You need to understand why these appearances are so important. Elliott Wave Principle (1978) explained something fascinating about “second waves.” This is not the point of the highest high or lowest low; it is the “test” of the major turn. That is where the mass psychology is most thoroughly convinced that the old trend, the one that has already ended, is back in force and inevitable. It is the point of maximum skepticism that the major trend has indeed changed, whether for better or for worse. In other words:
— At second wave bottoms, “investors are thoroughly convinced that the bear market is back to stay.”
— At second wave tops, investors are thoroughly convinced that the bull market is back to stay.

These points are also a test of your market acumen. When the vast majority of the public and professionals all feel one way, are you able to rise above the swamp of shared emotion, separate yourself from the crowd and think independently? Decide for yourself if that’s what Bob does in each of these TV appearances.

The first appearance is his interview on Financial News Network (FNN, now CNBC) on June 21, 1984. The Dow had topped in November and fell for eight months. From May 30 to July 15, 1984, the DJIA was ending its first pullback following the great 1982 low. After the Dow’s 200-point decline, the financial world was wringing its hands in fear and consternation. The Wall Street Journal was days away from publishing an amazing 5-page Special Section on the outlook for the stock market on the economy, in which the overwhelming consensus of economists was that interest rates would stay high, the stock market would fall, the economy was diving back into recession and in fact the whole financial system was at risk. As you will see, Bob had something so different to say in this environment of debilitating fear that the interviewers range from being politely skeptical to fascinated.

The second appearance is his interview on CNBC on December 26, 2001. The DJIA had bottomed in September and rose for six months. From December through March, the DJIA was ending its first major rally following the historic top of early 2000. After the Dow’s 2500-point rally, the financial world was celebrating the return of the great bull market. USA Today was days away from publishing a major 4-page Special Section on how to invest for the next big leg up in the stock market. Economists, magazines and even the Fed chairman himself were celebrating the return of the “New Economy.” As you will see once again, Bob had something so different to say that in this environment of suicidal euphoria that his co-interviewee becomes quite edgy at his unorthodox stance. Despite Bob’s polite attempts to give the bullish opposition his due time, the interviewer seems to be more interested in reviewing all of Bob’s evidence.

The 2001 interview is the “cousin” of the 1984 interview. Each one takes place within a few percent of the extreme in the “test” of the extreme price, the final great opportunity that the market offered to get positioned for the great move that lay ahead. If you were one of the lucky listeners, Bob showed you in detail that the market was in fact giving you that great opportunity.

These interviews air in their entirety — every word and graph has been included. The first one is a one-hour interview; the second one lasts only five minutes. Such have been the changing time standards of financial broadcasting.