Jon Hunt

Monday, August 6, 2012

Economic Predictions Vs Wild Guesses

You probably have heard that economists have successfully predicted 20 of the last six recessions.

The point is predictions, even from experts are often wide of the mark.

In 1998 oil industry executives told Congress that oil would average $10 a barrel for the following decade. The reality was that it averaged $44.90.

Today they are more than double that.

Where are oil prices headed? I wouldn't pretend to know.

Where is the economy headed? Well, my blink is up, but there are so many variables and I think that's the point.

There are many things you can't control, so don't spend a lot of time and energy on those things you can't control.

As a business owner you can control a lot of things. Keep your focus on quality and customer service and you will likely do well regardless of the price of oil or any number of other things you can't control.

Jon Hunt

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