Forecasting Follies 2025

A dash of fun and accountability.

The best investors in history – the likes of Warren Buffett, Peter Lynch, and Seth Klarman – have carefully avoided trying to forecast the future. Plan: Yes; Forecast: No.

The Bible warns against it, too.

“Come now, you who say, ‘Today or tomorrow we will go into such and such a town and spend a year there and trade and make a profit’ – yet you do not know what tomorrow will bring. What is your life? For you are a mist that appears for a little time and then vanishes. Instead, you ought to say, ‘If the Lord wills, we will live and do this or that.’” (James 4:13-15).

We do it anyway.

As of January 1, 2025, since his 30th birthday on December 30, 2014, LeBron James had scored 17,378 more points, made 11 more All-Star teams and won two more NBA championships. And he’s still playing. With his son. At age 41.

This TBL offers my 2026 Forecasting Follies, a delightful (I hope) dash of fun and accountability.

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Forecasting Follies 2025

The Christian broadcasting network Family Radio began spreading “​the word of God to the world” in 1958. For a long time, its programming was mundane, featuring hymns and conventional – albeit very conservative – Bible teaching. Despite years of growth and financial health, founder and retired engineer Harold Camping became increasingly enamored with a personal brand of doomsday Bible prophecy suffused with numerology and eventually began pushing Family Radio in that direction. After a more tentative prediction of 1988, the Berkeley-educated Camping decided that the world would end (he wasn’t absolutely certain, but was “more than 99 percent sure”) in September of ​1994​. He actively advocated that view on the radio in the months leading up to the predicted date.

Once September of 1994 had come and gone, things returned mostly to normal…for a while. However, Camping was still crunching numbers (to discern “infallible, absolute proof”) and eventually decided that the correct date was ​May 21, 2011. He was really sure this time. First would come a massive earthquake, powerful enough to throw open all the world’s graves, followed by upwards of seven billion heathens dying until October, when the ultimate end of the world would come.

At Camping’s urging, Family Radio spent over $100 million (donated) dollars proclaiming Judgment Day to the masses over its more than 200 radio stations and with 5,000 billboards, 100 million pamphlets, books, shortwave radio, satellite broadcasts, and more, translated into 75 languages. The network’s website featured a “countdown clock” under the banner headline: “Judgment Day: the Bible guarantees it.”

Camping insisted he knew “without any shadow of a doubt” that “Judgment Day” was at hand. There was no “Plan B.”

Like far too many others, Peter Lombardi, a 44-year-old contractor from Jersey City, New Jersey, took an “indefinite break” from his work to warn others about the coming apocalypse. He plastered his Dodge minivan with stickers proclaiming the “awesome news” of Judgment Day and paraded through Manhattan to spread the word and hand out fliers.

When May 21 came and went, Camping went back to his studies and soon “clarified” that the May 21 date was “an invisible judgment day” he had come to understand as a spiritual, rather than physical event. The actual day of apocalypse would not be until October 21.

On October 22, Peter Lombardi was peeling stickers off his minivan and Family Radio was trying to come up with a Plan B. Its website was not immediately updated; the countdown clock was fixed at zero and holding. Harold Camping was attempting to figure out what had gone wrong, saying he was “looking for answers.” He was “flabbergasted” that his predictions had not materialized.

After this final, humiliating failure, in a letter to followers the following March, Camping finally apologized for getting it wrong and acknowledged that he had “no new evidence pointing to another date for the end of the world” and “no interest in even considering another date.” Shortly after he wrote that, Camping suffered a stroke and retired from Family Radio, largely disappearing from the ministry he had founded – which became and remains a shell of its former self – and died in 2013 at age 92.

By 2018, Family Radio had stopped broadcasting reruns of Camping’s shows and had removed any reference to him from its website, while consistently losing money and drawing down assets.

From time immemorial, people have sought to play God, even to be God. We’re terrible at it. As the late great polymath Freeman Dyson explained, history is replete with those “who make confident predictions about the future and end up believing their predictions.” Harold Camping is near the top of that list. But he is hardly alone.

If you think only conservative, religious extremists are lousy at predicting the future, you might note that famous atheist scientists who win MacArthur “genius” grants can be just as crazy (and stick to the crazy for longer, too).

