"The easiest way to have a correct forecast is to extrapolate a trend and see it continue as expected. Most forecasters do a lot of extrapolating, meaning their forecasts are usually broadly shared. Thus when the trend does continue, everyone’s right. But since everyone held the same view, the continuing trend was probably discounted in advance in the price of the asset, and the fact that it rolls on as expected doesn’t necessarily produce profit. For a forecast to be highly profitable, it has to be idiosyncratic. But, given how often trends continue, idiosyncratic forecasts aren’t often right."