Often wrong, never in doubt. – Bill Fleckenstein

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Fleck's Thoughts

Ask Fleck

Q: Are you still short SBUX? If so, do you plan to hold through the earnings date (day after the election). I own OTM puts and am concerned that if there aren't election fireworks, even with a poor earnings report, I could see a lot of my premium go up in smoke. Do you believe my concerns are in the right vein of thinking?

Q: Hi Bill,

Knowing your thoughts on inflation, do you own any bonds?


Q: Hello,
When I read this open letter my head is spinning:

Who is playing us?

Q: Hi Fleck,

In the latest End Game episode, Felix says you either lose little or lose big, and if you win big you'll get taxed away. How much do you buy into that argument?

Thank you.

Q: Hi Bill,

Another splendid interview with Felix bringing a remarkable long view to our increasingly challenged macro environment. I'm worried that you guys are going set up your own financial network and drop this newsletter.

Q: Good morning Bill,

I'm having trouble finding various miners Q3 earnings release dates, would you direct me?

Thank you, as always.

Q: Hey Bill,

I have a feeling Mr. Skin has probably noticed this, but we've had several days in a row now of late afternoon weakness in the SPY. Given it has coincided with a post-ramp job reversal in some of these speculative momentum names (PTON, ZM, ETSY, I could go on), maybe finally be a sign of some exhaustion...or maybe just de-risking ahead of the election. Either way, maybe we get a hard correction here into early Nov.

Q: For investors without your degree of sophistication and knowledge, do you think it would be more prudent to buy GDX vs a basket of miners from oh say your favorite's list. If this is too close to personal advice, I certainly understand and you can just delete this question.

As always think you for your insights.

Q: No dollar oversold bounce of 5% or so on the horizon?

Q: I'm about as full as I can be as to my miner positions, but I actually don't own and KL. I do own Wallbridge, do I have a pretty solid de facto position in KL via that or is that being too cute?

Q: Fleck--It seems gold is trading along with the market--Do u think a good drop in the market (which we r way overdue for) will take gold with it? Thanks as always

Q: Considering Felix Zulauf's mention, on your excellent "End Game", of not being bullish on gold for several months, and the fact that as of this morning (Thursday) MSA's gold and GDX targets aren't met, it seems logical to sell miners' positions until the market re-rallies. The election, it's aftermath and the stimulus "game" all spell caution to me, having sold all positions on Monday & Tuesday, retaining physical bullion.

Short of missing an unpredictable "line job", the risk/reward seems acceptable to me. I suspect you disagree. May I ask why, if that is the case.

Thank you, as always.