When 1968 dawned, Paul Ehrlich was a little-known entomologist who was about to (pardon the pun) blow-up. His quickly written, cheaply bound pulp propaganda piece, The Population Bomb, released in May, would sell over three million copies and turn Ehrlich into a celebrity, a MacArthur Fellow, a Crafoord Prize winner, and over 20 times Johnny Carson’s guest on The Tonight Show. His jeremiad would become one of the more influential books of the 20th century.

The opening lines of the book’s Prologue state the case.

“The battle to feed all of humanity is over. In the 1970s the world will undergo famines – hundreds of millions of people are going to starve to death in spite of any crash programs embarked upon now. At this late date, nothing can prevent a substantial increase in the world death rate….”

By 1980, he predicted, “all important animal life in the sea will be extinct. Large areas of coastline will have to be evacuated because of the stench of dead fish” and “[s]ometime in the next 15 years, the end will come.”

Like any popular forecaster or good propagandist, he didn’t mince words or qualify his predictions. He was also wrong. Dead wrong. About essentially everything.¹ For starters, global population has doubled since the 1960s, to eight billion, and, most fundamentally, we’re still here. Eating better. Living longer. Worldwide.

The Bomb’s publication date is significant because, in a bit of juicy irony, 1968 was the peak of the global population growth rate, which has dropped consistently since. Moreover, the world’s death rate was 13.5 per 1,000 people that year; today, it is 7.7.

In later editions of his book, Ehrlich extended the expected date of annihilation, but these new dead-by dates didn’t prove any more accurate. Instead, the things he kept harping on kept getting better.

The percentage of the world’s population that qualify as “undernourished” has fallen dramatically, from 33 percent when Ehrlich dropped his Bomb to less than 9 percent. The price of wheat has been cut roughly in half, when adjusted for inflation. The share of the world population living in poverty has shrunk from 48 percent in 1970 to single digits.

Unbeknownst to Ehrlich, the seeds of his errors had already been sown (pardon the pun) when he began claiming the end was nigh. The “Green Revolution” was well underway. With selective breeding work begun in Mexico in the 1940s, biologist Norman Borlaug had created a dwarf variety of wheat that put most of its energy into edible kernels rather than long, inedible stems. The result: much more grain per acre. By 1956, for example, Mexico’s wheat production had doubled, with more advancement to come.

By the time Ehrlich wrote his Bomb in 1968, Borlaug had made further enhancements, creating a high-yielding, short-strawed, disease-resistant wheat, and population growth was trending downward. Based upon Borlaug’s achievements, between 1961 and 2001, India nearly tripled its grain production. Pakistan became self-sufficient in wheat production. Similar work at the International Rice Research Institute in the Philippines dramatically improved the productivity of the grain that feeds nearly half the world.

The Population Bomb claimed, in 1968, it was “a fantasy” that India would “ever” feed itself. By 1974, India was self-sufficient in the production of all cereals.

From the 1960s through the 1990s, rice and wheat yields doubled. Even as the population continued to grow, grain prices fell, the number of people suffering food insecurity dropped, and the poverty rate was cut in half. When he won the Nobel Peace Prize in 1970, just two years after Ehrlich’s screed, Borlaug’s citation read, “More than any other person of this age, he helped provide bread for a hungry world.”

Ehrlich claimed, quoting James Lovelock (here): “Prophets have been foretelling Armageddon since time began, he says. ‘But this is the real thing.’”

Narrator: “It was not the real thing.”

Never willing to leave well enough alone, Ehrlich has spent more than five decades doubling down on his errors, seemingly at every opportunity. He kept making bold forecasts of doom in the decades that followed. He kept appearing on The Tonight Show to banter charmingly with Johnny Carson (with appropriate existential dread, of course) about the horrors that he was certain awaited us just around the corner.

“We must realize that unless we are extremely lucky, everybody will disappear in a cloud of blue steam in 20 years,” Ehrlich said in 1969.

In 1970, Ehrlich became even more specific with his predictions.

“Population will inevitably and completely outstrip whatever small increases in food supplies we make. The death rate will increase until at least 100–200 million people per year will be starving to death during the next ten years.”

For the inaugural Earth Day issue of The Progressive that year, he assured readers that between 1980 and 1989, some 4 billion people, including 65 million Americans, would perish in the “Great Die-Off.”

In Audubon, Ehrlich warned that Americans born since 1946 then had a life expectancy of only 49 years, and he predicted that if then-current patterns continued, that expectancy would drop to 42 years by 1980.

