Twenty-five years ago, without a high school diploma or even a day’s worth of training, I found myself working as a stockbroker. I know that sounds hard to believe, but it’s the God’s honest truth. My last job before entering The Street was as a warehouse manager where I stacked boxes, oversaw inventory, and managed a few employees. But on my own time — lunch break, at night, and any minute I could eek out in between – I studied the markets. The whole Wall Street phenomena fascinated me, which lead me to start an investing club that grew to over 100 members. That’s where I was “discovered” by an honorable man who owned a NYSE-member brokerage firm. At the ripe-old-age of 28 I took my self-taught financial acumen and entered the stock biz.
Unfortunately, this newbie salesman/broker stunk at the very lifeline to building a book of business: cold-calling. One hang-up and I was done for the day. Thankfully, my boss published an investment newsletter and suggested I try one, too. I had demonstrated some decent analytical skills and he thought that by putting my views in writing I might overcome my horrific phone talents. That’s how The Grandich Letter began.
The early letters were little more than my thoughts typed (as in, from a typewriter) on pieces of paper, mimeographed and given to mostly prospective clients
As they say, “one thing led to another,” and here I am twenty-five years later having spent those years in and around the financial industry. I spent far too much of that time being a legend in my own mind and turning the Ten Commandments into the ten suggestions. [You can read more about my background in my upcoming book, Confessions of a Wall Street Whiz Kid, to be published in 2010.] I had a couple of bouts of depression, one that took me to an eight count. Thankfully, through the Grace of Almighty God, I’ve been blessed by them and so many angels placed in my life that I’m living proof that Romans 8:28 is true: “We know that all things work for good for those who love God, who are called according to His purpose.”
Almost not a day goes by without me seeing why God put up with such a wretch like me. The knowledge He blessed me with was not to make my world a better place but to take the financial knowledge and trials I’ve lived through and share them in both my business and spiritual life. His manual for life, the Holy Bible, contains more versus about matters of money than just about any other topic. Thanks be to God, my selfish nature didn’t destroy me before I had an opportunity to see the true meaning of money and how God calls us to live with our finances.
This month is also the first anniversary of my newsletter becoming a blog through a working relationship with www.agoracom.com. It, too, has been a God-send, as it has taken my God-given abilities to a much faster and effective means of communication. It’s also allowed me to greatly expand my love of the markets and to share my views with a larger and larger global audience. While I’m extremely grateful for the performance, I know in my heart of hearts this sinner could never achieve this if the Creator of all things that are good didn’t allow it to happen. Praise God!
WHERE ARE WE?
“The distinction between the past, present and
future is only a stubbornly persistent illusion.”
- Albert Einstein
When I think back to my early years as a financial adviser, I quickly conclude how little I really knew. Experience is truly a great teacher. Unfortunately, some clients and readers back then must have paid for my learning experiences. That’s just one of the dark sides to the financial services industry. Proven experience is really a premium and, like anything that’s especially good, it usually comes in quality, not quantity.
One of the finest gentlemen I ever met in my professional life was newsletter writer Kennedy Gammage. I looked up to him like a father and he treated me like a son. He was a superb market forecaster and had a saying I adopted in order to remind myself and others about the realities of being a soothsayer: “Those of us who live by looking into a crystal ball end up learning how to eat broken glass.”
At best, someone like me can make a better “guess” and maybe be right more times than others. But not only do we put one pant leg on a time like you, we really don’t know the future. Only God does and I’ve come to think He must have a heck of a sense of humor knowing how us so-called soothsayers fumble and stumble our way to prosperity.
With this in mind, let’s do the easy part first – look in the rear view mirror. Take note: in order to move forward, one must first look in the mirror to see if the coast is clear.
It was just about two years ago when I made what so far is my most dramatic forecast in 25 years. On October 14, 2007, I issued a “Man Your Battle Stations” alert. I said to sell all stocks except those related to precious metals and shorted the U.S. Stock Market. This alert was hard for some to fathom since the DJIA had just made an all-time high only two days beforehand.
