"Steve Leisman on CNBC said that one looks at LEI anymore, because they don't like the components."
That's silly. It shouldn't matter whether one likes the components or not. IT SHOULD ONLY MATTER WHETHER THE INDEX HAS ANY PREDICTIVE POWER. We are trying to forecast the future here. As I recall, the LEI has a pretty good track record although I haven't checked the results in a few years.
From hearing what some of these hedge fund, mutual fund, and other financial "experts" come up with, it seems that some of the so-called smart money is pretty dumb. CNBC isn't dumb it is useless.
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