1. "This time it's different".
Anytime you hear this,you can be sure that this time it's exactly the same as every other time. Who remembers the "New Economy" of the dot com years?
2. "XYZ is going to (price P)",
where P is some number far far away from the current level. Generally issued when XYZ has been on some extended trend. Not only is XYZ not going to P, but when you hear this it usually means the trend is over.
Remember Goldman's prediction that oil was going to $200 back in the spring of 2008? A few months later oil topped at $145. By the end of the year, it had collapsed to $30.
Remember when the Dow broke below 7000 last winter? We started hearing calls for "Dow 5000", "Dow 2000", even "Dow 1000". A month later, the Dow hit 6500 and then took off to eventually top 11,000.
And when someone tells you that XYZ is going to some crazy number because "this time it's different", then you know for sure they're wrong.
It seems to me there's a third Big Lie in there somewhere, but I can't quite think of it at the moment.
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