Simples. We didn’t do so for the same reason we haven’t found a cure for cancer or solved Arsenal’s goalkeeping problem. It’s not our job. The point of financial journalism is to explain the present, not to make forecasts.
Indeed, the very act of making forecasts - as distinct from discussing risks - is to misreport the world. It gives the impression that the future is knowable, when in fact it isn’t*.
Nor is it the job of financial journalism to give advice. This is simply because, to a very large extent, the advice people need doesn’t change from day-to-day or even year-to-year. I reckon four general principles get people most of the way:
1. Live within your means. The safest way to get rich is to save. How you invest your savings - cash, shares, gold, whatever - is a secondary consideration, unless you are really silly.
2. Minimize taxes and charges. Most people can save tax-efficiently through ISAs and pensions, and should do so. Also, don’t be tempted by high-charging funds - they are usually not worth it. And if you hold shares directly, don’t trade much.
3. Remember that high prices, on average, mean low expected returns. Don’t jump on bandwagons.
4. Remember G.L.S Shackle’s words: “knowledge of the future is a contradiction in terms.” Don’t pretend you can see what’s coming. And don’t pay others in the belief that they can do so. The essential fact about the financial world is risk (and/or uncertainty). The key question is: what risks are you prepared to take, and which aren’t you? This paper by John Cochrane discusses this well.
Following these principles usually entails that people should do very little from day to day with their money. Apart from when I sold my London flat in 2008, I haven’t made a significant change to my personal finances for years, other than to add to my various savings.
This means that the job of financial journalists cannot be to tell people what to do with their money - because, mostly, that answer is generally the same.
Instead, our job is to find something interesting and true to say. And this is difficult enough, because in finance, a lot of what‘s true is not interesting and a lot of what‘s interesting is not true.
* No doubt you can find examples of me breaking this principle. Even I, though, sometimes have to make concessions to popular demand.