investmentwatchblog--2020-10-13--The Coming Flood of Mainstream Money into Gold

This week , Your News to Know rounds up the latest top stories involving gold and the overall economy .
Stories include : The gold market is about to see a new wave of investors , the factors that could cement gold ’ s gains further down the line , and what a Biden presidential win would mean for gold .
Despite massive gains last month , many investors are still waiting to jump on board with gold Seeking Alpha contributor John Rubino is among the many who have taken note of a deep shift when it comes to the @ @ @ @ @ @ @ managers have previously taken a lukewarm approach to the metal , the elimination of bonds as a haven option caused funds to turn to gold to seek not just protection , but also a safe source of returns .
UBS Global Wealth Management ’ s regional chief investment officer Kelvin Tay voiced a price forecast of $ 2,000 before the end of the year , while Wells Fargo bought September ’ s dip and issued their own forecast for gold ’ s rise to $ 2,200- $ 2,300 by 2021 .
With sentiment @ @ @ @ @ @ @ a look at gold ’ s current availability and what the expected increase of just a few percent in terms of institutional demand could mean for gold prices .
As Rubino points out , the sum total of gold ’ s above-ground reserves amounts to less than 1 % of global investible capital .
Yet even this figure translates to a massive $ 10 trillion at current prices according to most estimates .
In contrast , the combined capital of the equity , bonds and real estate markets reaches roughly $ 600 trillion @ @ @ @ @ @ @ stating that institutions are likely to increase their portfolio allocation to gold from a previous 1 % -2 % to a new standard of 4 % -5 % , and that many absentees will come to treat the metal as a necessity .
As Rubino notes , a mere 4 % increase in gold demand would translate to $ 24 trillion more being poured into the precious metals market .
Bullish as this sounds for prices , Rubino finds it to be not only a conservative forecast , but also one that will @ @ @ @ @ @ @ whether supply can meet even such a relatively modest rise in demand .
After reclaiming $ 1,900 , gold faces no shortage of tailwinds to keep its momentum going As Forbes contributor Frank Holmes points out , gold has been quick to jump at the first sign of dollar weakness , soaring above $ 1,900 after a four-day losing stretch for the greenback .
With the metal coming close to reclaiming nearly all of this year ’ s gains , Holmes ponders what could be in store next as the election draws closer @ @ @ @ @ @ @ show of price strength , Holmes notes that this September was actually gold ’ s weakest from a percentage-gain standpoint since 2014 .
With many tailwinds waiting in the wings to send the metal flying even higher , Holmes believes that gold bugs should be reasonably excited .
The key among these in the form of negative real rates , monetary stimulus and geopolitical uncertainty are already pushing gold forward and seem poised to stay in place .
To Holmes , there could be two additions to further bolster what looks to be @ @ @ @ @ @ @ the gold market .
After doubling their gold demand to buy roughly 650 tons of gold in both 2018 and 2019 , respectively , central banks have simmered down in their purchases and have since returned to their previous norm .
Being one of the primary price drivers in the gold market , an expected intensification in terms of central bank bullion purchases , such as the one Citi is forecasting , would bring good news to the gold market .
The other big factor that Holmes has singled out has been the @ @ @ @ @ @ @ staying below 2 % , the inflation rate is finally looking to pass the Federal Reserve ’ s desired target , while many are beginning to wonder whether the consumer price index ( CPI ) is really an accurate gauge and whether inflation could already be running much higher .
A Biden presidential victory would be highly bullish for gold Expectations that the tumultuous presidential election would have a heavy impact on the markets appear to have materialized with nearly a month left to go .
While some view President Trump ’ s @ @ @ @ @ @ @ the metal currently sits above its 2011 high after a mild dip in August .
To Ole Hansen , head of commodity strategy at Saxo Bank , a win by Democratic candidate Joe Biden could very likely pave the way for another run towards $ 2,000 in short order .
Biden ’ s rebuilding plan includes the promise of an additional $ 1.8 trillion of stimulus printed in the first 100 days of his presidency .
Some have also noted that the environmentalist agenda that the nominee touts makes way for some bullish @ @ @ @ @ @ @ use .
Should such a stimulatory measure come to fruition , it would sit atop an unprecedented multi-trillion stimulus package that the Federal Reserve has issued thus far .
The measures taken to reinvigorate the economy have played a key role in pushing gold to new heights , as they have brought inflationary expectations to a boiling point , together with the Fed pledging to keep interest rates near zero for several years to come .
Whichever candidate notches the victory , should the election indeed go without a hitch , investors don @ @ @ @ @ @ @ .
The new environment of negative real yields , zero interest rates and negative-yielding global bonds , along with the specter of inflation , has driven both individual and institutional investors to accumulate a record $ 111 million ounces of gold so far this year .

From Birch Gold Group
This week, Your News to Know rounds up the latest top stories involving gold and the overall economy. Stories include: The gold market is about to see a new wave of investors, the factors that could cement gold’s gains further down the line, and what a Biden presidential win would mean for gold.
Despite massive gains last month, many investors are still waiting to jump on board with gold
Seeking Alpha contributor John Rubino is among the many who have taken note of a deep shift when it comes to the institutional view of gold. Whereas money managers have previously taken a lukewarm approach to the metal, the elimination of bonds as a haven option caused funds to turn to gold to seek not just protection, but also a safe source of returns.
UBS Global Wealth Management’s regional chief investment officer Kelvin Tay voiced a price forecast of $2,000 before the end of the year, while Wells Fargo bought September’s dip and issued their own forecast for gold’s rise to $2,200-$2,300 by 2021.
With sentiment such as this, Rubino has taken a look at gold’s current availability and what the expected increase of just a few percent in terms of institutional demand could mean for gold prices. As Rubino points out, the sum total of gold’s above-ground reserves amounts to less than 1% of global investible capital. Yet even this figure translates to a massive $10 trillion at current prices according to most estimates.
In contrast, the combined capital of the equity, bonds and real estate markets reaches roughly $600 trillion. There is no shortage of analysts stating that institutions are likely to increase their portfolio allocation to gold from a previous 1%-2% to a new standard of 4%-5%, and that many absentees will come to treat the metal as a necessity. As Rubino notes, a mere 4% increase in gold demand would translate to $24 trillion more being poured into the precious metals market. Bullish as this sounds for prices, Rubino finds it to be not only a conservative forecast, but also one that will raise many questions when it comes to whether supply can meet even such a relatively modest rise in demand.
We are primarily funded by readers. Please subscribe and donate to support us!
After reclaiming $1,900, gold faces no shortage of tailwinds to keep its momentum going
As Forbes contributor Frank Holmes points out, gold has been quick to jump at the first sign of dollar weakness, soaring above $1,900 after a four-day losing stretch for the greenback. With the metal coming close to reclaiming nearly all of this year’s gains, Holmes ponders what could be in store next as the election draws closer and uncertainties linger.
Despite the glaring show of price strength, Holmes notes that this September was actually gold’s weakest from a percentage-gain standpoint since 2014. With many tailwinds waiting in the wings to send the metal flying even higher, Holmes believes that gold bugs should be reasonably excited. The key among these in the form of negative real rates, monetary stimulus and geopolitical uncertainty are already pushing gold forward and seem poised to stay in place.
To Holmes, there could be two additions to further bolster what looks to be the start of a historic run in the gold market. After doubling their gold demand to buy roughly 650 tons of gold in both 2018 and 2019, respectively, central banks have simmered down in their purchases and have since returned to their previous norm. Being one of the primary price drivers in the gold market, an expected intensification in terms of central bank bullion purchases, such as the one Citi is forecasting, would bring good news to the gold market.
The other big factor that Holmes has singled out has been the much talked-about inflation. After years of staying below 2%, the inflation rate is finally looking to pass the Federal Reserve’s desired target, while many are beginning to wonder whether the consumer price index (CPI) is really an accurate gauge and whether inflation could already be running much higher.
A Biden presidential victory would be highly bullish for gold
Expectations that the tumultuous presidential election would have a heavy impact on the markets appear to have materialized with nearly a month left to go. While some view President Trump’s anti-stimulus policy as bearish for gold, the metal currently sits above its 2011 high after a mild dip in August.
To Ole Hansen, head of commodity strategy at Saxo Bank, a win by Democratic candidate Joe Biden could very likely pave the way for another run towards $2,000 in short order. Biden’s rebuilding plan includes the promise of an additional $1.8 trillion of stimulus printed in the first 100 days of his presidency. Some have also noted that the environmentalist agenda that the nominee touts makes way for some bullish expectations for silver due to its industrial use.
Should such a stimulatory measure come to fruition, it would sit atop an unprecedented multi-trillion stimulus package that the Federal Reserve has issued thus far. The measures taken to reinvigorate the economy have played a key role in pushing gold to new heights, as they have brought inflationary expectations to a boiling point, together with the Fed pledging to keep interest rates near zero for several years to come.
Whichever candidate notches the victory, should the election indeed go without a hitch, investors don’t seem particularly dissuaded from gold. The new environment of negative real yields, zero interest rates and negative-yielding global bonds, along with the specter of inflation, has driven both individual and institutional investors to accumulate a record $111 million ounces of gold so far this year.


investmentwatchblog--2020-10-13--Gerald Celente’s Columbus Day Message: ITALIAN LIVES MATTER!

