I read a lot. I used to write more than I read, but that fluctuates. With each passing day, as I absorb news and commentary, I am increasingly convinced how backwards we’ve gone since the silly little book shown below was a bestseller.
It’s a tired trope, I realize, for some middle-aged guy to be jabbing his finger at the news and saying the world’s gone crazy, but that’s where I’m at. It’s even worse to think that, for every dollar someone earns, they’re allowed to keep almost 50 cents while the rest gets ripped away and given to all forms of feckless government, is appalling.
Anyway.
Speaking of the government, todays’ mega-event is the pointless interest rate cut by Generalissimo Powell and his cos-play theatre with the reporters afterward. As is typical, equity futures are absolutely going nowhere right now (as I’m typing this, the /ES and /NQ are each collapsing by 0.01%). The Dow Industrials futures, shown below, are blasting 0.09% higher. It’s a total snooze-fest until the (again, pointless) news about interest rates comes out and the market gets to spasm two hours while it figures out what to do with the news.
I shorted GLD and GDX yesterday, as I described in my premium post, and even bought some DUST for good measure. Gold is down $18.50 as I’m typing this, which is a baby step in the right direction.
The miners are down nicely as well. So at least there’s one market doing a little bit of something.
Oh, and you probably heard that fabled 1970s heartthrob Robert Redford died. My main affection for the man was that he directed Ordinary People. I would like to extend my congratulations to Parade magazine for the single tackiest article about the man’s death.
I actually had breakfast with the guy once. Well, only in the strictest sense. You see, I had just sold Prophet, and the acquiring company, Investools, was holding a management conference at the Sundance Resort, which was a really charming place in the Utah wilds. I
stayed in my own cabin there, and on the first morning I clomped through the February snow and wandered over to the rustic restaurant. As I was eating my breakfast alone, a good-looking but rather short man also came in for breakfast and sat down by himself at the table next to mine. Yep, it was Robert Redford, who owned the place.
I didn’t ask him what his net worth was. I let us both dine in peace.
