Fact Check: Did Sean Hyman use the Bible to Predict Best Buy Stocks Sinking to $11 a Share?
Today I received a spam e-mail message linking to the conservative website “NewsMax,” on which the following claim was made:
What the Bible Says About Money (Shocking)
Most people know Sean Hyman from his regular appearances on Fox Business, CNBC, and Bloomberg Television, but what they don’t know is that Sean is a former pastor, and that his secret to investing is woven within the Bible.
Perhaps that can explain why, despite his uncanny ability to predict precise moves in the stock market, Sean is often laughed at for his unique stance on investing.
For example . . . in 2012, Sean appeared on Bloomberg Television. At that time, Best Buy (BBY) was dropping to all-time lows of $16 a share. Sean predicted the stock could go down to $11 a share, and would then quickly rebound to $25 per share, and after that would rally to $40 per share over the next year.
For Sean, the Bible is his FOUNDATION for investing.
He explained to me how there is actually a “Biblical Money Code” woven into Scripture.
Sean says it is this Biblical Money Code that took him from making a mere $15,000 a year to now giving away up to $50,000 a year. Sean also credits this code with helping him turn his father’s $40,000 retirement account into $396,000.
Certain investment titans, Sean says, such as Warren Buffett and John Templeton, have already used this code to amass billions.
Wow, you’re supposed to declare as you check the actual Best Buy stock history:
Can you guess where the rest of the appeal is headed? I bet you can: after you click a link and watch a video, you’ll be invited to pay $97 for the secret code, while you also agree to terms and conditions which declare you can’t sue NewsMax if it turns out that the code is bunk, although NewsMax reserves the right to sue you. You may be surprised (or not) to find that at the top of the NewsMax terms and conditions page there’s a link declaring in red that “Chemist turns Alzheimer patient into chess champion!”
Now that we’re clear this is a sales pitch, let’s evaluate it. There are two claims I’d like to evaluate today:
- First, that Sean Hyman predicted in 2012 on Bloomberg TV that Best Buy’s stock value would go down to $11.
- Second, that the basis for this prediction was the Bible.
Here’s what Sean Hyman actually said in an interview on August 20, 2012 with a Bloomberg News anchor (you can watch the video for yourself):
Trish Regan: OK, let’s look at the stock price from a technical perspective. Sean Hyman, you’ve been watching it. It’s been so beaten down. Is it so beaten down that it can only get better from your point of view, if you’re the CEO?
Sean Hyman: Well, it has been in a downtrend for the last six years, so the trader would say, “The trend is your friend,” and they would short on rallies. However, the Best Buy investor, of course, could take another approach and say, “Well, it has been down for six years, it is approaching the 2008-2009 lows at around $16 to $18 a share, and so therefore they could start nibbling away if they had a 2 year time horizon. Should it slip through that support, then, it might slip as low as $10 or $11, but I find that highly unlikely.
So how does the claim of a miraculous Bible Code Best Buy prediction wash out?
- Point one: FAIL. Hyman actually said of a “$10 or $11” price share that it was “highly unlikely,” which is pretty much the opposite of him predicting that it would occur.
- Point two: FAIL. In making his prediction, he said absolutely nothing about the Bible.
The bottom line is that if you’d like to throw $97 away on some silly “Bible Code” literature that promises to make you rich (despite the whole Matthew 19 thing), then you’re free to do it. But if you’re planning to throw away that $97 because you think that Sean Hyman made an amazing prediction based on a Bible code, then think again. Sean Hyman’s actually predicted that came to pass would be “highly unlikely,” and the Bible had nothing to do with his reasoning. Not a jot. Not a tittle. NewsMax is lying to you to make a buck, and that’s just not right.