Gerald Celente is a pioneer trend strategist and founder of The Trends Research Institute .
He is the author of @ @ @ @ @ : How to Prepare for and Profit from the Changes of the 21st Century and @ @ @ @ @ Trends Journal newsletter .
Gerald Celente is a political atheist .
Unencumbered by political dogma @ @ @ @ @ wisdom , Celente , whose motto is “ think for yourself , ” observes and @ @ @ @ @ future trends for what they are – not for the way he wants them to @ @ @ @ @ earned his reputation as “ The most trusted name in trends ” by accurately forecasting @ @ @ @ @ , consumer , environmental , economic , political , entertainment , and technology trends .

Trends Research, Released on 10/12/20
We are primarily funded by readers. Please subscribe and donate to support us!
Gerald Celente is a pioneer trend strategist and founder of The Trends Research Institute. He is the author of the national bestseller Trends 2000: How to Prepare for and Profit from the Changes of the 21st Century and publisher of the internationally circulated Trends Journal newsletter. Gerald Celente is a political atheist. Unencumbered by political dogma, rigid ideology or conventional wisdom, Celente, whose motto is “think for yourself,” observes and analyzes the current events forming future trends for what they are – not for the way he wants them to be. Gerald Celente has earned his reputation as “The most trusted name in trends” by accurately forecasting hundreds of social, business, consumer, environmental, economic, political, entertainment, and technology trends.


investmentwatchblog--2020-10-13--Kamala Harris lied on her Financial Disclosures and is connected to multiple campaign finance violat

Kamala Harris lied on her Financial Disclosures and is connected to multiple campaign finance violations

Kamala Harris neglected to include all her financial information in her Financial Disclosure Reports ( FDR ) required by the Senate .
Since her first day in the Senate until 7/8/2019 she neglected to disclose one of her pension plans .
That plan is named “ Legislatures Retirement System ” .
It wasn ’ t until 7/8/2019 when she finally decided to disclose the pension plan .
While filing her FDR that was required of her at the time , she filed amended FDR ’ s for the years of 2015 .
2016 , 2017 , 2018 .
The amended @ @ @ @ @ @ @ .
Years past .
The new amended versions now include the pension plan .
If a Senator makes a error or mistakenly leaves something out of their FDR ’ s , they are allowed to amend their disclosure report .
They are expected to have the amendment filed that same year with a reasonable excuse .
This isn ’ t the case with Harris .
Each year she made amendments to her FDR ’ s she neglected to include the Pension plan .
She filed at least 8 times in 4 years and @ @ @ @ @ @ @ .
She really doesn ’ t have an excuse for her negligence .
The following images are screenshots of pages from three current amended FDR ’ s .
Because of the size of the files I ’ ve only included pages from the reports that show the pension plan .
For the same reason I ’ ve also left out the original FDR ’ s .
Not to worry because I ” ve included links to the original FDR ’ s , amended FDR ’ s along with sources to everything mentioned here @ @ @ @ @ @ @ the bottom of the page .
As you can see all of these were filed at the same time and day in 2019 .
It ’ s important to understand that a Senator can be charged with a crime if they fail to report any required information .
Having to amend the FDR every year makes a person question her motives .
Withholding information then adding it on 4 years later is criminal .
The following is a basic overview of some of the Financial Disclosure rules .
“ Public disclosure of a @ @ @ @ @ @ @ is often considered the key component to an effective code of conduct .
The drafters of the original Senate Code of Official Conduct in the 95th Congress considered “ full and complete disclosure ” to be the heart of the Code of Conduct .
Pursuant to statute and Senate rules , Members , officers , certain employees of the Senate ( including fellows and government employees detailed to the Senate ) , and Senate candidates are required to file comprehensive public financial disclosure reports .
The Senate has required public reporting by statute @ @ @ @ @ @ @ ‘ Members , officers , and certain employees of the United States Senate , related offices , and candidates for the Senate are required by Title I of the Ethics in Government Act of 1978 , as amended ( the “ Act , ” 5 U.S.C .
app.
, Section 101 et seq.
, also adopted as Senate Rule 34 ) and Senate Rule 41.1 to file Financial Disclosure Reports with the Secretary of the Senate , Office of Public “ “ The Act gives the Senate Select Committee on Ethics the authority @ @ @ @ @ @ @ , promulgate the Senate Financial Disclosure Report Forms and Instructions , and issue advisory opinions regarding the Act for the Senate and related offices and Senate candidates.
” “ In addition to any Committee action , the Ethics in Government Act authorizes the Attorney General of the United States to seek a civil penalty of up to $ 50,000 against an individual who knowingly and willfully falsifies or fails to file or to report any required information .
Moreover , anyone who knowingly and willfully falsifies or conceals any material fact in a @ @ @ @ @ @ @ to fines , criminal prosecution , and sentencing .
See 5 U.S.C .
appx .
§ 104 ( a ) ” .
I should point out that it doesn ’ t appear that she disclosed the pension plan when she filed her taxes .
To be fair , it might not be required .
I ’ m not an expert on taxes .
I ’ ll provide a link to the tax forms she has released to the public .
I should mention that the documents appear to be incomplete and there is @ @ @ @ @ @ @ the actual forms she gave to the IRS .
*Tax forms revealed , Kamala Harris donated her clothes to Goodwill and used the receipt for a $ 15,000 write off on her taxes It looks like Harris only updated her disclosures when she decided to run for president .
This sort of criminal behavior is to be expected from Harris .
If you were to look at her campaign at the Federal Election Commission ( FEC ) you would find that her “ Kamala Harris for the People ” committee and her “ @ @ @ @ @ @ @ connected to multiple Campaign Finance violations .
The most frequent violation is for accepting donations from ineligible sources .
Joe Biden has the same problems but by far more .
I ’ ll discuss that in the near future .
I should mention that many of the ineligible sources are the same in both the Biden and Harris committees .
Here is examples .
Names have been redacted because of FEC laws .
If you look at the entry that is dated 11/30/19 the unredacted page would show that this is the same @ @ @ @ @ @ @ day should raise some flags .
Sometimes there will be donations almost daily through out the year , from the same sources .
That should also raise some flags .
Clicking on the names of the committees above will take you to the FEC pages I just mentioned .
Just open the RFAI files .
*Closer examination of people/businesses on the receiving end of some of her committee disbursements will reveal that she paid at least one business that is using an address that comes up vacant .
It doesn ’ t matter @ @ @ @ @ @ @ Harris is a liar and a criminal .

by Deplorable Patriot
Kamala Harris neglected to include all her financial information in her Financial Disclosure Reports(FDR) required by the Senate. Since her first day in the Senate until 7/8/2019 she neglected to disclose one of her pension plans. That plan is named “Legislatures Retirement System”.
It wasn’t until 7/8/2019 when she finally decided to disclose the pension plan.
While filing her FDR that was required of her at the time, she filed amended FDR’s for the years of 2015. 2016, 2017, 2018. The amended version filed far past the allowed deadlines. Years past.
The new amended versions now include the pension plan.
If a Senator makes a error or mistakenly leaves something out of their FDR’s, they are allowed to amend their disclosure report. They are expected to have the amendment filed that same year with a reasonable excuse.
This isn’t the case with Harris. Each year she made amendments to her FDR’s she neglected to include the Pension plan. She filed at least 8 times in 4 years and didn’t include the pension plan. She really doesn’t have an excuse for her negligence.
The following images are screenshots of pages from three current amended FDR’s.
Because of the size of the files I’ve only included pages from the reports that show the pension plan. For the same reason I’ve also left out the original FDR’s. Not to worry because I”ve included links to the original FDR’s, amended FDR’s along with sources to everything mentioned here today. These can be found at the bottom of the page.
If you look at the entry that is dated 11/30/19 the unredacted page would show that this is the same person. That many donations in one day should raise some flags. Sometimes there will be donations almost daily through out the year, from the same sources. That should also raise some flags.
Clicking on the names of the committees above will take you to the FEC pages I just mentioned. Just open the RFAI files.
*Closer examination of people/businesses on the receiving end of some of her committee disbursements will reveal that she paid at least one business that is using an address that comes up vacant.
It doesn’t matter how you look at it, Kamala Harris is a liar and a criminal.
Files and sources click here
Respectfully,
Deplorable Patriot


investmentwatchblog--2020-10-14--5 Easy Ways to Learn Online Trading as a Newbie

There are just so many ways to start learning how to become an online stock trader and start trading online thanks to online brokers and many other financial services that someone who is just new to this world would feel just overwhelmed by such a massive amount of information .
Such overwhelming feeling may even barren you from starting your trading journey at all .
But actually , all you need to start is just to open a stock broker account with a certified online broker and start to become an online trader as we are .
In any case @ @ @ @ @ @ @ choose for our readers 10 simple ways to learn stock trading as a newbie , so that you will know how and where to address your energy and attention .
Stock trading books are a great way to get started with this financial field .
They provide a cheap way to find useful and accurate information if compared to many other expensive learning methods such as seminars , classes et similia .
Another good way of reading books related to stock trading is using one of those ebooks gave away for free once @ @ @ @ @ @ @ • None Read as much articles as you can Internet , magazines , periodicals , trade journals : there are just so many ways and places that would help you find some interesting and useful articles to read that we would have to write another… article about it !
Our suggestion is to read as much articles as you can , perhaps using your spare time in a valuable way .
It would seem as an old fashion way of learning , but it may be your best option to start learning from @ @ @ @ @ @ @ ( and perhaps , someone who knows better than you the stock market and their figures also recognize… ) as a respectful member of the stock trading community .
It is a fact that many successful investors have ( or had ) a mentor who addressed them to the best opportunities and successful ways of trading in the stock market properly .
When we speak about successful investors , be careful : we do not speak about Gordon Gekko !
Jokes aside , learning about the history behind the successful investors from the @ @ @ @ @ @ @ about the stock trade market and how and why they have become so important in this field .
There is another way though , which may seem a little bit “ unorthodox ” , and it would be using some of the features relatable to all those trading platforms that resemble and look like social media .
We are speaking about brokers online like eToro , who just implemented new social ways of trading in the stock market thanks to a platform that has figures in it called “ Top Traders ” ( @ @ @ @ @ @ @ ” concept ) and features such as “ Copy Trading ” which allows you to auto-trade any trade executed by the selected trader .
• None Learn from an online trading course Learning from a proper Online Trading Course may be probably the best idea if you are completely unaware of anything that may concern the stock trade exchange world .
Some online broker even give the possibility of starting learning from their seminars free of charge .
Remember : not all seminars have to be extremely expensive , and many of these @ @ @ @ @ @ @ pay attention to any “ secret ” fee and to find help and have faith only in those online trading courses that are recognized from the rest of the stock trading community .
Disclaimer : This content does not necessarily represent the views of IWB .

