Friday, October 11, 2013

Garth Turner finally admits he was wrong about real estate....

There are a couple of old bromides that circle around the investment community.  One is 'even a broken watch is right twice a day', the other is 'even a blind squirrel finds the occasional nut'.  The meaning is obvious, keep saying the same thing, over and over and over....and eventually you'll be right, you'll stumble on that acorn.

Garth Turner, who has been predicting the imminent demise of Canadian real estate for over 5 years now, has finally admitted he got it wrong.

After years of saying things like, this will end badly, and this is your last chance to sell at the top of the market, Mr. Turner finally has woken up and smelled the Java.  

Don't expect too much humility when reading his blog though, he still needs to attract sheeple to his investor seminars after all.  And he may still turn out to be right, Canadian real estate may correct.

Who knows, it might go all the way back down to the levels it was at in 2008 when he first started warning that it was overpriced. Like that proverbial broken watch, it might be rolling around to that hour when the time is accurate. 

In fairness this brilliant self promoter makes some very valid points, but he didn't invent ideas like diversification, although after reading the blog you might think he did.


Anonymous said...

I knew Garth Turner was wrong long before he admitted it. IMO, he is just a fear monger who uses his silly rhetoric to attract attention to himself. Even now he makes claims about his popularity that are dubious at best.

Personally, I think something is "off" with this guy.

Turner also seems incapable to work with others. When he got elected as a Conservative MP he did not have the intelligence to know that he only got elected on the coat-tails of Harper. Thinking he was a political "star" he found himself isolated and even booted out of the party.

Again, something is "off" with this guy.

Anonymous said...

Your post is very misleading. Read Garth's actual post and understand the context.

Garth attempts to help the financially ignorant Canadian who would rather take on dangerous levels of debt for ridiculously overpriced real estate than invest and save and prepare for retirement. I may not agree with everything he says but most of his advice and observations are spot on. The "sheeple" you refer to are the masses who believe real estate will only increase in value, while ignoring the collapses that have occurred globally.

Gordon Cawsey said...

I did not misunderstand the context. Since 2008 Garth has been saying, 'this is your last chance to get out' of the housing market at or near the top...and year after year after year he was wrong. As I wrote in the original piece, eventually (like a broken watch 2x a day) he may be right...after 5-6 years of being wrong.