as proof that you're about to be right. Unfortunately, there is no signal here. If you end up being right, it won't be because an editor assigned a story to a financial journalist.
Let's go back a few years to a Barron's cover that generated all manner of hate, dismissal, schadenfreude, snark, sarcasm and sardonicism:
Yes, it's a bull on a goddamn pogo stick, vaulting over a bear. Talk about tempting fate…
But so what. If fading this cover is your idea of "managing money", maybe retire. If mocking it is your idea of cleverness, delete your account. It's an old joke that hasn't been funny in a decade.
Here's a sample of some of the commentary that accompanied the cover:
I could post 50 more, but you get the idea.
The Dow 16,000 cover, which came out with the Dow at 15,600, was no more ridiculous than any other "target price" for the average, all of which are based on a mix of math and feelings and guesses and unicorn nipples. The fact that the Dow Jones has advanced by nearly 10,000 almost-uninterrupted points over the ensuing four and half years is merely the icing on cake.
I've been guilty of thinking too much about what this or that magazine cover might indicate. It's impossible not to have an opinion when you see a trend go mainstream – either you see it as supporting something you were early to or as evidence that the end is nigh for something you missed out on. What you say about magazine covers is more indicative of what you want to be true than anything else. It's not a magazine, it's f***ing mirror.
But it's a useless, facile observation that maybe we shouldn't waste too much time with. Maybe we should just shut up already.
Full Disclosure: Nothing on this site should ever be considered to be advice, research or an invitation to buy or sell any securities, please see my Terms & Conditions page for a full disclaimer.
—The Reformed Broker is written by Josh Brown, a financial advisor for Ritholtz Wealth Management and a CNBC contributor.