2008 would be the best year professionally for me but my worse year personally. Outside of sticking with junior resource stocks that got killed with the rest of the markets, my performance among many different markets was never better. Yet, shortly after celebrating the NY Giants winning the Super Bowl, I became so ill that taking my own life was a consideration. For six months I was in the battle of my life all the while seeing just about every forecast and recommendations do so well.
By September of 2008, the financial markets were facing the abyss. But for me, as quickly as my illness came, it went. Fortunately for me and the markets, we were both saved –again!
There’s good and bad news in all of this. The good? After 53 years, I finally get it. I’ve managed to learn how to spell H-U-M-B-L-E (by now I’ve got the H-U-M down, but do we ever really get the whole word?) The bad? It appears that despite visiting the edge of the abyss, Americans, as both a nation and as individuals, have not greatly changed their ways.
I believe we’re in the “eye of a storm.” To many, what we faced a year ago may seem like it’s gone, but the sum total of our many years of fiscal and political irresponsibility hasn’t even really begun to take its toll. Sadly, actions some hail as lifesavers will, IMHO, actually make our future worse.
After twenty-five years of providing advice, I can tell you there are only two types of advisers:
• Those who say what they think (even if it’s unpopular); and
• Those who say what they think you want to hear (and it sells).
One would think the world would flock to the former since most advisers are the latter. Unfortunately, there’s a serious bullish bias built into the financial services industry which I have coined the “Don’t Worry, Be Happy” crowd. I’ve compared these folks to a realtor who, after being tossed off the top of the Empire State Building, exclaims the whole way down, “So far so good!”
In my opinion, this bullish bias has led tens of millions of Americans to see their lives forever changed for the worse. Why? Because even if your financial advisor had the foresight to suggest selling just about everything two years ago, his or her employer would frown on such a suggestion. And, due to the advisor’s own financial needs (specifically, the fact that he/she only makes money when you’re investing with him/her), they would likely not be in a position to advise you to do so. Even if your advisor had suggested such a thing (assuming he or she was in the small minority of those who could still survive with little or no business), the sad fact is you probably would not bring yourself to sell because there’s a horrific bias that has us all of the mindset that you have to be “in it to win it.”
Before I talk about where we may be heading, I want to drive home one of the most important facts, IMHO, about investing. I’ve learned it the hard way more than once and seen so many fail because they couldn’t grasp it: the ultimate crime in investing is not being wrong, it’s staying wrong!
It’s critically important that you realize these are not ordinary times. What is unfolding before our eyes didn’t just pop up a couple of years ago. The ever-increasing amount of social, economic, political and spiritual difficulties facing us were seeded years ago and have been festering for years. For more than a year before the DJIA reached its all-time high in October of 2007, I was hammering the same line: that “Americans have been robbing Peter to pay Paul, and Peter is tapped out.” To drive the fact home, I embraced a man who I said was a true financial wizard and his campaign to warn America was the single most important thing investors needed to hear. I used this interview of his for many months afterwards, hoping to get listeners to realize exactly how bad things really were. Sadly, David Walker turned out to be absolutely correct. His latest video is yet another critical piece of information every single American needs to hear and grasp. I believe David Walker is a 21st century prophet.
To answer my own question, we’re in the eye of the greatest social, economic, political and spiritual storm ever to hit America. While the “Don’t Worry, Be Happy” crowd has given the “all-clear” signal, IMHO we’re just months away from seeing the other side of the storm. The fact that little or no real changes have taken place during the lull comes as no surprise to me. I find most Americans just “hoping” things get better. While hope is a tremendous gift from God, it’s the worst investment strategy and is employed by far too many investors and professionals alike. In the end, there are only three types of investors:
• Those who make things happen,
• Those who watch what happens, and
• Those who wonder, “What happened?”
Which one will you be?
“A pessimist is an optimist with more information.”
Just six months ago, investors on all levels were not even opening up their brokerage statements out of fear and disgust. Now, many of those same people are aggressively back in the markets. Sadly, like 9/11, the near financial meltdown is now being treated like a one-time event. The vast majority of professionals and investors alike are acting as if what took place was just a hiccup and not the plague many first feared. To those people I write an old phrase to be taken out again down the road: “Fool me once, shame on you. Fool me twice, shame on me!”