Global life expectancy has risen from 55 to 72 years since The Population Bomb was published. U.S. life expectancy was 62 when Ehrlich, now more than 90 himself, was born; although Covid reduced it a bit, it is now more than 77 years. Instead of famine and death, average food intake in calories has increased by more than 30 percent. We are so well fed globally that obesity is rising in Africa, the world’s poorest continent. Moreover, since Ehrlich’s Bomb was published, the rate of obesity in the United States has tripled.

Undeterred, in 2018, Ehrlich called the shattering collapse of civilization a “near certainty.” He remains convinced that “perpetual growth is the creed of the cancer cell.” As ever, he retains a one-dimensional view of humans as mere consumers, rather than the creative, adaptive, and productive people they (we) are.

Ehrlich took to 60 Minutes on New Year’s evening, 2023, to promote his then new memoir and to declare, yet again: “[W]e’ve had it, …the next few decades will be the end of the kind of civilization we’re used to.” If that wasn’t clear enough, “Humanity is not sustainable,” he added.

Notwithstanding the facts, as of this writing, Ehrlich continues to resist the obvious, absurdly insisting that “perhaps the most serious flaw in The Bomb was that it was much too optimistic about the future.” He continues to wait expectantly, almost hopefully, for an inevitable “collapse.” Indeed, “I do not think my language was too apocalyptic.... My language would be even more apocalyptic today.”

As ever, Ehrlich is a prophet proclaiming the good news of impending doom. He’s been wrong for a half-century and more, but he’s never in doubt. His entire schtick was and is “death, war, pestilence, and famine.”

As psychology has long understood, when our prophesies fail, we rarely self-correct. We double-down.

“When all else fails, there’s always delusion,” as Conan O’Brien likes to say.

Their errors were similarly obvious, massive, and profound, but unlike Harold Camping, Paul Ehrlich has not recanted or even admitted significant error. And, also unlike Mr. Camping, Professor Ehrlich has never stopped asserting both his continued rightness and his continued genius.

For most of us, hindsight eventually tends toward 20:20 (Ehrlich being a notable exception), while foresight tends toward blindness.

We humans are truly dreadful at forecasting the future. As my friend, Mark Newfield, likes to say, the Forecasters’ Hall of Fame has zero members.

Nassim Taleb tells this sardonic story about forecasting. As the story goes, a trader listened to the firm’s chief economist provide a forecast about the markets, and then lost a bundle acting on it. His boss fired him. The trader angrily asked why him rather than the economist, as the economist’s poor forecast led to the poor trade. The boss replied, “You idiot, we are not firing you for losing money; we are firing you for listening to the economist.” Interestingly, there is very good evidence that Wall Street firms really do think that such forecasting is essentially worthless. They keep those ideas to themselves, of course.

I don’t have to. That why every year (for well over a decade), I look at the previous year’s forecasts and try to provide a bit of accountability. And a bit of fun.

Every year, the examples of poor forecasts and predictions are legion. The economy, the markets, and the world-at-large provide unlimited fodder for them. Indeed, over a 20-year period, ending with 2024, the correlation between market forecasts and the market’s actual returns was essentially non-existent. And, on average, the median Wall Street forecast from 2000-2023 missed the target by an astonishing 13.8 percentage points annually. That’s more than double the actual average annual performance of the stock market over that same period.

The CXO Advisory Group set out to determine whether alleged stock market “experts” provide useful insight. To find the answer, CXO collected and investigated 6,584 forecasts from 2005-2012 for the U.S. stock market offered publicly by 68 supposed gurus with a wide variety of styles and predilections. They found that their accuracy was worse than a coin-flip: just under 47 percent. A similar academic study from 2018 found roughly 48 percent accuracy. This 2023 academic study of survey forecasts got similar results.

Forecasting bond markets is also a fool’s errand.

However, the 2025 market forecasts were a bit different, if only in the way a stopped clock is right twice per day.

For 2025, the average Wall Street forecast for the closing value of the S&P 500 was about 6,600 (depending on which and how many forecasters are included).

That’s roughly a 12 percent return. The S&P 500 closed 2025 at 6,845.50, a return of 16.4 percent (+17.9 percent, including dividends).

