Well, he's right, but only inasmuch as there is no British CNBC or whatever - no TV channel set up specifically to cheerlead the stock market. But if you went through, say, the Cty Slickers column in the Mirror, I bet you'd find some fairly shocking examples of bad calling.
Edit: And of course his own personal experience is of being shouted at by angry Geordies for saying that Northern Rock was fucked when, ah, how to put this...