In This Issue:
An Update on Our Performance
A Modern Day Depression
The Value Crisis
The "New Deal" Experiment
Roosevelt's Redistribution
The Bernanke Ultimatum
Getting Real
Should We Be Worried?
Reducing the Risk of Outside Days
Portfolio Performance Analysis
My New Buddy Jack & Another Tennessee Christmas
The miserable environment of trench warfare experienced during World War I is the best description I can come up with to describe how difficult it has become to trade these markets. I have been actively trading the markets for many years and I can't remember a more challenging time. Most everyone I know in the business says the same thing and that includes experienced traders who were around during the 70's.
In this month's letter, I will try to prepare you for the economic events that are about to unfold as the Fed and Treasury go to war to flight deflation. It is the strong belief of Ben Bernanke and the Fed that deflation is enemy number one and should be aggressively fought with every economic tool in their arsenal.
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