Should I commend the forecasters on getting their predictions broadly and directionally correct and call it a day, or at least move on to the (usual) cavalcade of bad individual predictions? As the retired coach and college football analyst, Lee Corso, liked to say, “Not so fast, my friend.”

Even when they get it right, forecasters get it wrong.

After the market cratered following President Trump’s “Liberation Day” tariff announcements on April 2, CNBC’s Jim Cramer² called for more – much more: like 1987’s Black Monday more. It was – precisely – the market bottom. More significantly, most market strategists fell for it, too, dramatically dropping their market forecasts just in time for the rally.

By the beginning of May, the Barron’s “Big Money” pros were more bearish than they had been in 30 years. Not surprisingly, then, the S&P 500 gained nearly 40 percent from the April 8 lows through year-end.

Of course, when stocks stormed back, the forecasters, like the “Big Money” pros, changed again – back to positive predictions.

None of these weathervanes should receive credit for getting it (accidentally) right. And, as always, many individual forecasters chose poorly about a wide variety of matters.

Another major pitch for and in 2025 was that domestic equities would continue to lead the way. For example, in July, BlackRock thought U.S. stocks would contract but would still provide global leadership. That’s not how things turned out. Foreign stocks, developed and emerging, nearly doubled the (excellent) returns of their U.S. counterparts.

The usual suspects made their usual crash predictions for 2025. Harry Dent – wrong again. John Hussman, too. And Dan Niles. Michael Burry. Gary Schilling. Zaven Boyrazian. Mark Spitznagel. Robert Kiyosaki. Ho-hum.

Ray Dalio might eventually get the economy right. Maybe.

Morgan Stanley advisors told clients to sell stocks in January. The S&P 500 returned 17.9 percent for the year. David Kostin, chief U.S. equity strategist at Goldman Sachs, liked the broader market over the Mag7. David Kelly, chief global strategist at J.P. Morgan Asset Management, said investors should be wary of pricey stock valuations, especially among large-cap issues. Mike Cudzil, senior bond portfolio manager at Pimco, said he believed bonds would be attractive relative to stocks in 2025.

Nopity, nope, nope, nope.

In 2000, 149 of America’s top economists (pretty much all of them, including 13 Nobel laureates) signed an “open letter to the American people” strongly supporting China’s entry into the World Trade Organization. The idea was that granting China access to U.S. markets would liberalize China, promote freedom there, bring down China’s barriers, and be an all-around boon to the U.S. economy. Twenty-five years hence, it’s clear they were wrong at every point.

In 1998, Sony had the chance to buy the rights to almost every Marvel character for $25 million. Thinking there wasn’t value there, it chose to buy just the rights to Spider-Man for $7 million, instead. The young executive tasked with negotiating the deal was told, “Nobody gives a sh*t about any of the other Marvel characters. Go back and do a deal for only Spider-Man.” It was, perhaps, the biggest mistake in Hollywood history.

In 2000, Reed Hastings, the founder of Netflix, approached the CEO of Blockbuster, John Antioco, and offered to sell the company for $50 million. Antioco turned him down flat, claiming it was a “very small niche business.” Today, Blockbuster is dead and buried; Netflix is worth about $400 billion.

On May 22, 2010, Laszlo Hanyecz paid 10,000 bitcoin for two Papa John’s pizzas. It was the first real world purchase of any good with the cryptocurrency, which was barely a year old at the time. At that time, his 10,000 BTC were quoted at roughly $41, but would be worth about $886 million as of December 31, 2025. It least the pizzas were larges.

Cassandra is the Trojan priestess of Apollo in Greek mythology who is cursed to utter true prophecies. That any real human being has that gift is also a myth. As young John Lennon opined of the Beatles: “We’ll be lucky if we last three months.”

At the launch of Facebook’s $23 IPO in 2012, Barron’s thought it was only worth $15. The market disagreed, and Facebook’s parent, META, closed 2025 at $665.95.

Some alleged “expert” on Fox Business at least had the sense to make sure he was right, if absurdly so.

But not many others did.

Sports bettors expect to break even on future wagers even when they have consistently lost money in the past. The average gambler predicts he (they are overwhelmingly men) will break even, but in fact lose 7.5 cents for every dollar wagered.

Before the season, ESPN’s 12 college football “experts” predicted the 12 playoff teams. Only one of them got as many as half right; body got more than half. After the regular season, ESPN’s Adam Rittenberg predicted the results of the playoff games. He got only one of the final four right.

