In late January 2016, Dennis Gartman, publisher of the apparently widely read “Gartman Letter,” a daily markets newsletter, and an omnipresent talking head on CNBC affirmed: we won’t see crude oil above $44 again in my lifetime. Well, 5 months later, and with oil touching $50, Mr. Gartman is still very much alive and probably laughing all the way to the bank, thinking that people pay him big bucks to espouse such drivel.
From what I can gather searching the internet, the subscription cost for the Gartman letter is $400/monthly. Btw, I really hate these BS marketing tactics where you don’t name upfront the price of the product or service you sell. I mean, I have to scour the internet for the price because I can’t find it on your site. WTF is that all about ?
Here is a sample of the Gartman letter, published each business day.
our subscribers include leading banks, brokerage firms, hedge funds, mutual funds, and energy and grain trading firms from around the world
By way of comparison, a subscription to Wall Street Journal costs 29 euros/monthly while one to Financial Times will set you back 50 euros/monthly. In this context, it’s beyond me how the Gartman letter can justify its price. But wait a minute, maybe the value lies in his investment recommendations, right ? Wrong! You can read the whole story in this article, Celebrity advisers can cost investors a lot of money. To summarize it, Gartman had no track record as a money manager prior to launching a fund in March 2009. This went public at $10 a share but closed 4 years later at $7.90/share, never having surpassed its IPO price.
Market letters tend to lag behind the market since they generally respond to demand for news about recent activity. Although there are certainly important exceptions, letter writing is often a beginning job in the industry, and as such may be handled by inexperienced traders or non-traders. Good traders trade. Good letter writers write letters. – Ed Seykota
It should be clear by now that this sort of people are not on TV to impart trading and investing knowledge. The reality is that networks have to occupy air time so they bring telegenic persons who in turn use this chance to raise their profile and get free publicity for their services.
If you want to stand a chance to become a successful trader or investor, you can’t rely on entertainers to be your guiding light. You have to get your hands dirty so to speak, study the markets, the real traders, and develop a methodology that fits who you are.