There are just so many ways to start learning how to become an online stock trader and start trading online thanks to online brokers and many other financial services that someone who is just new to this world would feel just overwhelmed by such a massive amount of information. Such overwhelming feeling may even barren you from starting your trading journey at all.
But actually, all you need to start is just to open a stock broker account with a certified online broker and start to become an online trader as we are.
In any case, that is why we decided to choose for our readers 10 simple ways to learn stock trading as a newbie, so that you will know how and where to address your energy and attention.
Read a book!
Stock trading books are a great way to get started with this financial field. They provide a cheap way to find useful and accurate information if compared to many other expensive learning methods such as seminars, classes et similia.
Another good way of reading books related to stock trading is using one of those ebooks gave away for free once you sign-up with a online broker.
Read as much articles as you can
Internet, magazines, periodicals, trade journals: there are just so many ways and places that would help you find some interesting and useful articles to read that we would have to write another… article about it! Our suggestion is to read as much articles as you can, perhaps using your spare time in a valuable way.
Learn from a mentor
It would seem as an old fashion way of learning, but it may be your best option to start learning from a person you know and you recognize (and perhaps, someone who knows better than you the stock market and their figures also recognize…) as a respectful member of the stock trading community.
We are primarily funded by readers. Please subscribe and donate to support us!
It is a fact that many successful investors have (or had) a mentor who addressed them to the best opportunities and successful ways of trading in the stock market properly.
Learn from other successful investors
When we speak about successful investors, be careful: we do not speak about Gordon Gekko!
Jokes aside, learning about the history behind the successful investors from the past will give you a new perspective about the stock trade market and how and why they have become so important in this field.
There is another way though, which may seem a little bit “unorthodox”, and it would be using some of the features relatable to all those trading platforms that resemble and look like social media. We are speaking about brokers online like eToro, who just implemented new social ways of trading in the stock market thanks to a platform that has figures in it called “Top Traders” (which is much alike the “Influencer” concept) and features such as “Copy Trading” which allows you to auto-trade any trade executed by the selected trader.
Learn from an online trading course
Learning from a proper Online Trading Course may be probably the best idea if you are completely unaware of anything that may concern the stock trade exchange world. Some online broker even give the possibility of starting learning from their seminars free of charge.
Remember: not all seminars have to be extremely expensive, and many of these are a fraud! So remember to pay attention to any “secret” fee and to find help and have faith only in those online trading courses that are recognized from the rest of the stock trading community.
Disclaimer: This content does not necessarily represent the views of IWB.


investmentwatchblog--2020-10-14--Why We’re Doomed: Our Delusional Faith in Incremental Change

Better not to risk any radical evolution that might fail , and so failure is thus assured .
When times are good , modest reforms are all that ’ s needed to maintain the ship ’ s course .
By “ good times , ” I mean eras of rising prosperity which generate bigger budgets , profits , tax revenues , paychecks , etc.
, eras characterized by high levels of stability and predictability .
Since stability has been the norm for 75 years , institutions and conventional thinking have both been optimized for incremental change .
This is an @ @ @ @ @ @ @ when the organism ’ s environment is stable , there ’ s little pressure to favor random mutations , as these can be risky .
Why risk big changes when everything ’ s working fine as is ?
Absent any big changes in their environment , organisms ’ genetic programming remains stable .
Unlike natural selection ’ s process of generating random mutations and testing their efficacy and advantages over the existing programming , human organizations quickly habituate to stable eras by institutionalizing incremental changes as the only available process for reform / @ @ @ @ @ @ @ frowned on as 1 ) unneccesary and 2 ) needlessly risky , there is no institutionalized process to propose , test and adopt radical changes because there is no need for such a process .
Nature has such a process : punctuated equilibirium .
When faced with a rapidly changing environment , organisms face intense evolutionary pressure to adapt or die .
Mutations which confer a significant advantage in the new environment become part of the species ’ genetic programming as those with the adaptation bear offspring who carry the advantageous adaptation .
@ @ @ @ @ @ @ those with the adaptation thrive and multiply .
Once the environment stabilizes in “ the new normal , ” the evolutionary pressure lets up and the species returns to the stability of relatively few changes in its genetic programming .
Organisms which have lost the ability to adapt to rapid change die off once they encounter instability .
Species that constantly face instability and rapid change will selectively favor genetic traits which optimize rapid evolution .
Nature tends to retain a basement closet full of fast-evolution tricks just in case the organism faces @ @ @ @ @ @ @ and conventional thinking have no such closet of fast-evolution tricks .
Rather , human organizations and conventional thinking marshal formidable forces to suppress anything which threatens the status quo , because why risk upsetting the feeding trough unless it ’ s absolutely necessary ?
Therein lies the fatal problem : radical adaptation is never absolutely necessary in human organizations and conventional thinking until it ’ s too late–and even then , the leadership and conventional thinking will fatalistically accept oblivion rather than opt for a risky strategy of testing every mutation and fast-tracking @ @ @ @ @ @ @ odds of failure are high since 1 ) the challenge is novel and therefore unpredictable and 2 ) most mutations will fail to provide the radical advantages needed to meet the challenge .
In other words , what ’ s absolutely necessary to human organizations and conventional thinking is the suppression of potentially dangerous novel ideas because the worst-case scenario is that the novel ideas upset the feeding trough all the insiders have come to depend on .
Unfortunately for human organizations and conventional thinking , novel challenges demand precisely what they ’ @ @ @ @ @ @ @ .
The risks will never seem worth it because some insiders might lose their spot at the feeding trough .
Since this loss is viewed as catastrophic by those at risk , they will fight with everything they have to stymie any radical reforms .
Ironically , their resistance to rapid evolution only guarantees the demise of the entire organization / status quo , including the spot at the trough they were so eager to defend at all costs .
As the crisis deepens , the default setting in organizations and conventional thinking @ @ @ @ @ @ @ be enough , because they ’ ve been enough for four generations .
I call this entirely natural default setting the delusional faith in incremental change because this faith isn ’ t guided by history or the logic of causality ; it ’ s simply convenient and easy .
Nobody gets fired or demoted for agreeing to do more of what ’ s failed spectacularly .
I ’ ve prepared a chart of the delusional faith in incremental change showing how each new crisis is met by incremental institutionalized defaults that are completely @ @ @ @ @ @ @ arisen .
The blindness to the need for radical adaption has been institutionalized as well : this is what worked in the past , so it will work now .
Why risk everything when we have procedures that have worked well ?
Each stage of the crisis draws whatever conventional response causes the least pain .
First , the “ rainy day fund ” is drained to keep everyone at the feeding trough .
Studies of options are funded , and so on .
The recommendations are either too timid and clearly inadequate @ @ @ @ @ @ @ risky .
So incremental policy and budget tweaks are adopted as acceptable institutional defaults .
But rifts open in the leadership as the farsighted few demand rapid , radical adaptations and the conventional risk-averse crowd digs in their heels .
The farsighted few are pushed out or quit / retire , eliminating the only people who had the ability and experience to actually pull off a radical change of course .
A reshuffling of leadership evokes hope that the modest reforms will work magic .
Alas , incremental tweaks only work in eras @ @ @ @ @ @ @ unstable eras of rapidly-evolving challenges .
As everything runs to failure , the only acceptable path is to do more of what ’ s failed spectacularly , a default to low-risk incrementalism that only accelerates the final inevitable collapse .
The delusional faith in incremental change guarantees systemic failure .
Better not to risk any radical evolution that might fail , and so failure is thus assured .
This is why our status quo is doomed :