Ken Rosenthal predicted a Rangers v. Braves World Series. Neither made the postseason. Experts assembled by The New York Times after the regular season overwhelmingly saw a Mariners v. Phillies World Series coming (the Dodgers beat the Blue Jays IRL).

We can’t predict the future; we can’t even predict what will happen next.

Final Rose Bowl score: Indiana 38, Alabama 3 (and the game wasn’t as close as the score might indicate).

We’re lousy at predicting just the next 30 seconds. As Mickey Mantle said, with far greater application than he intended: “You don’t realize how easy this game is until you get up in that broadcasting booth.”

“Expert” predictions of Bitcoin levels before the end of 2025: $170,000 (JPMorgan); $180,000)(VanEck); $200,000 (Standard Chartered); ($250,000) Tim Draper; ($126,000) Tom Lee; $350,000 (Robert Kiyosaki); $500,000 (Chamath Palihapitiya). Bitcoin closed 2025 at around $88,000.

President Trump claims to be a perfect prognosticator. “I’m really good at predicting things, you know?…. I don’t say that in a braggadocious way, but it’s true. I’ve been right about everything,” he said. To pick just one counterexample, during last year’s presidential campaign, he promised (over 50 times!) to end the war in Ukraine “within 24 hours.” Oh, and if he’s right about the following, we’re all idiots.

For good reason, the best investors in history – the likes of Warren Buffett, Peter Lynch, and Seth Klarman – have assiduously avoided trying to forecast the future.

And even were we to get the forecast right, we’d still likely make the wrong trade. Researchers built a game in which 118 traders were shown front pages of The Wall Street Journal, with dates and market prices blacked out, and allowed to wager on the direction of the S&P 500 and the 30-year U.S. Treasury bond the previous day with a notional $1 million. Fifteen random Journal front-pages over the previous 15 years were used.

The results were more than a bit bizarre. Knowing the next days’ headlines, the players guessed the direction of stocks and bonds correctly on barely 50 percent of the roughly 2,000 trades they made. The average return they made was only 3.2 percent, while half the players lost money, and one in six went bust. The hundreds of people who have played the game on the researchers’ website to date have lost 30 percent on average.

It happens in the real world, too. When Sam Bankman-Fried was at Jane Street Capital (before he became famous for FTX and convicted of fraud), he built a system to get the 2016 U.S. Presidential election results before any media outlet could broadcast them. It worked, and the Jane Street team knew Donald Trump had shocked the world and defeated Hillary Clinton before anyone else. But they still managed to lose money – a ton of money ($300 million!) – on the trade because they bet against U.S. markets into a huge post-election rally.

As so often happens, the late Daniel Kahneman said it best.

“It’s not that the pundits do badly. It’s not that the television chains made a mistake. They didn’t make a mistake. The world is incomprehensible. It’s not the fault of the pundits. It’s the fault of the world. It’s just too complicated to predict. It’s too complicated, and luck plays an enormously important role.”

As he emphasized, “Claims for correct intuitions in an unpredictable situation are self-delusional at best, sometimes worse.”

Life requires the making of long-term plans for an uncertain future based upon incomplete information and incessantly shifting variables. It makes sense to plan. Predict? Not so much.

Totally Worth It

J.M.W. Turner, the 19th-century British artist whose scenes of sea and storm and snow and fire are among the most turbulent landscapes ever painted, was also a shrewd investor. New research by financial historian Andrew Odlyzko shows that Turner took advantage of discrepancies in price between different issues of U.K. government securities in 1829 and 1830. By exchanging an existing security for a new issue, investors could lock in an instantaneous 1 to 3 percent return, risk-free. Turner traded a total of roughly £15,000 in securities. In today’s dollars, estimates Odlyzko, Turner turned a profit of no less than $31,000 and perhaps much more. In 1844, Turner did it again, swapping £10,000 in one government issue trading at a premium price to another trading at a discount, with the same coupon, risk free. Turner earned the equivalent in today’s money of at least $7,500, estimates Odlyzko. Most British investors at the time, argues Odlyzko, regarded arbitrage (of which this is a classic example) as a tainted activity beneath their dignity. Turner is one of the few individual investors who deigned to cash in. His fierce artistic independence (portrayed vividly in the 2014 movie “Mr. Turner” ) may have helped him think independently as an investor.