While being a perma-bear can be financially rewarding if you peddle hard assets, dry food, guns and ammo, cabins in West Virginia, etc., by and large it’s far more profitable and palpable to wear a perma-bull suit. Don’t believe me? Okay, turn on the TV or read a financial publication and tell me where just one perma-bull was taken to task for missing the biggest financial crisis in our history? Go ahead, I’ll wait…
The fact is, many of the very same people who are pounding the table to buy, buy, buy, and pounded the table in 2007, 1997 and so on, are still at it. Despite all the hoopla that “buy and hold” was given throughout the 1990s and again in the first seven years of this decade, stocks have greatly underperformed. What’s even more critical and almost never discussed (for fear the reality of it would kill the golden goose) is how much purchasing power has been lost by following these Pied Pipers. The tens of millions if not hundreds of millions who were sold this myth of buy and hold now see their retirement, child’s college education and their very lives in jeopardy because of it. Yet those very same people who led them astray are once again leading the sheep to slaughter. Like I said, fool me once…
“It’s better to be a live chicken versus a dead duck.” That’s the motto I proudly wear until further notice. Despite what the “Happy” people would like you to believe, these aren’t ordinary times. We didn’t just have an “ordinary” recession. We’re not experiencing an “ordinary” rebound. America is no longer the extra-ordinary economic power it once was.
In fairness to the Obama administration, America’s economic, social, political and spiritual crisis didn’t begin on January 20th. No one party is the cause and Americans themselves are all part of the cause. We’re a nation that has lived way beyond its means and can’t now just pay the bill and move on. There’s no magic cure. The longer we avoid the painful truth and avoid taking harsh measures, the tougher and harsher it will be when we finally realize there’s no other choice.
TOPICS OF CONCERN
While I have more concerns than Carter has liver pills, I’m going to focus just on a few main ones.
“I must say, I never expected to see the day
where I would be talking about anything
other than reducing the debt,
I’m running into the tyranny of zero,
which is where you can’t reduce (the debt) anymore.”
- Allen Greenspan
This comes from a man who many considered the second most powerful man in the world when he headed up the Federal Reserve. His predecessor took the baton and has greatly supported the greatest single period of expanding government debt in America’s history.
For many months now, I have encouraged people to watch this video hosted by one of my American heroes, Mr. David Walker. In 30 minutes, Americans can see not only how we got into this mess but what the ramifications can be if we don’t make the tough choices ASAP. Sadly, we’ve added another trillion or so to the bill since this video was made. America has become debt obese. Tragically, our current powers-that-be decided we could spend our way out of debt, which has only compounded the problem.
While much of our daily economic concerns centered on the national front, our state and local governments are hurting big time. California, one of the biggest economy’s in the world, is up a creek without a paddle.
Numerous other states are not that far behind.
Ironically, the one area the Obama administration spoke about in its earliest days as a means to stimulate and repair America, infrastructure, is literally crumbling all around us.
When I started in the brokerage business 25 years ago, I was told that if I wanted to be successful, there were three topics never to discuss:
• Politics
• Religion
• And other men’s wives
As a sinner who took the Ten Commandments and turned them into the ten suggestions, I ignored this advice as well from the get go. Like it or not, social, political and spiritual matters will impact your finances and must be spoken about no matter how politically incorrect it may seem.
A recent Pat Buchanan article shared many views similar to mine. A great divide is underway and to deny it would be equal to sticking our head in the sand – an event the “Happy” people specialize in.
The single greatest world event of our time is underway and almost no one in the financial community is remotely prepared for its consequences. It’s the ultimate politically incorrect belief I could discuss here but I believe it’s such a “game changer” that I’ll take the heat it will undoubedly bring by some knowing those who grasp and act on it will put themselves miles ahead of the pact. I first spoke about it in this past blog posting.
This world demographic shift will have profound impact on all aspects of life but as usual, the financial services industry either doesn’t know of it or if it did, wouldn’t dare discuss it fearing sales losses.
