In what may be the worst-kept secret in the business, numerous commercial weather forecasts are also biased toward forecasting more precipitation than will actually occur. (In the business, this is known as the wet bias.) For years, when the Weather Channel said there was a 20 percent chance of rain, it actually rained only about 5 percent of the time.
People don’t mind when a forecaster predicts rain and it turns out to be a nice day. But if it rains when it isn’t supposed to, they curse the weatherman for ruining their picnic. “If the forecast was objective, if it has zero bias in precipitation,” Bruce Rose, a former vice president for the Weather Channel, said, “we’d probably be in trouble.”
here is my take, looking at how well some of the more famous names have done as well as the dispersion of forecasting accuracy, even worse than would be expected randomly, another reminder of why we should avoid paying attention to market forecasts
A much simpler test is available, are you better off ignoring them.
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