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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: Good Morning Bill, how are you viewing this latest bounce in the equity markets; is it looking like a bear market rally?

Fleck: No, I wouldn't say that. I think it's still in the process of making a huge top. For now, bulls are back to partying, as the "yuan problem" has been solved in the minds of stock bulls.
(posted: 8/8/2019)

Q: Hi Fleck,

Thanks to you, I have taken positions in AEM, KL, PAAS, EQXFF, WDO which have been doing great. Thank you! I am thinking adding some other miners, do you have a few other names you think are worth adding?

Fleck: I have listed the ones I am involved with many, many times, and just did it a few days ago once again. Please try the search.
(posted: 8/8/2019)

Q: I love the last paragraph of today's RAP related to keeping your money. I have a post it note on my monitor that tells me not to fight the last war. I always feel a sense of comfort when I read it, especially during those days I am making more money than I ever imagined I would! However, calling a ceasefire on the last war is a little harder than I thought it would be, I remain skeptical and cautious of this rally despite all the success. Interesting how the bear market challenges have been replaced by new challenges of equal magnitude.

Fleck: Yes, it is amazing how the market tricks you, worried in a bull market and confident in the early stages of a bear market.
(posted: 8/8/2019)

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