Breaking: People Hastily Elevated During Financial Crisis May Not Be Geniuses

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Well, well, well. Turns out our parents were onto something when they told us that just because something is popular, doesn't make it right. Granted, they were talking about the junior high trend of cleavage-enhancing bustiers and Bloomberg is talking about Meredith Whitney, the analyst whose correct call on Citigroup made her a financial celebrity (yes, that is like being a Belgian celebrity) but still, same thing:

"Since Whitney founded her own firm last year, about two- thirds of her picks have fared worse than market indexes. Missed calls include Visa Inc., the payments network that fell 14 percent after Whitney called it her “single best buy,” and credit-card issuer Capital One Financial Corp., which tripled after she urged clients to sell."

How about that. Next they'll be finding holes in Matt Taibbi's reporting.

Whitney Falters in Trying to Repeat Success of Citigroup Call [Bloomberg]