This is my final newsletter. While it was a worthwhile personal effort to invest my time in preparing a monthly document on the markets and the economy for interested readers, the number of paid subscribers just did not rise to the level to make this business endeavor a profitable one. So with a bit of regret, I write this with the lasting belief that there were one or two nuggets within my words that helped make a positive difference in the investment selections and actions you may have undertaken over the past year.
The year 2017 has been a memorable one. From a markets perspective it defies logic for this seasoned investor. I began buying and selling stocks in the early 1980’s. The ebbs and flows I have seen during the past 35 or so years have included some incredible changes. They have been invaluable lessons for me, an education that was self-taught and borne of a simple passion to solve the puzzles of the equity markets, and to do so profitably. While the journey has been wild, I have been fortunate enough to achieve the peace of mind that comes with doing what you are most happy with in life and to have done so profitably.
I initially planned to write a comprehensive final report that covered in detail the market and economic factors that help me form a perspective on what the future may hold. After pondering this for quite a while, I changed my mind. Why did I do so? Because, the substance of what I would have written would convey the same over-riding view that I have expressed before; we are in a dangerous and highly over-valued market, a perspective that is supported by fact and history. You should know that if there are elements of the market or the economy that you would like me to write about and share with you directly, please know I would be happy to write to you individually to ensure my last newsletter ultimately meets with your expectations, even if in more than one communication.
So, what am I going to write about that I believe is meaningful and worthy of a final sharing of the ideas that run through this mind? Clearly, it is about the Blockchain and the phenomena known as Crypto-Currencies. I believe we are at an inflection point in history, and the substance of that perspective deserves to be the headline and the entire theme of this closing missive. I hope you enjoy it!