by Charles Hugh-Smith
Better not to risk any radical evolution that might fail, and so failure is thus assured.
When times are good, modest reforms are all that’s needed to maintain the ship’s course. By “good times,” I mean eras of rising prosperity which generate bigger budgets, profits, tax revenues, paychecks, etc., eras characterized by high levels of stability and predictability.
Since stability has been the norm for 75 years, institutions and conventional thinking have both been optimized for incremental change. This is an analog of natural selection in Nature: when the organism’s environment is stable, there’s little pressure to favor random mutations, as these can be risky.
Why risk big changes when everything’s working fine as is?
Absent any big changes in their environment, organisms’ genetic programming remains stable. Unlike natural selection’s process of generating random mutations and testing their efficacy and advantages over the existing programming, human organizations quickly habituate to stable eras by institutionalizing incremental changes as the only available process for reform / change.
Radical reforms are not just frowned on as 1) unneccesary and 2) needlessly risky, there is no institutionalized process to propose, test and adopt radical changes because there is no need for such a process.
Nature has such a process: punctuated equilibirium. When faced with a rapidly changing environment, organisms face intense evolutionary pressure to adapt or die. Mutations which confer a significant advantage in the new environment become part of the species’ genetic programming as those with the adaptation bear offspring who carry the advantageous adaptation. Those without the advantageous adaptation die and those with the adaptation thrive and multiply.
Once the environment stabilizes in “the new normal,” the evolutionary pressure lets up and the species returns to the stability of relatively few changes in its genetic programming.
Organisms which have lost the ability to adapt to rapid change die off once they encounter instability. Species that constantly face instability and rapid change will selectively favor genetic traits which optimize rapid evolution.
Nature tends to retain a basement closet full of fast-evolution tricks just in case the organism faces novel challenges.
Alas, human organizations and conventional thinking have no such closet of fast-evolution tricks. Rather, human organizations and conventional thinking marshal formidable forces to suppress anything which threatens the status quo, because why risk upsetting the feeding trough unless it’s absolutely necessary?
Therein lies the fatal problem: radical adaptation is never absolutely necessary in human organizations and conventional thinking until it’s too late–and even then, the leadership and conventional thinking will fatalistically accept oblivion rather than opt for a risky strategy of testing every mutation and fast-tracking whatever has promise, even though the odds of failure are high since 1) the challenge is novel and therefore unpredictable and 2) most mutations will fail to provide the radical advantages needed to meet the challenge.
We are primarily funded by readers. Please subscribe and donate to support us!
In other words, what’s absolutely necessary to human organizations and conventional thinking is the suppression of potentially dangerous novel ideas because the worst-case scenario is that the novel ideas upset the feeding trough all the insiders have come to depend on.
Unfortunately for human organizations and conventional thinking, novel challenges demand precisely what they’re incapable of: risky rapid evolution. The risks will never seem worth it because some insiders might lose their spot at the feeding trough.
Since this loss is viewed as catastrophic by those at risk, they will fight with everything they have to stymie any radical reforms. Ironically, their resistance to rapid evolution only guarantees the demise of the entire organization / status quo, including the spot at the trough they were so eager to defend at all costs.
As the crisis deepens, the default setting in organizations and conventional thinking is that incremental changes and reforms will be enough, because they’ve been enough for four generations. I call this entirely natural default setting the delusional faith in incremental change because this faith isn’t guided by history or the logic of causality; it’s simply convenient and easy.
Nobody gets fired or demoted for agreeing to do more of what’s failed spectacularly.
I’ve prepared a chart of the delusional faith in incremental change showing how each new crisis is met by incremental institutionalized defaults that are completely inadequate to the novel challenges that have arisen. The blindness to the need for radical adaption has been institutionalized as well: this is what worked in the past, so it will work now. Why risk everything when we have procedures that have worked well?
Each stage of the crisis draws whatever conventional response causes the least pain. First, the “rainy day fund” is drained to keep everyone at the feeding trough. Studies of options are funded, and so on.
The recommendations are either too timid and clearly inadequate or they’re too bold and risky. So incremental policy and budget tweaks are adopted as acceptable institutional defaults.
But rifts open in the leadership as the farsighted few demand rapid, radical adaptations and the conventional risk-averse crowd digs in their heels. The farsighted few are pushed out or quit / retire, eliminating the only people who had the ability and experience to actually pull off a radical change of course.
A reshuffling of leadership evokes hope that the modest reforms will work magic. Alas, incremental tweaks only work in eras of stability. They fail miserably in unstable eras of rapidly-evolving challenges.
As everything runs to failure, the only acceptable path is to do more of what’s failed spectacularly, a default to low-risk incrementalism that only accelerates the final inevitable collapse.
The delusional faith in incremental change guarantees systemic failure. Better not to risk any radical evolution that might fail, and so failure is thus assured.
This is why our status quo is doomed:


investmentwatchblog--2020-10-15--Democrat Party Executive From Colorado Calls for Violent Street War, Armed Communist Revolution in L

Democrat Party Executive From Colorado Calls for Violent Street War, Armed Communist Revolution in Latest James O’Keefe Undercover BOMBSHELL: ‘I Will Lie; I Will Cheat; I Will Steal’

In the hour since James O ’ Keefe and Project Veritas exposed typical 2020 Democrat Kristopher Jacks – a Colorado @ @ @ @ @ of his chapter of Democratic partner organization “ Our Revolution ” – saying the thing @ @ @ @ @ say behind closed doors and in their Senate and House offices , the advocate of @ @ @ @ @ and destruction has already shut down his Twitter account .
“ What is he trying @ @ @ @ @ James O ’ Keefe asks , which is a great question since the tough guy @ @ @ @ @ saying that it ’ s the right who are “ a bunch of b*tches.
” @ @ @ @ @ doesn ’ t mean not dangerous .
You can be gunned down by the press @ @ @ @ @ re wearing a MAGA hat , and the rest of the media WON ’ T @ @ @ @ @

BREAKING: Denver area @coloradodems exec committee and @OurRevolution chair @Kyoti00 “2020 is a political revolution”; “Want to change this country,with violence…there’s only one way to do it.”; "Guillotines mother f**ker"; “Killing random Nazis in the street”#ArmedRevolution pic.twitter.com/QnmqHdrJ8o — James O'Keefe (@JamesOKeefeIII) October 13, 2020
In the hour since James O’Keefe and Project Veritas exposed typical 2020 Democrat Kristopher Jacks – a Colorado Democratic party exec and head of his chapter of Democratic partner organization “Our Revolution” – saying the thing on tape that other Democrats say behind closed doors and in their Senate and House offices, the advocate of violence, stabbings, death and destruction has already shut down his Twitter account.
“What is he trying to hide from?” James O’Keefe asks, which is a great question since the tough guy Jacks was recorded on video saying that it’s the right who are “a bunch of b*tches.”
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But hiding from the sunlight doesn’t mean not dangerous. You can be gunned down by the press these days if you’re wearing a MAGA hat, and the rest of the media WON’T EVEN REPORT ON IT.
therightscoop.com/project-veritas-exposes-co-dem-party-exec-calling-for-violent-street-war-and-armedrevolution/


investmentwatchblog--2020-10-15--GOVERNMENT ALWAYS MAKES THINGS MORE EXPENSIVE:

Democrats can ’ t character-assault Supreme Court nominee Amy Coney Barrett the way they did Brett Kavanaugh , so they ’ re screaming bloody murder that Barrett will kill millions of Americans in the event she rules against Obamacare .
According to Rich Lowry , writing in the New York Post : She ’ s coming to take something away from you .
This is total garbage .
It comes as a study rolls out showing that Obamacare itself is killing off millions .
Matt Margolis at PJMedia found this ugly little detail about this government health care takeover that @ @ @ @ @ @ @ According to a Gallup survey from December 2019 , 33 percent of Americans say they or a family member put off treatment for a health condition because of the costs .
This number has remained virtually unchanged since Obamacare was passed .
In fact , the number has averaged about 30 percent since 2006 , which is significantly higher than it was back in 2001 , when only 19 percent of Americans said they or a family member put off treatment for a health condition because of the cost .
He also tweets @ @

Obamacare’s costs soar so high, Americans now delaying medical treatment —study.
Democrats can’t character-assault Supreme Court nominee Amy Coney Barrett the way they did Brett Kavanaugh, so they’re screaming bloody murder that Barrett will kill millions of Americans in the event she rules against Obamacare.
According to Rich Lowry, writing in the New York Post:
Illinois Sen. Dick Durbin says that this is her “assignment.” Sen. Sheldon Whitehouse from Rhode Island says that she is a “judicial torpedo” aimed at the Affordable Care Act.
President Trump admitted a vote for Judge Barrett is a vote to take away health care and pre-existing condition protections for millions of Americans. t.co/kdKIkbEwy8 — Chuck Schumer (@SenSchumer) September 27, 2020
She’s coming to take something away from you.
This is total garbage. It comes as a study rolls out showing that Obamacare itself is killing off millions.
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Matt Margolis at PJMedia found this ugly little detail about this government health care takeover that Democrats confuse with actual health care:
According to a Gallup survey from December 2019, 33 percent of Americans say they or a family member put off treatment for a health condition because of the costs. This number has remained virtually unchanged since Obamacare was passed. In fact, the number has averaged about 30 percent since 2006, which is significantly higher than it was back in 2001, when only 19 percent of Americans said they or a family member put off treatment for a health condition because of the cost.
He also tweets this:
Democrats don't realize that Obamacare has done nothing to reduce the number of Americans who delay seeking medicare care because of costs. The numbers were lower prior to Obamacare being passed. #ConfirmACB pic.twitter.com/2wjmcKzY39 — Matt Margolis 🇺🇸 (@mattmargolis) October 12, 2020
…
…
h/t SH


investmentwatchblog--2020-10-15--Did The WHO Just (Accidentally) Confirm COVID Is No More Dangerous Than Flu?

The World Health Organization has finally confirmed what we ( and many experts and studies ) have been saying for @ @ @ @ @ no more deadly or dangerous than seasonal flu .
The WHO ’ s top brass @ @ @ @ @ special session of the WHO ’ s 34-member executive board on Monday October 5th , @ @ @ @ @ seemed to really understand it .
At the session they revealed that they believe roughly @ @ @ @ @ has been infected with Sars-Cov-2… The global population is roughly 7.8 billion people , if @ @ @ @ @ that is 780 million cases .
The global death toll currently attributed to Sars-Cov-2 infections @ @ @ @ @ s an infection fatality rate of roughly or 0.14 % .
Right in line with @ @ @ @ @ of many experts from all around the world .

