Here at the Fool, we've always made our living thumbing our collective nose at Street Wisdom. It's not just because it's so much fun to do. It's so profitable, too.
Take the upcoming catastrophe for retailers, for instance. For months now, we've been hearing how retailers were ailing, and things were going to get worse. From the popular schadenfruede directed at Wal-Mart (NYSE: WMT ) this spring -- "Ha ha! Your comps were only up 2%." -- to the hand-wringing about a rumored "denim glut" at places like Guess? (NYSE: GES ) and Abercrombie & Fitch (NYSE: ANF ) , you'd think investors were living with their fingers in their ears, eyes pressed shut to avoid seeing the unfortunate overabundance of underage kiester cleavage exposed by all those low-rise jeans.
But you'd be wrong. June sales numbers all over the map show that neither high-priced oil nor threat of housing bubble nor Michael Jackson acquittal can keep strong retailers from continuing to move their products. Motley Fool Stock Advisor pick Costco (Nasdaq: COST ) , 9%. JCPenney (NYSE: JCP ) , 7%. The list is long. Even Wet Seal (Nasdaq: WTSLA ) is getting 'er done these days.
This is not to say that macroeconomic winds can't knock you into the ditch from time to time. But none of the armchair investing pundits who spout this claptrap know anything more about when it will happen than you do. And in the event that they're someday correct, keep in mind an old Italian proverb I particularly like: "Even a blind pig finds a mushroom sometimes."
So, once again, just for the record. Turn off the 24/7 news feed. Ignore the silk-suited bubbleheads. They don't know the future any more than you do, and you can bet they won't be around to say "my bad" each of the dozens of times their prognostications prove wrong.
Concentrate on the things you can know. How are your businesses doing as individuals? How are those stocks priced relative to that performance? In the end, these little things are the only ones that matter.
For related Foolishness:
- Take a peek at our June comps roundup.
- Wal-Mart gone terminal? I didn't believe it.
- We've got plenty of strategies to cheat the market.
Seth Jayson owns shares of Guess? and wishes he'd bought Abercrombie back when he recommended it to readers last Halloween. At the time of publication, he had no positions in any other firm mentioned. View his stock holdings and Fool profile here. Fool rules are here.