Bitcoin: A Crystal Ball Or Luck? – OWTW

It’s no surprise a handful of clients and Insider members recently asked us if we should be worried about being fully invested and putting every bit of spare cash into the “equity market”?

The answer is no. We are staying clear of any security which is the subject of optimism let alone euphoria. As we have discussed many times before, there is plenty of value out there in the markets and sectors that have been discarded by the “crowd of popular thinking”.

We came across the following quote from Seth Klarman and it rings so true:

“As the father of value investing, Benjamin Graham, advised in 1934, smart investors look to the market not as a guide for what to do, but as a creator of opportunity.”


While on the topic of buying cheap stuff (and selling what’s expensive), we came across this tweet from Crescat Capital’s Tavi Costa:

As an aside, Jamie Keech has been doing a stellar job digging up (pun intended) gold deals for Resource Insider members. Their gold holdings are up 98% on average.


The following was posted by our good friend George Gammon:

From 1920 to the end of 1921 the German mark (their currency) appreciated against gold. Two years later it was toilet paper.

We share this with you because we think this is so instructive of how markets that exhibit asymmetry can play out — gradually, and then suddenly, to paraphrase Hemingway.


We live in a world where nobody does any fact-checking anymore. Nope. Fact-checkers are there to do that for you.

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Disclaimer: This is not intended to render investment advice. None of the principles of Capex Administrative Ltd or Chris MacIntosh are licensed as financial professionals, brokers, bankers or even ...

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