Last, but certainly not least on the geopolitical side of things is what I believe is the inevitable military attack by Israel against Iran that will be part of a dramatic ratcheting-up of violence in the Middle East. At the end of the day, Israel can’t allow Iran to possess a nuclear bomb. The “fall out” from them attacking Iran is far more palpable to them than knowing a madman who has called for their destruction has his finger on the button. This thinking is also politically incorrect but sadly it’s a question of when, not if, the Middle East dramatically impacts the financial markets.
No group of Americans has been more negatively impacted than seniors. The ability to live off interest rate-driven products has fallen so low most can no longer stay ahead of costs. Their assets have taken a big hit as well, thanks to the swoon in the stock and real estate market. And now their last “peace of mind” is being debated away as inexpensive and high quality medical care is no longer a certainty at a time when everything else around them is going against them. For the first time in America’s history, there are now more people over the age of 65 than there are people under 18. I believe as it becomes clearer that the only way to truly begin to put a dent in the unfunded liabilities of Medicare and Social Security is for the government to pay less and less, many seniors and their families will be facing some extremely challenging issues. Also, since seniors control most of the wealth in the nation and are very concerned about everything around them, look for them to become far more conservative in their investments. An aging population is yet another not if, but when big factors the world is not yet prepared to face.
Bottomline –
While America has backed away from falling into the abyss, it’s still dangerously close. Little or no real separation has taken place and even Regis Philbin has no more lifelines to save America. The sooner you accept your Uncle Sam for what he has become the better.
U.S. STOCK MARKET –
For many weeks now, I’ve spoken about a mini melt-up for U.S. Stocks. As more and more professional money managers and public-at-large conclude the market is getting away from them, the more convinced they should become that they must buy no matter how they truly feel about things. The media will fuel this thirst as we go through DJIA 10,000, which could allow us to get for my long awaited next great selling opportunity somewhere between 10,500 – 11,000. It was just about two years ago when I last issued a major sell. If we’re fortunate to get to this area, I don’t think we will then see a sharp fall like two years ago. Rather, a long sideways to down trend that I believe can last for years and leave us with a trading range of 6,500 to 11,000.
FOREIGN MARKETS –
I continue to find investors in North America way over-weighted in U.S. equities and grossly underweighted in foreign equities. You can never say definite or almost certain, but I find it very hard to imagine that U.S. equity markets can rise while markets like the BRIC and others don’t. I do believe it’s quite possible for the reverse. The worst case is they both go down but the U.S. should be among the worst performers.
U.S. BONDS –
I believe this report is a very accurate description of what has kept U.S. interest rates artificially low. I think it’s financial suicide to buy 10-yr. treasuries at 3.17%. Keep maturities very short.
U.S. DOLLAR –
Despite a few attempts to break above the top of a well-defined down channel, the horrific number of bearish fundamentals continues to bleed the dollar lower and to my long-term target of 70 on the U.S. Dollar Index.
PRECIOUS AND BASE METALS –
I continue to favor precious metals over base metals but believe both can be part of a portfolio. Gold remains in a secular bull market where, as previously noted, $1,000 will become the floor and not the top. Bear raids will remain a part of life but the great anti-gold crowd has forever been shown for what they really are: a paper tiger.
OIL –
We’re awash in it but a weakening dollar and for now a continuing uptrend in the stock market, continues to support oil. I do believe it’s only worth below $60 and continue to avoid any positions – bullish or bearish.
NATURAL GAS –
Has seen its low but looks like it can face heavy resistance above $6 for the foreseeable future.
Model Portfolio – It’s been an incredible first year for our blog and the result so far of my model portfolio.
On the open positions as of 10/7/09, 21 are up, one is down and one is flat. The average net gain is 46% in just a 6 month holding period (92% annualized).
There are currently 31 closed positions. 28 were profitable, two were not and one was flat. The average net gain was 41% in just a 3 month holding time (164% annualized gain).
Please note due to the inherent bias, I don’t include clients of ours in our model portfolio. Because Northern Dynasty Minerals and Taseko Mines weren’t clients when they were originally recommended, I chose to leave them in the model portfolio.