The World Health Organization has finally confirmed what we (and many experts and studies) have been saying for months – the coronavirus is no more deadly or dangerous than seasonal flu.
The WHO’s top brass made this announcement during a special session of the WHO’s 34-member executive board on Monday October 5th, it’s just nobody seemed to really understand it. At the session they revealed that they believe roughly 10% of the world has been infected with Sars-Cov-2…
The global population is roughly 7.8 billion people, if 10% have been infected that is 780 million cases. The global death toll currently attributed to Sars-Cov-2 infections is 1,061,539. That’s an infection fatality rate of roughly or 0.14%.
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Right in line with seasonal flu and the predictions of many experts from all around the world.
truepundit.com/did-the-who-just-accidentally-confirm-covid-is-no-more-dangerous-than-flu/


investmentwatchblog--2020-10-15--CONSIDER THIS A WARNING REGARDING ONLINE VOTING:

The first-ever multijurisdiction online bar exam is in the books , and bar authorities in many states have deemed the @ @ @ @ @ completion rates among the approximately 30,0000 law grads who took the remote test .
Among @ @ @ @ @ a sigh of relief is Judith Gundersen , president of the National Conference of Bar @ @ @ @ @ the organization that develops the exam components .
It has been a long—and wild—bar exam @ @ @ @ @ and forceful advocacy by law graduates who felt that requiring them to sit for a @ @ @ @ @ was unnecessary and even cruel .
Ultimately , there were three separate in-person administrations spread @ @ @ @ @ a large online exam given Monday and Tuesday , and several online exams given earlier @ @ @ @ @ states are allowing law graduates to become licensed without taking the exam .
And it @ @ @ @ @ : Florida will give a one-day , online bar exam Oct. 13 , while Louisiana @ @ @ @ @ it planned for Oct. 10 to Oct. 20 due to an incoming hurricane .

National Bar Exam Leader Defends Online Test Amid Reports Of Tech Failures And Poorly Written Questions.
Karen Sloan (Law.com), National Bar Exam Leader Defends Online Test Amid Reports of Tech Failures and Poorly Written Questions:
The first-ever multijurisdiction online bar exam is in the books, and bar authorities in many states have deemed the pandemic-prompted experiment a success—citing high completion rates among the approximately 30,0000 law grads who took the remote test. Among the many bar examiners breathing a sigh of relief is Judith Gundersen, president of the National Conference of Bar Examiners (NCBE), the organization that develops the exam components.
It has been a long—and wild—bar exam cycle characterized by shifting plans and forceful advocacy by law graduates who felt that requiring them to sit for a licensing exam during a pandemic was unnecessary and even cruel. Ultimately, there were three separate in-person administrations spread across July and September, a large online exam given Monday and Tuesday, and several online exams given earlier by individual states. Five states are allowing law graduates to become licensed without taking the exam. And it’s not over yet: Florida will give a one-day, online bar exam Oct. 13, while Louisiana has delayed the one-day exam it planned for Oct. 10 to Oct. 20 due to an incoming hurricane.


investmentwatchblog--2020-10-15--TRUMP LANDSLIDE: Researcher Uncovers Historical Trends Going Back To 1820 Showing Trump WILL Be Re-E

TRUMP LANDSLIDE: Researcher Uncovers Historical Trends Going Back To 1820 Showing Trump WILL Be Re-Elected

The One Metric That Has Decided Every Presidential Winner Since 1988…And Trump Has a Lock on It Again , David Chapman and PollWatch are two good accounts that have been tracking the polling this cycle and cutting through the nonsense from the liberal media .
There ’ s been a lot of funny business with the polling folks .
Firms conducting polls around the same time but getting different results .
We have shy Trump voters .
We have youth vote interest tanking in this election cycle to levels not seen since 2000 .
Some polls have one million fewer @ @ @ @ @ @ @ somehow Biden is going to win by like 12 points .
It ’ s unreliable to the nth degree .
So , what Chapman did was compile a thread that cuts through a lot of the liberal media silliness out there .
For starters , he nixes the idea that bad economies kill incumbents .
Yes , that was the case for Bush 41 , but historically the incumbent party is 12-11 when facing re-election during an economic downturn .
And speaking of incumbents , Chapman added , “ no incumbent who has @ @ @ @ @ @ @ primary vote has lost re-election .
Donald Trump received 94 % of the primary vote , which is the 4th highest all-time .
Higher than Eisenhower , Nixon , Clinton , and Obama.
” Oh , and it gets better .
“ Three times in history America has faced a pandemic , recession , and civil unrest during an election year .
The incumbent party is 3-0 in those elections , ” wrote Chapman “ What about polls ?
Well , polls are predicting Trump ’ s win .
The ABC poll shows @ @ @ @ @ @ @ He noted that every candidate who held the edge in voter enthusiasm since 1988 has won the election .
During Amy Coney Barrett ’ s Supreme Court nomination hearing , we heard a lot about history and how it ’ s against the GOP in filling this SCOTUS vacancy left by the late Ruth Bader Ginsburg .
Well , here ’ s some bad news for Biden .
No one who served more than 15 years in the Senate has been elected president .
Joe Biden has been there for nearly four decades @ @ @ @ @ @ @ that by every historic metric and trend , Trump is the one on the path to winning this election .
Take a look and read for yourself .
There ’ s some good stuff here .

The One Metric That Has Decided Every Presidential Winner Since 1988…And Trump Has a Lock on It
Matt Vespa
Posted: Oct 12, 2020 10:05 PM
Again, David Chapman and PollWatch are two good accounts that have been tracking the polling this cycle and cutting through the nonsense from the liberal media. There’s been a lot of funny business with the polling folks. Firms conducting polls around the same time but getting different results. We have shy Trump voters. We have youth vote interest tanking in this election cycle to levels not seen since 2000. Some polls have one million fewer young people voting this year. But somehow Biden is going to win by like 12 points. It’s unreliable to the nth degree. So, what Chapman did was compile a thread that cuts through a lot of the liberal media silliness out there. For starters, he nixes the idea that bad economies kill incumbents. Yes, that was the case for Bush 41, but historically the incumbent party is 12-11 when facing re-election during an economic downturn.
And speaking of incumbents, Chapman added, “no incumbent who has received at least 75% of the primary vote has lost re-election. Donald Trump received 94% of the primary vote, which is the 4th highest all-time. Higher than Eisenhower, Nixon, Clinton, and Obama.”
Oh, and it gets better.
“Three times in history America has faced a pandemic, recession, and civil unrest during an election year. The incumbent party is 3-0 in those elections,” wrote Chapman “What about polls? Well, polls are predicting Trump’s win. The ABC poll shows Trump with a 19-point enthusiasm advantage.”
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He noted that every candidate who held the edge in voter enthusiasm since 1988 has won the election.
During Amy Coney Barrett’s Supreme Court nomination hearing, we heard a lot about history and how it’s against the GOP in filling this SCOTUS vacancy left by the late Ruth Bader Ginsburg. Well, here’s some bad news for Biden. No one who served more than 15 years in the Senate has been elected president. Joe Biden has been there for nearly four decades.
It’s why Chapman added that by every historic metric and trend, Trump is the one on the path to winning this election. Take a look and read for yourself. There’s some good stuff here.
CONTINUED AT:
townhall.com/tipsheet/mattvespa/2020/10/12/thread-by-every-historical-metric-and-trend-donald-trump-will-win-this-election-n2577926
h/t DS


investmentwatchblog--2020-10-15--Parrot’s Audio Transcripts being release on Twitter now. Bin Laden/Iran/Benghazi/Seal Team 6, etc…

June 06 , 2011 : TRANSCRIPT AUDIO TAPE 01 : 00:00 : PARROT : “ He ( Governor Richardson ) @ @ @ @ @ said `` I can become '' , you know his Staff advisor ( Mrs .
@ @ @ @ @ `` you can become the next President '' if you get , if you help @ @ @ @ @ .
BREAKING : Allen Harrow Parrot ( CIA whistleblower ) tells Charles Woods ( father @ @ @ @ @ Benghazi ) that Obama and Biden sent Iran 152 Billion Dollars as a coverup for @ @ @ @ @ 6 .
Allen said that ALL of the proof will come out : documents and @ @ @

June 06, 2011: TRANSCRIPT AUDIO TAPE 01: 00:00: PARROT: “He (Governor Richardson) was all excited and he said "I can become", you know his Staff advisor (Mrs. Gay Dillingham) was saying "you can become the next President" if you get, if you help Alan bring bin Laden back.
BREAKING: Allen Harrow Parrot (CIA whistleblower) tells Charles Woods (father of Tyrone Woods killed in Benghazi) that Obama and Biden sent Iran 152 Billion Dollars as a coverup for the deaths of Seal Team 6.
Allen said that ALL of the proof will come out: documents and audio. pic.twitter.com/ZTjncZv238
— Anna Khait (@Annakhait) October 11, 2020


investmentwatchblog--2020-10-15--This is a Big Tech information coup. This is digital civil war. We’ve entered the age where we have

This is a Big Tech information coup. This is digital civil war. We’ve entered the age where we have a “ministry of truth” run by Democrats and only they decide what’s true.

