When Every Lot Is Odd
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The Contest of Supply Versus Value
SIC and Amanda’s Stroke Recovery

A tsunami is a wall of water that wipes out everything in its path, typically caused by earthquakes. But first, the water actually disappears from the usual shoreline, leaving land where there should be sea.

A tsunami is a wall of water that wipes out everything in its path, typically caused by earthquakes. But first, the water actually disappears from the usual shoreline, leaving land where there should be sea.

If you are on the shore and see that happen, the correct response is to run for high ground. Tragically, though, people often rush toward this new and unusual sight. It’s hard to blame them; we humans are drawn to the unknown. This impulse explains much of our progress, but it has costs, too.

Right now, the stock market is in the land-where-there-should-be-sea phase. What we don’t know is when the wave is coming. Maybe there’s time to venture out and see what treasure was hidden beneath the waves... or maybe not. Prudence would suggest that we go searching for treasure on higher ground.

This is an age-old investor conundrum. How do you balance risk and reward? You have clues, but you can’t be certain of what is coming, or when it will arrive, or what it will look like. You know you need positive returns, but you also need to avoid major losses. The answers are never easy. You take your chances, no matter what you do. Today we’ll see what some of my favorite market wizards see on the horizon.

First, I’m pleased to announce the Strategic Investment Conference ticket counter is officially open. We are only two and a half weeks away from (virtual) curtains up. I can hardly wait, and I think once you see our all-star list of 45+ presenters and panelists, you will feel the same. We have pretty much wrapped up our faculty and agenda—now we are down to the last details.

I’m going to give you a quick list of some names you know. But just as important, the names that you don’t know are going to be the ones that will simply amaze you. My team and I have spent countless hours listening to videos and working our contacts to assemble an incredible fountain of knowledge over the five days of the conference, just for you.

By the way, you’ll know many of the names but take note of the new ones, too. Trust me: I have good reasons for bringing them. Think of them as undiscovered gold.

Alphabetically: Ron Baron, Peter Boockvar, Ian Bremmer of the Eurasia Group, Danielle DiMartino Booth, former Dallas Fed President Richard Fisher, George Friedman, Louis Gave of Gavekal, Karen Harris of Bain, Lacy Hunt and Jim Bianco in conversation, Ben Hunt and John Hussman in conversation, Constance Hunter, chief economist for KPMG, former GE CEO Jeff Immelt, Doug Kass interviewing Byron Wien (whom he calls the greatest strategist of all time) and Jerry Jordan (whom Doug calls the greatest trader of all time), Joe Lonsdale (co-founder of Palantir and a major venture capitalist), Dr. Mike Roizen and an all-star COVID panel, David Rosenberg of course, David Rubenstein, chairman of the Carlyle Group, Liz Ann Sonders of Schwab, Bill White (former BIS chief economist), Cathie Wood of ARK, and the absolutely brilliant Felix Zulauf. Plus several dozen more.

My team and I have spent countless hours and a lot of elbow grease creating an event that, I believe, will wow both seasoned SIC fans and first-time attendees. We added even more panels and fireside chats, plus an extra half-day of programming... all for the same low price as last year. Order your discounted SIC 2021 Pass here.

Now on with today’s topic.