AND FINALLY…
Earlier today my good friend NFL Wide Receiver Chansi Stuckey was traded from the NY Jets to the Cleveland Browns. I know Chansi is really hurt by this as he absolutely loved the Jets, his teammates and being in this area. For me it will be a big loss not to see that energetic smile and willingness to help others leave the area but our loss will be Cleveland’s gain. God Bless you “Stuck”!
Peter, I just wanted to sincerely thank you again for all that you do. As I’ve mentioned in the past, yours was the first voice I heard that made me think that the news I got from the mainstream was not necessarily the whole truth. Here’s to another 25 years
The more I learn about PG the more I realize how blessed we all are for God using him in this period of time. I would like to know what well-known expert is as open as PG and talks about his failures as candidly as PG does? Most others would have you believe they never are wrong. That’s why I chuckle when someone comes here trying to throw Peter under the bus for actually picking losers. Imagine the nerve of PG to actually not be right all the time – Ha!
Peace to you PG and all you do.
Peter,
Congratulations!
Sounds like persistence and hard work trumps an ivy league sheepskin.
Regards,
Roger.
congratulations peter! Its things like this that are the reason I will be attending the summit in Vancouver on the 24th. btw that 3rd jihad video really opened my eyes and frankly it is frightening the way they think.
best regards,
Ryan
Peter,
you are an inspiration, without you the world would be much worse off. Thank you for all your guidance and most importantly for speading God’s will.
God bless.
Well written, Peter.
It is an honor to have you as a regular guest on my show. More importantly, it is a privilege to have you as a friend.
Al Korelin
Mr.Grandich,
this is by far, since i started coming to your blog, the best update i have ever read. You truly are a gift. May God be with you and bless you for all you do for us.
You are simply great peter. Your views are crystal clear.
A price of 60, 600, or 6000 dollars per barrel will not change the facts. Oil production has peaked globally and demand is on a relentless rise. Major producers are averse to taking more worthless dollars in trade for their precious, dwindling reserves. Energy is the source of all material wealth, so Americans can look forward to a world of hurt.
The Inherent Leverage In Gold Mining Issues
Indicators & Charts – An Exercise In Futility Considering Fundamentals
Remembering Once Again – The Scientific Experiment On The Monkeys
There’s more than a few sentences in Mr. Grandich’s message that strike a note of truth & Wisdom. One in particular is especially appropriate, that these are extraordinary times. For me it’s like shaking sense in my head, driving out the emotional aspects contained in Charts and indicators, returning to common sense thinking.
Perhaps you recall my mention the other day that the monthly range of the Major Gold Mining Indices has grown larger since the Major decline last year. This increased volatility holds potential for sizeable gains in the months and years ahead. Do you recall about six or so years ago when Gold gains were restrained to perhaps $3.00 per day? The daily and monthly fluctuations have grown ever larger. Today, 10.00 daily moves are quite common.
Gold’s Break clearly above the base holds potential for a dramatic rise and it could unfold quickly. It’s especially Bullish for Gold / Silver Mining issues by a factor of three or more. At times, Major Mining issues tend to make big moves relative to Gold and then fade back a bit relative to the other segements of the Precious Metals Sector.
For example, assume that a Gold Mining Company earns 10 cents a share and has a production cost of $750 oz. If Gold is priced at $1,000 per oz., $250 is the assumed profit. So each $250 rise in the price of Gold increases earnings by 100% flowing directly to the bottom line. So if Gold rises to $2,000 per oz. the mining company’s earnings per share increases from 10 cents to 50 cents. The share price should rise commensurately. This is an especially favorable operating environment for the precious metal miners with stable fuel and perhaps steel construction costs.
With Gold’s rise now clearly free from the base, if there was ever a favorable time to invest in the Precious Metal issues – THIS IS IT ! You can wait for the advent of this ‘New Commodity Currency’, but there’s an old market axiom – Buy The Rumor And Sell On The Word.