Twitter not allowing post associated with the New York Post Article about Biden ’ s Son Hunter Biden introduced his father , then-Vice President Joe Biden , to a top executive at a Ukrainian energy firm less than a year before the elder Biden pressured government officials in Ukraine into firing a prosecutor who was investigating the company , according to emails obtained by The Post .
The never-before-revealed meeting is mentioned in a message of appreciation that Vadym Pozharskyi , an adviser to the board of Burisma , allegedly sent Hunter Biden on April 17 , 2015 , about @ @ @ @ @ @ @ board at a reported salary of up to $ 50,000 a month .
“ Dear Hunter , thank you for inviting me to DC and giving an opportunity to meet your father and spent [ sic ] some time together .
It ’ s realty [ sic ] an honor and pleasure , ” the email reads .
An earlier email from May 2014 also shows Pozharskyi , reportedly Burisma ’ s No .
3 exec , asking Hunter for “ advice on how you could use your influence ” on the company @ @ @ @ @ @ @ — which flies in the face of Joe Biden ’ s claim that he ’ s “ never spoken to my son about his overseas business dealings ” — is contained in a massive trove of data recovered from a laptop computer .
There is nothing to see because Facebook doesn ’ t want you to see it and Twitter won ’ t let you share it .
On Wednesday , Andy Stone , who runs ‘ communications ’ at Facebook , announced that the New York Post ’ s story was ‘ @ @ @ @ @ @ @ ’ s third-party checking partners ’ .
While Facebook ’ s faceless and unaccountable partners checked the facts , the site , Stone said , would be ‘ reducing ’ the story ’ s ‘ distribution ’ .
Stone used to work Democratic senator Barbara Boxer , Democratic congressman Jerry McNerney and the Democratic Congressional Campaign Committee .
Twitter , meanwhile , stopped its users from forwarding or privately sharing the Post ’ s article for a couple of hours .
Now when you click on the story , Twitter gives you a @ @ @ @ @ @ @ proceeding to an unsafe site ’ .
It was , however , still possible to read and circulate the Steele dossier on Twitter , and to read and circulate the racist drivel of the Iranian regime ’ leaders .
Anyone with a brain can see what is going on in plain sight .
The only reason Burisma would want to employ Hunter Biden is to buy influence with his father .
So there are reasonable questions to be asked of Joe Biden , a presidential candidate .
He is doing his utmost to @ @ @ @ @ @ @ this shameful evasion because the pro-Democratic media , which is most of the American media , are actively helping him .
They refuse to ask him serious questions and promulgate his talking points as their editorial lines .
Read the whole thing .
Abandoning the decentralized Blogosphere for the walled gardens of Facebook , Twitter and YouTube was a huge mistake , particularly for conservatives .
Somebody should write a book about the reasons why .
UPDATE : “ Social media executives are about to discover the Streisand effect.
” Senator Ted Cruz @ @ @ @ @ @ @ Coney Barrett confirmation hearings , reports from the Russia investigation and the big tech antitrust probe .
74 % of voters also say they support the federal government breaking up large technology companies to reduce their power and increase competition and innovation

This is a Big Tech information coup. This is digital civil war. I, an editor at The New York Post, one of the nation’s largest papers by circulation, can’t post one of our own stories that details corruption by a major-party presidential candidate, Biden. pic.twitter.com/BKNQmAG19H — Sohrab Ahmari (@SohrabAhmari) October 14, 2020
Twitter deleted @nypost’s tweet about the Hunter Biden bombshell. This is election interference. We’ve entered the age where we have a "ministry of truth" run by Democrats and only they decide what’s true. They demand that you no longer believe your lying eyes & ears. Chilling. pic.twitter.com/rl6oPZMv5V — Robby Starbuck (@robbystarbuck) October 14, 2020
Twitter not allowing post associated with the New York Post Article about Biden’s Son
TWITTER HAS DISABLED THE LINK to the @nypost story. @jack what the hell?? I don’t know if the allegations are true—Qs that deserve to be answered. It’s a serious news publication raising evidence of corruption at the highest levels.@twitter shouldn’t act as Biden’s PR team. t.co/1KiKCAJijD — Ted Cruz (@tedcruz) October 14, 2020
Smoking-gun email reveals how Hunter Biden introduced Ukrainian businessman to VP dad
Hunter Biden introduced his father, then-Vice President Joe Biden, to a top executive at a Ukrainian energy firm less than a year before the elder Biden pressured government officials in Ukraine into firing a prosecutor who was investigating the company, according to emails obtained by The Post. The never-before-revealed meeting is mentioned in a message of appreciation that Vadym Pozharskyi, an adviser to the board of Burisma, allegedly sent Hunter Biden on April 17, 2015, about a year after Hunter joined the Burisma board at a reported salary of up to $50,000 a month. “Dear Hunter, thank you for inviting me to DC and giving an opportunity to meet your father and spent [sic] some time together. It’s realty [sic] an honor and pleasure,” the email reads. An earlier email from May 2014 also shows Pozharskyi, reportedly Burisma’s No. 3 exec, asking Hunter for “advice on how you could use your influence” on the company’s behalf. The blockbuster correspondence — which flies in the face of Joe Biden’s claim that he’s “never spoken to my son about his overseas business dealings” — is contained in a massive trove of data recovered from a laptop computer.
HUNTER BIDEN AND THE BIG TECH INFORMATION COUP:
There is nothing to see because Facebook doesn’t want you to see it and Twitter won’t let you share it. On Wednesday, Andy Stone, who runs ‘communications’ at Facebook, announced that the New York Post’s story was ‘eligible to be fact checked by Facebook’s third-party checking partners’. While Facebook’s faceless and unaccountable partners checked the facts, the site, Stone said, would be ‘reducing’ the story’s ‘distribution’. Stone used to work Democratic senator Barbara Boxer, Democratic congressman Jerry McNerney and the Democratic Congressional Campaign Committee. Twitter, meanwhile, stopped its users from forwarding or privately sharing the Post’s article for a couple of hours. Now when you click on the story, Twitter gives you a disclaimer, as if you are ‘proceeding to an unsafe site’. It was, however, still possible to read and circulate the Steele dossier on Twitter, and to read and circulate the racist drivel of the Iranian regime’ leaders. Anyone with a brain can see what is going on in plain sight. The only reason Burisma would want to employ Hunter Biden is to buy influence with his father. So there are reasonable questions to be asked of Joe Biden, a presidential candidate. He is doing his utmost to avoid them. He is succeeding in this shameful evasion because the pro-Democratic media, which is most of the American media, are actively helping him. They refuse to ask him serious questions and promulgate his talking points as their editorial lines.
Read the whole thing. Abandoning the decentralized Blogosphere for the walled gardens of Facebook, Twitter and YouTube was a huge mistake, particularly for conservatives. Somebody should write a book about the reasons why.
UPDATE: “Social media executives are about to discover the Streisand effect.”
We are primarily funded by readers. Please subscribe and donate to support us!
🚨🚨🚨…. Twitter seriously LOCKED the WHITE HOUSE PRESS SECRETARY Kayleigh McEnany out of her Twitter account over the Hunter Biden NY Post story pic.twitter.com/dq7Kli6CnY — Memelord (@dailydigger19) October 14, 2020
Facebook, Twitter make editorial decision to limit NY Post Biden story // This is communist tyranny in the raw… t.co/HUtg0vVPDb — James Woods (@RealJamesWoods) October 14, 2020
Senator Ted Cruz (R-TX) discusses the ongoing Amy Coney Barrett confirmation hearings, reports from the Russia investigation and the big tech antitrust probe.
Related: Twitter Locks Account of Ric Grenell over Voter Fraud Warning.
They’re not even pretending anymore.
This makes them extraordinarily vulnerable to any challenge they can't suppress with groupthink, like a new pandemic, foreign policy crisis, economic meltdown or disaster. — wretchardthecat (@wretchardthecat) September 29, 2020
74% of voters also say they support the federal government breaking up large technology companies to reduce their power and increase competition and innovation


investmentwatchblog--2020-10-15--John Rubino: What Happens If No New US Stimulus?

Plus , why negative Interest Rates are disastrous for pensions , banks , insurance companies… John Rubino is the founder @ @ @ @ @ financial website DollarCollapse.com .
Mr. Rubino is the co-author , with GoldMoney ’ s James @ @ @ @ @ Bubble and The Collapse of the Dollar and How to Profit from It .
He @ @ @ @ @ on Wall Street as a Eurodollar trader , equity analyst and junk bond analyst .
@ @ @ @ @ he was a featured columnist with TheStreet.com and a frequent contributor to Individual Investor , @ @ @ @ @ Digest , among many other publications .
He currently writes for CFA Magazine .

Howe Street, Released on 10/13/20
Plus, why negative Interest Rates are disastrous for pensions, banks, insurance companies…
We are primarily funded by readers. Please subscribe and donate to support us!
John Rubino is the founder and manager of the popular financial website DollarCollapse.com. Mr. Rubino is the co-author, with GoldMoney’s James Turk, of The Money Bubble and The Collapse of the Dollar and How to Profit from It. He spent the 1980’s on Wall Street as a Eurodollar trader, equity analyst and junk bond analyst. During the 1990’s he was a featured columnist with TheStreet.com and a frequent contributor to Individual Investor, Online Investor, and Consumers Digest, among many other publications. He currently writes for CFA Magazine.


investmentwatchblog--2020-10-15--Amazon throws your returns into a shredder then a landfill

Hidden cameras and secret trackers reveal where Amazon returns end up A Marketplace investigation into Amazon Canada has found that @ @ @ @ @ liquidated by the truckload — and even destroyed or sent to landfill .
Experts say @ @ @ @ @ don ’ t end up back on the e-commerce giant ’ s website for resale @ @ @ @ @ .
Marketplace journalists posing as potential new clients went undercover for a tour at a @ @ @ @ @ destruction facility with hidden cameras .
During that meeting , a representative revealed they get @ @ @ @ @ Amazon returns , ” and that every week their facility breaks apart and shreds at @ @ @ @ @ Amazon returns , sometimes even up to three to five truckloads .

