Fleck's Thoughts
A reader was kind enough to send in a collection of his favorite "thoughts" from Bill, which are reproduced here.
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Silver is going to be insanely volatile. That is what it does.
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All of us finance types have an opinion on all things COVID-related, since it impacts the economy and the markets, but it doesn't mean that any of us are correct.
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They [the Fed] think they have push-button control of everything. They just don't understand human nature at all.
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Silver is more volatile (than gold) and thus has bigger price swings and more risk, always.
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Just because the market doesn't do what you expect it to, does not mean that it is manipulated...Although, gold does get pushed around at times.
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The only way you get good at investing is by making mistakes and learning from them. Your victories tell you very little. The better you get at controlling your mistakes the more you'll put yourself in a position to succeed.
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When I say gold is just a price, I mean that there are not a lot of fundamentals that matter on a short-term basis, except price - not that it has no value. It always rallies in a way that frustrates a ton of people. You can't compare the stock market to gold...One is inflated and warped by indexing, and the other isn't.
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The vast majority of investors still think that inflation is transitory and therefore of no consequence. "Transitory" is extremely unlikely to be the outcome and I never thought that something this obvious would be so hard to get people to understand, but that is the case. Having said that, there have been many, many times in my investment career that the obvious has been overlooked for longer than it would seem that it should.
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MarketWatch is beyond worthless. The Fed is public enemy #1. The bursting bubbles slowed growth and inflation, and the misallocated capital and QE helped ruin the middle class.
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Exhaustion is essentially binary, whereas changing the minds of everyone who has concluded that inflation is impossible, which is the vast majority of investors, does take time.
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You must play the hand you have, not the one you wish you had.
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Avoid stress as much as possible, but that is way easier said than done.
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The SEC doesn't care about anything, particularly market manipulation.
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I have just avoided China because I never trusted any info from there.
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Transitory is a fantasy.
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We continue this epic can-kicking that most likely can only end permanently when the bond market disciplines the central bankers -- whenever that may be.
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I went from short selling to metals without ever having planned to...events dictated my choices.
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Bitcoin is driven by the madness of the crowd, as has happened in countless previous manias.
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I use market orders because I don't want to miss getting an execution by a penny or two when I want to buy or sell. I want to get the trade done and not miss it.
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What I believe is that the Fed won't stop trying QE until the bond market stops them. They can pause it and try to unwind it, but as we have seen in the last 10 years they can never quit QE as a policy. They think it works.
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The fantasies that have come to light in the last stages of this epic bull market are literally not believable, but they are true.
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