Real Estate

10+ years of being dead wrong and still this...

  • Last Updated:
  • Feb 24th, 2021 10:04 am
[OP]
Member
Jan 13, 2021
220 posts
546 upvotes

10+ years of being dead wrong and still this...

https://www.greaterfool.ca/2021/02/19/feelings-2/

Over the years Garth Turner has led countless poor souls into "holding to buy" or "buying preferred shares" or "renting". His advise and condescending tone towards his readers has absolutely gutted their finances and lost them billions of dollars in appreciation and opportunities.

I wish his clientele held him accountable to his moronic and dismissive attitude towards being totally wrong on almost every single prediction he has made.

I used to like the guy. Now I've grown up and realize the impact such figureheads can have on people's lives. It's not pretty. I wish he was more sympathetic towards the people he's cost money, but of course, he's not. He's too good for them.
82 replies
Deal Addict
Jan 26, 2016
1717 posts
1603 upvotes
Toronto, ON
Yeah I used to read his stuff and believe him too. He is pumping stocks because that's his bread & butter. I came across emails years ago of people who complained about being priced out because of him and blaming him. But he shrugged it aside.
Deal Addict
Oct 27, 2012
2162 posts
3376 upvotes
Toronto
I'll admit I listened to this guy and had my echo chamber for a while about why RE is bad. Thankfully I actually did well on my investments over the last few years and it's really been only the last 5-6 years where I built up the majority of my wealth. Now it's still just a part of my portfolio.
Deal Fanatic
Feb 22, 2011
9716 posts
11946 upvotes
Toronto
This guy is a scam artist selling his products to poor people. He still has books for sale on Amazon he wrote in 2009 that Toronto real estate is about to crash.
Deal Addict
Mar 2, 2017
1144 posts
2123 upvotes
Toronto
No idea who he is, but not sure how people can hold him accountable when nothing anyone says is forced down anyone's throat...

I've heard/seen this Dave Ramsey guy, is this something similar? The Dave Ramsey guy is appealing to the lowest common denominator of people who lack basic financial literacy, beyond that the advice is completely useless regurgitated crap. No idea how these people amass these followings, I guess everyone is looking for validation of some sort from internet gurus.
Realtor, Investor, CPA
Member
Jul 18, 2020
366 posts
554 upvotes
Same here I have no idea who he is. My folks taught me how to invest in the stock market when I was 20, plus among my parents' circle pretty much all of their friends are experts in stocks and RE. I don't need to listen or read about investment advice from random people.
Deal Addict
Jan 14, 2009
2149 posts
1201 upvotes
Vancouver, BC
RichmondCA wrote: No idea who he is, but not sure how people can hold him accountable when nothing anyone says is forced down anyone's throat...