Hidden cameras and secret trackers reveal where Amazon returns end up
A Marketplace investigation into Amazon Canada has found that perfectly good items are being liquidated by the truckload — and even destroyed or sent to landfill. Experts say hundreds of thousands of returns don’t end up back on the e-commerce giant’s website for resale, as customers might think.
Marketplace journalists posing as potential new clients went undercover for a tour at a Toronto e-waste recycling and product destruction facility with hidden cameras. During that meeting, a representative revealed they get “tons and tons of Amazon returns,” and that every week their facility breaks apart and shreds at least one tractor-trailer load of Amazon returns, sometimes even up to three to five truckloads.
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www.cbc.ca/news/canada/marketplace-amazon-returns-1.5753714?utm_source=pocket-newtab


investmentwatchblog--2020-10-15--Researchers at Large Hadron Collider are confident to make contact with PARALLEL UNIVERSE

The astoundingly complex LHC “ atom smasher ” at the CERN center in Geneva , Switzerland , will be fired @ @ @ @ @ levels ever in an attempt to spot – or even generate – tiny black holes @ @ @ @ @ new universe will be exposed – modifying completely not only the physics books but the @ @ @ @ @ is even probable that gravity from our own universe may “ transfer ” into this @ @ @ @ @ the LHC say .
The experiment is assured to intensify alarmist critics of the LHC @ @ @ @ @ first warned the high energy particle collider would start the end of our universe with @ @ @ @ @ of its own .
But so far Geneva stays intact and securely outside the event @ @

The astoundingly complex LHC “atom smasher” at the
CERN center in Geneva, Switzerland, will be fired up to its maximum energy
levels ever in an attempt to spot – or even generate – tiny black holes. If
successful a totally new universe will be exposed – modifying completely not
only the physics books but the philosophy books too. It is even probable that
gravity from our own universe may “transfer” into this parallel universe, researchers
at the LHC say. The experiment is assured to intensify alarmist critics of the
LHC, many of whom at first warned the high energy particle collider would start
the end of our universe with the making a black hole of its own. But so far
Geneva stays intact and securely outside the event horizon.
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physics-astronomy.com/2015/10/researchers-at-large-hadron-collider.html


investmentwatchblog--2020-10-15--California Dept. of Public Health issues guidelines for private gatherings

California health bureaucrats missed the memo from WHO regarding lockdowns .
They are still in some form of lockdowns with restrictions in place in California .
And since their citizens don ’ t know any better , the bureaucrats have issued guidelines for how you conduct your PRIVATE gatherings .
Their guidelines apply to private gatherings , and all other gatherings not covered by existing sector guidance are prohibited .
Gatherings are defined as social situations that bring together people from different households at the same time in a single space or place .
From their web site : All @ @ @ @ @ @ @ a private gathering , as defined above , must comply with the following requirements .
Local health jurisdictions may be more restrictive than this guidance .
Gatherings that include more than 3 households are prohibited .
Gatherings that occur outdoors are significantly safer than indoor gatherings .
All gatherings must be held outside .
Attendees may go inside to use restrooms as long as the restrooms are frequently sanitized .
For any gatherings permitted under this guidance , the space must be large enough so that everyone at a gathering can maintain at @ @ @ @ @ @ @ ( not including their own household ) at all times .
Seating must provide at least 6 feet of distance ( in all directions—front-to-back and side-to-side ) between different households .
When gathering , face coverings must be worn in accordance with the CDPH Guidance on the Use of Face Coverings ( PDF ) , unless an exemption is applicable .
People at gatherings may remove their face coverings briefly to eat or drink as long as they stay at least 6 feet away from everyone outside their own household , and put @ @ @ @ @ @ @ as they are done with the activity .
Gatherings should be two hours or less .
Read all their guidelines here .
There ’ s a way to get around all these guidelines , though .
Just call your event a “ peaceful protest.
” Better yet , just wait until November 4 to hold a private gathering as restrictions may be lifted after the election .

by DCG
California health bureaucrats missed the memo from WHO regarding lockdowns.
They are still in some form of lockdowns with restrictions in place in California. And since their citizens don’t know any better, the bureaucrats have issued guidelines for how you conduct your PRIVATE gatherings.
Their guidelines apply to private gatherings, and all other gatherings not covered by existing sector guidance are prohibited. Gatherings are defined as social situations that bring together people from different households at the same time in a single space or place. From their web site:
All persons planning to host or participate in a private gathering, as defined above, must comply with the following requirements. Local health jurisdictions may be more restrictive than this guidance.
Gatherings that include more than 3 households are prohibited.
Gatherings that occur outdoors are significantly safer than indoor gatherings. All gatherings must be held outside. Attendees may go inside to use restrooms as long as the restrooms are frequently sanitized.
For any gatherings permitted under this guidance, the space must be large enough so that everyone at a gathering can maintain at least a 6-foot physical distance from others (not including their own household) at all times.
Seating must provide at least 6 feet of distance (in all directions—front-to-back and side-to-side) between different households.
We are primarily funded by readers. Please subscribe and donate to support us!
When gathering, face coverings must be worn in accordance with the CDPH Guidance on the Use of Face Coverings (PDF), unless an exemption is applicable.
People at gatherings may remove their face coverings briefly to eat or drink as long as they stay at least 6 feet away from everyone outside their own household, and put their face covering back on as soon as they are done with the activity.
Gatherings should be two hours or less.
Read all their guidelines here.
There’s a way to get around all these guidelines, though. Just call your event a “peaceful protest.”
Better yet, just wait until November 4 to hold a private gathering as restrictions may be lifted after the election.
DCG


investmentwatchblog--2020-10-15--The Market’s Invisible Guardrails Are Missing

If you have ever driven on California ’ s Pacific Coast Highway ( PCH ) , you understand risk .
For those that haven ’ t made the drive , you are missing out on a spectacular winding road perched between a steep cliff and the ocean well below .
Staying safe on this harrowing road requires strong driving skills and a good set of brakes .
Above and beyond what is in the driver ’ s control , the essential defense protecting drivers are the guard rails .
If the PCH were fortified with 20-foot concrete walls , the @ @ @ @ @ @ @ minimal but the incredible views lost .
Conversely , if there were no guardrails , the risks increase substantially .
A healthy compromise lies between these two extremes .
Investors also have the ability to employ guardrails in the market .
Sometimes they are large and protective .
Other times they are negligible .
Unfortunately , most investors have little appreciation for these invisible guardrails and which type of investors manage them .
In reality , the efficacy of market guard rails ’ should largely determine our risk-taking stance .
Before progressing , @ @ @ @ @ @ @ not thank Steven Bregman from Horizon Kinetics .
Steve brought the pitfalls of passive investing to our attention over six years ago .
Here is a LINK to a great speech he gave at the Grants Fall 2016 conference .
Also , Chris Cole and Mike Green have done substantial work in quantifying the risks associated with the increasing popularity of passive strategies .
The following LINK offers an outstanding interview of Mike Green by Grant Williams .
The market guardrails we allude to are based on the capabilities of active investors .
@ @ @ @ @ @ @ short review on passive and active investment strategies .
In 2016 , we wrote Passive Negligence , the first of many articles on this topic .
Per the article : “ Passive index strategies are all the rage .
Investors , desperate for “ acceptable ” returns are investing in funds whose value is directly linked to stock market indices .
Unlike active funds , indexed funds do not perform investment analysis and are not looking for sectors or companies that offer greater return potential than the market .
They do one thing @ @ @ @ @ @ @ equity index.
” In 2016 passive index strategies were “ all the rage.
” Today they are the market .
Active investors have become endangered species .
Due to poor relative returns and short-term thinking clients , many active professionals have been forced to become less value and more growth oriented .
Failing to adapt ultimately means business failure as clients flee to the growth/passive style .
Similarly , most individual active investors have similarly swapped active for passive strategies .
The graph below shows how value investors ( active ) have recently @ @ @ @ @ @ @ ) .
The duration and magnitude of value ’ s underperformance is unprecedented .
In the article five years ago we also wrote : “ In other words , the prices of underlying stocks will increasingly rise and fall together in correlation with the market and not based on their individual merits.
” Little did we know how profound those words would be .
In “ How to Find Value in an Upside Down World ” we show the following graph .
As of September 2020 , year to date returns were highest @ @ @ @ @ @ @ the smallest within the S & P 500 .
The return differentials are stunning .
As the saying goes , size matters .
It appears that size is that matters .
As we wrote , “ The S & P 500 and NASDAQ are market-cap-weighted indexes , meaning the largest companies contribute more to the index than the smallest.
” Ergo , when passive investors buy the index , they are mainly buying the largest companies .
Active investors seek out value .
While value investing is defined in many ways , it @ @ @ @ @ @ @ .
Conversely , they tend to sell assets that fulfill their valuation forecast and become overpriced .
Some active investors also short overpriced assets .
With that in mind , we present some graphs from the same article .
As shown , the companies with the best fundamental ratios had the worst performance .
From January to September , value was left for dead .
The only thing that seems to matter to investors is market cap .
These results demonstrate that value investors are not a viable force in the market .
@ @ @ @ @ @ @ are being overwhelmed by the growing preference for passive investing .
The graph below highlights the exodus from active to passive strategies over the last 12 years .
The obvious takeaway from the graph is the larger role of passive investors ( net inflows ) and the smaller share of active investors ( net outflows ) .
What is not obvious but of utmost importance to the health of the market are the repercussions of the dramatic shift taking place .
To help you understand the role active investors play , let ’ @ @ @ @ @ @ @ case .
From 2010 to late 2019 , Apple ’ s ( AAPL ) price to earnings ratio was between 10 and 20 .
In this case , it should be self-evident that active investors might generally view Apple as cheap at 10 and expensive at 20 .
By contrast , passive investors , are indifferent at any P/E .
As shown below , P/E gyrates in the range .
As it approaches the bounds , active managers get involved .
Their interest provides buying and selling pressure to regulate the range .
@ @ @ @ @ @ @ our example to uphold the range .
The graph shows that active investors may have lost enough market share in 2019 and could not provide their protective services .
It is important to note that there is little about Apple ’ s prospects to be giddy about .
Their earnings have been flat for the last five years .
In reality , active investors have many different views and opinions .
They also have different strategies and vastly different evaluations on rich versus cheap .
That said , the more active investors there @ @ @ @ @ @ @ to historical valuation norms .
In other words , active investors reduce volatility , and therefore risk .
Active investors are the guardrail .
Market and individual stock guardrails can be thick or flimsy .
Also , there is not one proverbial guardrail but many based on the differing opinions of active investors .
Regardless , the ability of active investors to provide a valuation check is purely a function of how powerful active investors are .
The question , therefore , is at what point passive investors negate the ability of active @ @ @ @ @ @ @ of Artemis , in his brilliant article “ What is Water ?
, ” helps put a number on our question .
When passive participants control 60 % + of the market the simulation becomes increasingly unstable , subject to wild trends , extreme volatility , and negative alpha .
In the real world , because the ratio between active to passive is not constant , the instability threshold will occur at a much lower threshold as investors shift their preference to passive in real-time .
The irony of the Bogle-head crowd is @ @ @ @ @ @ @ support passive investing while simultaneously failing to comprehend how the dominance of the strategy causes markets to become highly unstable and inefficient .
The most immediate realities are the ones that are the hardest to see… If you want to know when volatility will truly arrive , watch the shift in the medium .
The “ medium ” , in Cole ’ s terminology , is the balance between the roles of active and passive investors .
He computes that when passive investors are more than 42 % of the market , volatility @ @ @ @ @ @ @ .
As he writes , above 60 % , the market lacks guardrails .
Without guardrails , active investors have a considerable advantage as price becomes grossly detached from fundamentals .
The massive surge in passive strategies ’ popularity has pushed the market to the brink of instability .
Instability can result in price surges to unprecedented valuations .
It can also produce immense volatility and tremendous price declines , as we saw in March .
Volatility is here to stay as long as investor preferences remain the same .
There are no @ @ @ @ @ @ @ wealth accumulation .
Those guardrails have been temporarily put out to pasture in favor of the laziness of passive strategies .
Most troubling is that so few investors , many of which are heavily dependent on their investment portfolios , understand there are no guardrails for their wealth .
As you would drive on the PCH without guardrails , we recommend managing your wealth with the same attention .
This article is not a recommendation to divest and sit in cash .
However , it should serve as a warning that the hair @ @ @ @ @ @ @ surge afterward may not have been an anomaly but a preview of things to come .

