Fleck's Thoughts

A reader was kind enough to send in a collection of his favorite "thoughts" from Bill, which are reproduced here.

There is always the possibility that some combination of events could produce serious weakness. I don't know what those events would be, I just know that markets can always surprise us.

We have to trade the market we have, not the one that we want.

The structure of the market has made me nervous for years, but all I can do is try to understand what might cause it to come unstuck. And try not to overreact every time it goes down for a few days.

The important point to know about manias is they only end once they exhaust themselves, which is another way of saying that they don't stop till they stop.

In a true crash-like event, I doubt much would be spared ex possibly gold. It would depend on the setup going into that moment.

Sometimes corrections are about price (gold), but some are about just letting time run off the clock, while others are both.

Even if inflation remains high, it may bounce around. I'd rather be short bonds then put on that spread trade, but that's me.

AEM is a great company and is the best big cap by a mile.

I don't like retail generically, and I especially don't like that sector now.

Metals are protection against fiscal and monetary mistakes that produce inflation and loss of confidence in currencies (and governments generically).

Metals are not a stock market put. Period. They work over time, not on any given day or week.

INTC is a classic example of how focusing on the share price can ruin a business.

The world we live in and the unserious but dangerous people running it are all net positives for gold.

The Fed never gets panicky until things get really ugly.

Investing is about analyzing, not being emotional. Emotions create losses.

He (Trump) has a number of policies that require contradictory outcomes to work, which is of course impossible.