"He says that the "effect" is as follows: it is not worth your time to read the newspaper and all newspaper stories which contain any kind of "speculation" or "predicting" have no predictive value."

To me, "no predictive value" is consistent with sometimes being right, possibly by chance. It means being wrong enough that you can't assume either positive or negative correlation with the truth. It's easy to hide statements which are true and should be obvious in a sea of confusing nonsense.