Put aside those charts, indicators and maybe even sentiment indicators too for now. Stay focused on fundamentals because indicators that have tracked true for years go awry when something fundamental causes a change. We could be looking at a period where indicators stay overbought for months and months. An inherent weakness in Charting / Wave Counts is that it’s easy to misjudge the size or complexity of waves, and they could end up much bigger than initially thought. Sure, we could see a violent correction shortly in the mining issues. It’s inherent in the sector, but the fundamentals are clearly with the Precious Metals and reward far outweighs the risks of a typical temporary correction which is all it would be if it occurs. From my perspective, It’s a favorable risk / reward decision to bet against the charts / indicators.
Still we would like some confirmation from the charts as to where we could be, and it’s more clear on Silver than Gold that we are in the ‘Third Wave Of The Third Wave’. That should be the midway point of the rise from last year. This should go on for another year, maybe longer, perhaps to the Congressional election in 2010 with the Precious Metals then consolidating once again. It’s not going to make much difference even if there is a Congressional change because the cake is baked well past, “The Point Of No Return”. The longer that the new International Trading Currency is delayed, the better it will be for us. Eventually all international trade settlements will demand the new currency from unfavored debtor nations.
There’s another point inferred in Mr. Grandich’s missive about ‘Taking Action’. You can have all the facts and knowledge before you, but if you don’t take action it’s wasted on lost opportunity. Unpleasant as it is, this is the time to take action before potential gains erode. Why is it unpleasant to “Take Action”? There’s an old story that goes like this……
Scientists were conducting a behavioral study of caged Monkeys. They were taught to feed themselves at will merely by pulling a lever. The Monkeys were well nourished, feeding regularly, and then the Scientists electrified the feeding lever. Quickly, the Monkeys realized that upon pulling the lever they received a painful electrical shock. After a while the Monkeys became malnourished and only pulled the handle to feed when faced with starvation. Clearly, it demonstrated to the Scientists that based upon past painful experiences the Monkeys were reluctant to take action and feed themselves preferring to slowly starve.
Just like the Monkeys, we all go through this syndrome at times, remembering past experiences when we pushed the electronic buttons or picked up the phone only to be burned. In a real sense, this is my hangup with charts and indicators remembering past times that I have ignored them only to be shocked and burned.
Happy 25th Birthday to your newsletter, Mr. Grandich, and many more to come.
Sincerely,
SGGroup
That was the best commentary on how to live ones life, I have ever read. Thank you, Peter
WOW!!! No make that WOW WOW!!! Some of the best analysis I’ve read in years. You da man Pete!
May you have another 25 only even better.
By the way in case anybody is keeping score, it’s Grandich 100 Nadler Minus a million. Nadler should be a poster boy for Mothers to be not to drink while pregnant.
Peter I smile as I sit here at my desk at work. I believe the Lord put a thought on my mind this morning about you as I was on my way to work…..but I was wondering how I would find the opportunity to share it because it was about faith and I try to stay on subject on your blog. Then I open your blog up first thing….and here praise God is my opportunity. Peter, I am sending this song and video your way…..I believe the thought in my mind so early this morning was meant for you. I sincerely hope you enjoy it…..if nothing else, its perky! I know I echo so many other’s sentiments as well when I say, God’s blessings be with your Peter!
http://www.youtube.com/watch?v=RJ1p1lTofOQ
Thanks Peter I will certainly be reading this more than once and it looks like I still have some changes to make in my life.
Susan Here’s my all-time favorite Christian song http://www.youtube.com/watch?v=3p4QGJ-w15Y It never fails to light me up. God bless!
Peter, you just blew me away. Fantastic analysis on all fronts. Markets do not occur in a vacuum – but you are one of the few market commentators (I assume there is another one somewhere) that have both the guts and the skill to incorporate economic, social, political, geo-political and religious realities into your analysis.
Best of all, you have no bias. You tell it like it is. Nobody owns you and that is the most valuable thing you bring to investors around the world.
Happy 25th Anniversary in the business and Happy 1st Anniversary With AGORACOM. Much like the growth of Web 2.0, you’re next 2-3 years will bring you a bigger audience than your first 25 years.
Onward and upward.
