Financial Foolery

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Filed under: Media Pranks

April Fool’s Gag Pranks Financial Media
by Katy Marquardt
U.S. News & World Report
April 1, 2008

2007-520-stock-market-roller-coaster-200.jpgAs I was enjoying my own April Fool’s joke this morning-which involved a fake E-vite to a lame smoothie party-hedge fund manager Doug Kass was pranking the financial media. In his early market commentary, “Time to Buy the Bull?” the typically bearish Kass announced he was raising his year-end targets for the S&P 500:

While I initially expected a 5% to 10% decline in the S&P 500 this year, my new year-end S&P target is 1,666, for a gain of 26% from current levels. I might be low.

The Big Picture gives a rundown on which news organizations fell for the stunt (all links are now wiped clean).

cartoon: inkcinct.com.au