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In my book Panic, Prosperity, and Progress, I dedicated a chapter to the famous Hunt brothers silver squeeze of 1979. I won’t recount it here (buy the book instead!) but suffice it to say that their attempt to corner the market pushed silver from about $6.40 to over $40 in the span of a year. In the end, their attempt would fail, and it would bankrupt one of the richest men in the world.
The entire stock market is blasting higher, as usual, but my 30 short positions are, on the whole, producing profits for the day. Hail to the U.S.S. Defiant!
If you want a sense where the equity market is at, look no further than this week’s entire IPO roster.
No products. No innovation. Certainly, no revenues or profits. Just blind speculation. Enough said.
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