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"There are no new eras; excesses are never permanent." --Bob Farrell (Rule #3)
TIPPING POINT: BUY LTPZ
TIPPING POINT: BUY LTPZ (July 31, 2026): As I had described in my recent postings, U.S. government debt has become unusually undervalued, with many U.S
"Excesses in one direction will lead to an opposite excess in the other direction." --Bob Farrell (Rule #2)
THE FORGOTTEN BUBBLE
THE FORGOTTEN BUBBLE (July 28, 2026): I have discussed numerous assets which reached bubble status during the past year and which have entered what will become
"With every new wave of optimism or pessimism, we are ready to abandon history and time-tested principles, but we cling tenaciously and unquestioningly to our prejudices." --Benjamin Graham
BUY TLT AND EDV
BUY TLT AND EDV (May 18, 2026): TLT is a fund which invests in U.S. Treasuries and which consists of U.S. government debt averaging 25.70 years to maturity
"The intelligent investor realizes that stocks become more risky, not less, as their prices rise—and less risky, not more, as their prices fall." --Benjamin Graham
DXY UP, GOLD/SPY DOWN
DXY UP, GOLD/SPY DOWN (April 20, 2026): Whenever any asset has made an extended move in one direction, and is about to make a huge move in the opposite
!["But just months later, swept up in the wild enthusiasm of the market, [Sir Isaac] Newton jumped back in at a much higher price and lost £20,000 (or more than $3 million in today’s money)." --Benjamin GrahamPhoto, wide shot, wide-angle lens, soft focus, Quarry, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Sebastião Salgado: https://oaidalleapiprodscus.blob.core.windows.net/private/org-IbuNdCATsFaPOITjFOv2kJh3/user-AXaxqjBUW45D8BadJEo9mUpW/img-YQuR80w6IvxjemEoWYDXbEZo.png?st=2023-10-15T10%3A03%3A37Z&se=2023-10-15T12%3A03%3A37Z&sp=r&sv=2021-08-06&sr=b&rscd=inline&rsct=image/png&skoid=6aaadede-4fb3-4698-a8f6-684d7786b067&sktid=a48cca56-e6da-484e-a814-9c849652bcb3&skt=2023-10-14T14%3A03%3A01Z&ske=2023-10-15T14%3A03%3A01Z&sks=b&skv=2021-08-06&sig=/3q45HS%2B7KQiNIRh0W63diwmt7u%2BeQQMkMTkhvmYMtE%3D](https://www.sharewise.com/rails/active_storage/representations/proxy/eyJfcmFpbHMiOnsiZGF0YSI6NzA1NzQ2MCwicHVyIjoiYmxvYl9pZCJ9fQ==--b5ed862b9ef4853231b80ecc9789c9a0f863a55a/eyJfcmFpbHMiOnsiZGF0YSI6eyJmb3JtYXQiOiJwbmciLCJyZXNpemUiOiIzNTB4In0sInB1ciI6InZhcmlhdGlvbiJ9fQ==--e9f9df916cd0c94213bf1ed72aa6621e3bf605c9/3q45HS-2B7KQiNIRh0W63diwmt7u-2BeQQMkMTkhvmYMtE-3D.png?locale=us)
"But just months later, swept up in the wild enthusiasm of the market, [Sir Isaac] Newton jumped back in at a much higher price and lost £20,000 (or more than $3 million in today’s money)." --Benjamin Graham
REVERBERANT REVERSALS
REVERBERANT REVERSALS (February 8, 2026): We have become conditioned by society to want to "turn over a new leaf" each time we approach and enter a new