Trends & Tail Risks

THE MESSAGE OF GOLD

By Lewis Johnson – President, Co-Founder & Partner  |  March 23, 2016 “It takes 15,000 casualties to train a major general.” – Ferdinand Foch “Revolutions are good times for soldiers of talent and courage.” – Napoleon “Thus it is that in war the victorious strategist only seeks battle after the victory has […]

FRANCO NEVADA: THE ART OF STOCK SELECTION IN THE GOLD SECTOR

By Lewis Johnson – President, Co-Founder & Partner  |  March 9, 2016 “Prepare for the unknown by studying how others in the past have coped with the unforeseeable and the unpredictable.” – Patton “Forewarned, forearmed; to be prepared is half the victory.” –  Miguel de Cervantes  “The secret of all victory lies […]

FED RATE HIKES ARE A MISTAKE

By Lewis Johnson – President, Co-Founder & Partner  |  February 24, 2016 “A machine for making revolutions is doing precisely the wrong thing at just the right time.” -Thomas Jefferson “But today we have involved ourselves in a colossal muddle, having blundered in the control of a delicate machine, the working of which […]

IF SOMETHING CANNOT GO ON FOREVER IT WILL STOP

By Lewis Johnson – President, Co-Founder & Partner  |  February 10, 2016 “Lead the ideas of your time and they will accompany and support you; fall behind them and they drag you along with them; oppose them and they will overwhelm you.” -Napoleon “Nothing in life is so exhilarating as to be shot at without […]

NAVIGATING ORWELLIAN MARKETS

By Lewis Johnson – President, Co-Founder & Partner  |  January 27, 2016 “…his heart went out to the lonely, derided heretic…sole guardian of truth and sanity in a world full of lies.” – George Orwell’s 1984 “You are the last man,” said O’Brien.  “You are the guardian of the human spirit.”  – George […]

CHINA DEFLATIONARY WILDCARD: LESSONS FROM THE PAST

By Lewis Johnson – President, Co-Founder & Partner  |  January 13, 2016 “Everything tends towards catastrophe and collapse.  I am interested, geared up and happy. Is it not horrible to be made like this?” – Winston Churchill in a letter to his wife during the build up to the First World War […]

INVESTING SAFELY IN AN UNSAFE WORLD

By Lewis Johnson – President, Co-Founder & Partner  |  December 30, 2016 “It ain’t what you don’t know that gets you into trouble.  It’s what you know for sure that just ain’t so.” -Mark Twain “Shut up!  Shut up!  I am busy!” -Message of the Titanic’s radio-operator to the ship radioing a […]

JUNK BOND TURMOIL: THE AGE OF CONSEQUENCES

By Lewis Johnson – President, Co-Founder & Partner  |  December 16, 2015 “The era of procrastination, of half-measures, of soothing and baffling expedients, of delays is coming to its close.  In its place we are entering a period of consequences.” -Sir Winston Churchill “Ability is nothing without opportunity.” -Napoleon “There are no […]

BOND MARKET: TURNING JAPANESE?

By Lewis Johnson – President, Co-Founder & Partner  |  December 2, 2015 “Anyone who isn’t confused doesn’t really understand the situation.” -Edward R. Murrow “I have abandoned free market principles to save the free market system.” – President George W. Bush on the reasoning behind massive government intervention in the markets in […]

INTERPLAY OF CYCLES: INVENTORY RESTOCKING VS. LONG-TERM DEBT CYCLE

By Lewis Johnson – President, Co-Founder & Partner  |  November 18, 2015 “Only a fool learns from his own mistakes.  A wise man learns from the mistakes of others.” – Bismarck “Everything tends towards catastrophe and collapse. I am interested, geared up and happy. Is it not horrible to be made like […]

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