Regards,
George
congratulations peter on 25th anniversary edition ,
GOLD – the following written by Ed Steers of Casey Research today:
“Anyway, in my usual long conversation with Ted Butler yesterday, we were aghast over the stunning jump in open interest numbers for both metals. Are we concerned? Yes… but there’s always the possibility that the bullion banks could get over run and be forced to cover [then look out above!]… or they could simply withdraw from further shorting both gold and silver [then look out above!]. The issue of which way the precious metals market is going to resolve itself… a sharp, short, violent sell-off followed by blast off… or a blast off right from there, has yet to be resolved. But it will be resolved sooner or later… one way or another. At the moment, the latter possibility is looking good, but I’m still sitting on the fence… but, like you, dear reader, I’m enjoying the ride immensely.”
QUESTION for those bloggers “in the know.” The following was written about Gartman – can you put it in more user friendly terms for me. What exactly do you think was meant by the following??? Does this mean they are hedging their bets on gold?
“The Gartman Letter, while noting an upswing in gold interview requests, added a third ‘unit’ of gold on Tuesday, this time in US$… then today, TGL wrote $1,040 calls against their entire position.”
Peter,
Congratulations on 25 years! Great stuff and keep it up! I find that practical experience is far more important in life than a PhD from Harvard.
Congratulations, Peter – all my best.
Susan,
Sounds like they bought more gold, but are not expecting a strong run up. Writing covered calls is considered a mildly bullish position – you think it’s going up, but not too much, so you make a little extra money by selling calls. Seems like they wrote the calls a little early.
Unbelievable, you continue to amaze me, Congratulations, Peter. For all of us here, I can only hope for another 25 years.
To all who follow Peter’s blog:
You may recognize my name, as I have been truly blessed over the past nine years to work alongside Peter. He doesn’t refer to me as his “assistant” because he thinks I might find that demeaning; he calls me his “marketing gal.” I have had the pleasure of reading every word Peter’s written in this century. You sometimes see my name as a poster instead of George or Peter because when he’s out of the office, Peter may call and ask me to make or update a post for him.
That said, I have to tell you that the Peter I work with is exactly the same Peter you read every day. He’s the real deal – no facade here. He’s one of the smartest, wisest, funniest, most humble and generous men you will ever meet. After almost 10 years, I am still amazed by his ability and still laugh at his dumb jokes.
Happy 25 years, PG. I am honored to have been a small part of them.
Jo
Peter,
That was a riveting read. Thanks for your honest and accurate insights and congratulations on 25 years.
Peter, really enjoyed all the comments and your current update. I have a ton f respect for you. We believe alike. i emailed you when things were really tough for you, and you emailed me back. I,m so happy everything is good now. Keep up who you are, and I know you will. God Bless, Bonnie from Canada
Peter, I really enjoyed the video and I too love that song. I just watched it for the 2nd time with my husband after a long hard day with a glass of wine. It doesn’t get any better than that. Thanks for sharing it…..I can only imagine!
Peter, I concur with all the positive responses to your update. Please allow me to also add my thank you for the work that you do and the guidance you provide.
Hearty Congrats Peter and thank you for the great insights you provide us!!!…best wishes from India
I have witnessed Peter’s travel through this vale of tears for 23 of the past 25 years and I am probably one of his longest-term proponents. His integrity is unquestioned and his word is more solid than the gold that he writes about.
He claims that he has to learn how to spell H-U-M-B-L-E…….. I say, “Humbug!!”
With all of the flash that you may witness with the “public” Peter, I can assure you that he has helped may people in significant ways – without being asked and he does it quietly. That is humility, Peter.
Peter, you are good man personally, professionally and religiously.
Keep up the good work. As long as you are in this business, you keep the bar raised high for the other commentators to measure themselves by.
Peter
Very interesting reading, I think your right on target. Hopefully Americans will get back to the basics where God, Country and Family come first.
Pete,
It seems like yesterday I heard a President say “Read my lips, no new taxes”. We all know what happened after that.
Old Chinese saying; “The more things change, the more the stay the same”.
Congratulations on your 25th year old friend.
Mike N