Feel free to contact me via rpseawright [at] gmail [dot] com or on Twitter (@rpseawright) and let me know what you like, what you don’t like, what you’d like to see changed, and what you’d add. Praise, condemnation, and feedback are always welcome.

Of course, the easiest way to share TBL is simply to forward it to a few dozen of your closest friends.

Goodhart’s Law* in action: The Army Corps of Engineers hired contractors to clear debris after the 2017 wildfires in California, but they paid by the ton, incentivizing the contractors to dig up a bunch of wet mud and use it to weigh down their loads. Filling in the holes left by the contractors is “estimated to cost another $3.5 million.”

* “Any measure that becomes a target ceases to be a good measure.” In other words, wherever there’s a system, there will be people gaming it.

A recent survey from YouGov asked some burning food questions. For instance, 60 percent of respondents consider chili a stew rather than a soup, 53 percent said they do not think a hot dog is a sandwich, 49 percent prefer a diagonal cut to a sandwich, and 67 percent think cole slaw is a salad. Now, the most important question is this: which is better, the center of the brownie tray or the edges? All told, 45 percent of respondents prefer the edge and 39 percent prefer the center.

Please send me your nominations for this space to rpseawright [at] gmail [dot] com or via Twitter (@rpseawright).

Benediction

This missive’s benediction is a stunning guitar piece by Calum Graham, entitled “Grace.”

It has no lyrics, but let’s let Frederick Beuchner provide some accompaniment (emphasis in original: Wishful Thinking (1973)).

“Grace is something you can never get but can only be given. There’s no way to earn it or deserve it or bring it about any more than you can deserve the taste of raspberries and cream or earn good looks or bring about your own birth.

“A good sleep is grace and so are good dreams. Most tears are grace. The smell of rain is grace. Somebody loving you is grace. Loving somebody is grace. Have you ever tried to love somebody?

“A crucial eccentricity of the Christian faith is the assertion that people are saved by grace. There’s nothing you have to do. There’s nothing you have to do. There’s nothing you have to do.

“The grace of God means something like: ‘Here is your life. You might never have been, but you are, because the party wouldn’t have been complete without you. Here is the world. Beautiful and terrible things will happen. Don’t be afraid. I am with you. Nothing can ever separate us. It’s for you I created the universe. I love you.’”

“There’s only one catch. Like any other gift, the gift of grace can be yours only if you’ll reach out and take it.

“Maybe being able to reach out and take it is a gift too.”

We live on “a hurtling planet,” the poet Rod Jellema informed us, “swung from a thread of light and saved by nothing but grace.” To those of us prone to wander, to those who are broken, to those who flee and fight in fear – which is every last lost one of us – there is a faith that offers hope and love. May we offer grace first and live the Truth before speaking it. And may grace have the last word, too. Now and forever. Amen.

As always, thanks for reading.

Issue 191 (January 13, 2025)

1. He was far from alone, of course. In 1960, group of researchers at the University of Illinois purported to calculate what would happen if the world’s population continued to increase as it had for the previous two millennia. These researchers concluded that the global population would approach infinity this year: on November 13, 2026, a Friday. Meanwhile, our planet would become wildly overcrowded. “Our great-great-grandchildren will not starve to death,” they wrote in the prestigious journal, Science. “They will be squeezed to death.” In 1970, Harvard biologist and Nobel laureate George Wald estimated that “civilization will end within 15 or 30 years unless immediate action is taken against problems facing mankind.” According to Washington University biologist Barry Commoner, in the 1970 Earth Day issue of the scholarly journal Environment, “We are in an environmental crisis which threatens the survival of this nation, and of the world as a suitable place of human habitation.” As reported by The New York Times, “Man must stop pollution and conserve his resources, not merely to enhance existence but save the race from intolerable deterioration and possible extinction.” Ecologist Kenneth Watt of UC-Davis (who also predicted that all crude oil would be used up by 2000 and that an environmental Ice Age was imminent) warned, “At the present rate of nitrogen buildup, it’s only a matter of time before light will be filtered out of the atmosphere and none of our land will be usable.” They were all wildly, utterly, spectacularly wrong.

2. On the Autopilot app, the Inverse Cramer portfolio posted 60 percent returns in 2025. It shorts stocks Cramer hypes on CNBC and buys those he dislikes.