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Central Banks and Their Failed Policies

Daily Rap 08-09-2019

Last night Uber reported, and it was as good an example of what the failed policies of NIRP, ZIRP, and QE lead to as any. I'm sure many readers of this column love using Uber, as I do, but to value an entity at $70 billion that loses $5 billion in one quarter, with the kind of market penetration it already has, just shows you what misallocated capital can do.

Taken For a Ride Quite frankly, there are even more egregious examples, although less well known, and perhaps not as big. In other words, there are plenty of other companies with smaller market caps that have no hope at ever achieving reasonable levels of profitability commensurate with their valuations, but I like to use Uber as an example because of its ubiquity.


Last year's posts for Ask Fleck

Q: If the yuan adjustment was a shot across the bow as Grant’s friend suggested that it might be, wouldn’t that suggest that we are engaging/engaged in a currency war and therefore be bullish for precious metals? Thanks for your insight.

Fleck: It's bullish for metals, but there may or may not be lots of additional yuan fireworks.
(posted: 8/9/2019)

Q: Do gold and/or silver miners find much nickel as a byproduct?

Fleck: No, not that I am aware of.
(posted: 8/9/2019)

Q: GLD, SLV, GDX, GDXJ, SIL, TLT all going from red up towards green.
SMH +2.4% @~113. Time to go long SMH Nov-Dec puts?

Fleck: It may turn out to be the case that this is a good time to act, but the reasons you have just cited would not cause me to do anything.
(posted: 8/9/2019)

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