by Michael Lebowitz and Jack Scott
The Market’s Invisible Guardrails Are Missing If you have ever driven on California’s Pacific Coast Highway (PCH), you understand risk. For those that haven’t made the drive, you are missing out on a spectacular winding road perched between a steep cliff and the ocean well below. Staying safe on this harrowing road requires strong driving skills and a good set of brakes. Above and beyond what is in the driver’s control, the essential defense protecting drivers are the guard rails. If the PCH were fortified with 20-foot concrete walls, the risks of driving the road would be minimal but the incredible views lost. Conversely, if there were no guardrails, the risks increase substantially. A healthy compromise lies between these two extremes. Investors also have the ability to employ guardrails in the market. Sometimes they are large and protective. Other times they are negligible. Unfortunately, most investors have little appreciation for these invisible guardrails and which type of investors manage them. In reality, the efficacy of market guard rails’ should largely determine our risk-taking stance. Credit Before progressing, we would be remiss if we did not thank Steven Bregman from Horizon Kinetics. Steve brought the pitfalls of passive investing to our attention over six years ago. Here is a LINK to a great speech he gave at the Grants Fall 2016 conference. Also, Chris Cole and Mike Green have done substantial work in quantifying the risks associated with the increasing popularity of passive strategies. The following LINK offers an outstanding interview of Mike Green by Grant Williams. Passive versus Active The market guardrails we allude to are based on the capabilities of active investors. Before explaining, it is worth a short review on passive and active investment strategies. In 2016, we wrote Passive Negligence, the first of many articles on this topic. Per the article: “Passive index strategies are all the rage. Investors, desperate for “acceptable” returns are investing in funds whose value is directly linked to stock market indices. Unlike active funds, indexed funds do not perform investment analysis and are not looking for sectors or companies that offer greater return potential than the market. They do one thing, and that is replicate a particular equity index.” In 2016 passive index strategies were “all the rage.” Today they are the market. Active investors have become endangered species. Due to poor relative returns and short-term thinking clients, many active professionals have been forced to become less value and more growth oriented. Failing to adapt ultimately means business failure as clients flee to the growth/passive style. Similarly, most individual active investors have similarly swapped active for passive strategies. The graph below shows how value investors (active) have recently fared versus growth investors (mostly passive). The duration and magnitude of value’s underperformance is unprecedented.
Passive in Action
In the article five years ago we also wrote: “In other words, the prices of underlying stocks will increasingly rise and fall together in correlation with the market and not based on their individual merits.”
Little did we know how profound those words would be. In “How to Find Value in an Upside Down World” we show the following graph.
As of September 2020, year to date returns were highest for the largest companies and lowest for the smallest within the S&P 500. The return differentials are stunning. As the saying goes, size matters. It appears that size is all that matters.
As we wrote, “The S&P 500 and NASDAQ are market-cap-weighted indexes, meaning the largest companies contribute more to the index than the smallest.” Ergo, when passive investors buy the index, they are mainly buying the largest companies.
Value
Active investors seek out value. While value investing is defined in many ways, it generally means buying assets they deem cheap. Conversely, they tend to sell assets that fulfill their valuation forecast and become overpriced. Some active investors also short overpriced assets.
With that in mind, we present some graphs from the same article.
We are primarily funded by readers. Please subscribe and donate to support us!
As shown, the companies with the best fundamental ratios had the worst performance.
From January to September, value was left for dead. The only thing that seems to matter to investors is market cap.
These results demonstrate that value investors are not a viable force in the market. The activities of those who are left are being overwhelmed by the growing preference for passive investing.
Active Guardrails
The graph below highlights the exodus from active to passive strategies over the last 12 years.
The obvious takeaway from the graph is the larger role of passive investors (net inflows) and the smaller share of active investors (net outflows). What is not obvious but of utmost importance to the health of the market are the repercussions of the dramatic shift taking place.
To help you understand the role active investors play, let’s consider a simple and somewhat hypothetical case. From 2010 to late 2019, Apple’s (AAPL) price to earnings ratio was between 10 and 20. In this case, it should be self-evident that active investors might generally view Apple as cheap at 10 and expensive at 20. By contrast, passive investors, are indifferent at any P/E.
As shown below, P/E gyrates in the range. As it approaches the bounds, active managers get involved. Their interest provides buying and selling pressure to regulate the range. Active investors have enough market share in our example to uphold the range.
The graph shows that active investors may have lost enough market share in 2019 and could not provide their protective services. It is important to note that there is little about Apple’s prospects to be giddy about. Their earnings have been flat for the last five years.
In reality, active investors have many different views and opinions. They also have different strategies and vastly different evaluations on rich versus cheap. That said, the more active investors there are, the more prices are grounded to historical valuation norms. In other words, active investors reduce volatility, and therefore risk. Active investors are the guardrail.
Quantifying our Guardrails
Market and individual stock guardrails can be thick or flimsy. Also, there is not one proverbial guardrail but many based on the differing opinions of active investors. Regardless, the ability of active investors to provide a valuation check is purely a function of how powerful active investors are.
The question, therefore, is at what point passive investors negate the ability of active investors to regulate markets.
Chris Cole of Artemis, in his brilliant article “What is Water?,” helps put a number on our question.
When passive participants control 60%+ of the market the simulation becomes increasingly unstable, subject to wild trends, extreme volatility, and negative alpha. In the real world, because the ratio between active to passive is not constant, the instability threshold will occur at a much lower threshold as investors shift their preference to passive in real-time.
The irony of the Bogle-head crowd is that they tout efficient market hypothesis to support passive investing while simultaneously failing to comprehend how the dominance of the strategy causes markets to become highly unstable and inefficient. The most immediate realities are the ones that are the hardest to see… If you want to know when volatility will truly arrive, watch the shift in the medium.
The “medium”, in Cole’s terminology, is the balance between the roles of active and passive investors. He computes that when passive investors are more than 42% of the market, volatility increases and active investors gain an edge. As he writes, above 60%, the market lacks guardrails. Without guardrails, active investors have a considerable advantage as price becomes grossly detached from fundamentals.
Summary
The massive surge in passive strategies’ popularity has pushed the market to the brink of instability. Instability can result in price surges to unprecedented valuations. It can also produce immense volatility and tremendous price declines, as we saw in March. Volatility is here to stay as long as investor preferences remain the same.
There are no longer guardrails on our winding road of wealth accumulation. Those guardrails have been temporarily put out to pasture in favor of the laziness of passive strategies. Most troubling is that so few investors, many of which are heavily dependent on their investment portfolios, understand there are no guardrails for their wealth.
As you would drive on the PCH without guardrails, we recommend managing your wealth with the same attention. This article is not a recommendation to divest and sit in cash. However, it should serve as a warning that the hair raising declines in March, and vertical surge afterward may not have been an anomaly but a preview of things to come.