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The Jailbreak Continues
Daily Rap 12-01-2023
The indices were marginally higher through midday and in the afternoon the market pushed higher, with the Dow/S&P gaining about 0.5%.
In company-specific news, Dell was forced to acknowledge that business was worse than it had expected, which matters because what it had to say dovetailed nicely with what CDW, Insight Enterprises, and PC Connections all reported in their recent conference calls (which you already know if you are reading Fred Hickey's letter). What these collectively mean is that we're very likely already in recession and spending on PC-oriented tech products is deteriorating rapidly, on top of the deterioration we've already seen.
In Short Order
I haven't brought up a lot of these negative data points because I haven't felt they...more
Last year's posts for Ask Fleck
Q: Hello Mr. Fleckenstein,
If gold keeps moving up, what will prompt you to reduce your metals/miners positions outside of company specific developments?
Will it be how they behave, positions get too large, monetary/fiscal/economic stuff, opportunities elsewhere, other?
Thanks.
Fleck: It will likely be the action of gold itself, but company-specific developments may matter.
I don't think I will be doing any meaningful cutting back until somewhere in Q1, but that is just my current guess. I will trade some stuff, but mostly I'll sit.
(posted: 12/1/2023)
Q: Heartfelt condolences to you on the passing of your mom.
Fleck: I am only posting one email in order to say that I received a lot of these, and to express my thanks to everyone for the kind thoughts.
(posted: 12/1/2023)
Q: Sincere condolences for your mom. What a time to live! Reflecting this week on the passing of her generation, and Munger, and Rosalyn, and Kissinger.
Fleck: Yes, from that perspective it was an interesting week, given the ages of all of them.
(posted: 12/1/2023)
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