I've heard/seen this Dave Ramsey guy, is this something similar? The Dave Ramsey guy is appealing to the lowest common denominator of people who lack basic financial literacy, beyond that the advice is completely useless regurgitated crap. No idea how these people amass these followings, I guess everyone is looking for validation of some sort from internet gurus.
The mentally ill can be considered vulnerable and they are extra susceptible to their cult like appeal. I think Mark17 and PkRash were his followers and they believed in some "the truth is out there" stuff.
Deal Addict
Jan 14, 2009
2149 posts
1201 upvotes
Vancouver, BC
lechan wrote: Same here I have no idea who he is. My folks taught me how to invest in the stock market when I was 20, plus among my parents' circle pretty much all of their friends are experts in stocks and RE. I don't need to listen or read about investment advice from random people.
Similar except my dad thought the stock market followed the lunar phases and he lost his life savings.
Deal Addict
Mar 2, 2017
1144 posts
2123 upvotes
Toronto
My parents didn't show me any of this stuff, but I think we are the luckiest generation because of the internet. As long as you are motivated you can self teach yourself just about anything, I mean we have free lectures from MIT classes online these days. I know I learned a lot growing up from forums and then youtube. No excuse these days to be ignorant.
Realtor, Investor, CPA
Deal Addict
Jan 14, 2009
2149 posts
1201 upvotes
Vancouver, BC
RichmondCA wrote: My parents didn't show me any of this stuff, but I think we are the luckiest generation because of the internet. As long as you are motivated you can self teach yourself just about anything, I mean we have free lectures from MIT classes online these days. I know I learned a lot growing up from forums and then youtube. No excuse these days to be ignorant.
Agreed. The Andrew Lo MIT lecture is a must watch for stock investors.
https://www.youtube.com/playlist?list=P ... I7FjCf6eDW
Member
Jul 18, 2020
366 posts
554 upvotes
zakarydoks wrote: Similar except my dad thought the stock market followed the lunar phases and he lost his life savings.
That is kind of unfortunate. I guess it is a hit or miss thing, maybe all things including wealth that own in your lifetime is already predetermined by your birth date & time, who knows. But from what I see, you are doing relatively well yourself so it kind of offset it for your dad.
Deal Addict
Jan 14, 2009
2149 posts
1201 upvotes
Vancouver, BC
lechan wrote: That is kind of unfortunate. I guess it is a hit or miss thing, maybe all things including wealth that own in your lifetime is already predetermined by your birth date & time, who knows. But from what I see, you are doing relatively well yourself so it kind of offset it for your dad.
I read a lot. Buffet, Shiller, Greenblatt, Kahneman, EMH, MPT, factor investing. I just follow mainstream investing principles.
Deal Addict
Mar 2, 2017
1144 posts
2123 upvotes
Toronto
When I graduated from university I had some down time before starting my full time gig and I did Level 1 of the CFA, that was good enough for me. I passed it and learned very quickly while it's good fundamental knowledge, no thank you to do doing that for a living. The knowledge has served me well, I proceeded to lose all my investment money at the time by playing varying options strategies not understanding them as we went into the 2008 recession. Good times, good learnings, apparently passing Level 1 of the CFA with an accounting background doesn't make you the hot sh!t that you think you are. Noted Crying Face
Realtor, Investor, CPA
Member
User avatar
Apr 9, 2007
243 posts
575 upvotes
Toronto, ON
Garth cherry picks data, ignores datapoints which don't suit his narrative, and masquerades as a champion of the masses when all he's doing is trying to win clients for his financial services business. No thanks.
Member
Dec 17, 2009
414 posts
93 upvotes
Read what people are saying, evaluate it on its merits, and then make your own informed opinion. Think.
Jr. Member
Sep 19, 2018
133 posts
242 upvotes
Garths blog is definitely an echo chamber reinforcing a particular perspective.

It’s a great place to go to reinforce the idea that RE is overpriced and that line of reasoning has been in place for at least the last 12–13 years considering we didn’t have a housing correction in 08-09 like the US.

If you can wade through the bias (like most things in life) he makes some decent points. Index funds, balanced and diversified portfolio, but he does have a pretty conservative bent (he’s always talking about a 60/40 split equities/bonds)

I think his target market is an older 40+ demographic who are established and already have some financial means and are looking for a slow conservative sustainable way forward.

Having said that for those who didn’t buy based on his blog I do feel for those folks. Of course never make large life decisions based on one perspective or take.
Deal Guru
Feb 9, 2009
10831 posts
9211 upvotes
randomthoughts wrote: Haha remember Mark17? I used to wonder if it was Garth.
Mark77? I believe he passed away wasnt there a thread about this last year?
Jr. Member
Oct 30, 2009
157 posts
295 upvotes
His blog is now turned into a support group for people who have lost out on the real estate rocket. He is now offering counseling advice on how to cope with not owing real estate. Face With Tears Of Joy Hilarious.
Member
Mar 10, 2009
277 posts
236 upvotes
Toronto
I remember that loser Garth from back in the day when he had a segment on CTV News at 6.

Reading some of the comments on that post is hilarious.. some guy named piano man actually said

"Alex, do not be a sucker and buy a condo.

What are you actually buying? Not land. You are buying a box in the sky, in a building that is depreciating over time. Your strata fees will climb north the longer you live there, and will eventually get to 50-75% of your current rent. What kind of deal is that? This is not an investment. It is trading your money for bragging rights – the epitome of ego."


SMH.

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