Don Luskin is crawling into his bunker and rightfully so. For years Luskin ignored the potential risks to the economy and berated anyone who was bearish. He pompously trashed Barry Ritholtz, Doug Kass, Joe Battipaglia and the select few who had the cojones to point out the weakening foundation in the economy. On September 14th 2008 Luskin wrote the now infamous Washington Post editorial “Quit Doling Out That Bad-Economy Line” (which in my opinion is the worst investment call anyone on the planet has ever made). Meanwhile, bears like myself were warning about the increasing risks in equities and the potential for a crash just days before the market crumbled 25%. But now Luskin is doing the “BUY GOLD!” war cry and running from stocks.
For those of you who aren’t familiar with Luskin, he was a noted bull during the tech bubble and started a mutual fund at the peak of the tech bubble which was shut down two years later after 50%+ losses. It looks like his track record during this bear market is equally terrible. Is he the ultimate contrarian indicator?