| When a pundit says | They really mean |
| “We suggest reducing exposure” | We were betting the Brits would vote remain |
| “I am not an expert in foreign policy, but…” | Prepare for a thoroughly uninformed, useless opinion |
| “The macro forces at work” | Allow me to construct a reassuring narrative |
| “The smart money is betting” | I won’t assume any responsibility for this next bit of foolishness |
| “It has long been our position” | That’s my story and I am sticking to it, even if it’s wrong |
| “We don’t see a recession” | We didn’t see the last recession either |
| “We expect the second half of the year” | We were wrong in the first half of the year |
| “The chart shows…” | The fundamentals are terrible |
| “We still like the fundamentals…” | The technicals are terrible |
| “We have a ‘Buy’ on the stock” | Now if only we can figure out who is dumping all those shares! |
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