Skip to main content

This "Unprecedented" Fiscal Doom Loop Is Getting Worse: Larry Lepard

 Friend of Fringe Finance Lawrence Lepard released his most recent investor letter this week.

I believe Larry to truly be one of the muted voices that the investing community would be better off considering.

Larry was kind enough to allow me to share his thoughts heading into Q4 2023.

This is Part 1 of this letter, Part 2 will be published tomorrow.

QUARTERLY OVERVIEW. It was an interesting quarter.

This was not matched by the prices of crude oil and commodities, both of which were strong, and the bond market had a bad quarter as rates continued to rise across the curve.

As we have said before, we manage the Fund aggressively, and in bear markets for gold stocks, we expect that we will do worse than GDXJ. However, we also want to point out that the converse is true in bull markets; in 2019 EMA was up 98% vs. the GDXJ which was up 40%, and in 2020 EMA was up 122% vs. the GDXJ which was up 33%. We believe that when this market turns, the results will be similar.

https://quoththeraven.substack.com/p/this-unprecedented-fiscal-doom-loop

Comments

Popular posts from this blog

Fauci Files Reveal Pfizer Helped Biden Rig 2020 Election

 Pfizer secretly colluded with Joe Biden's team to help him rig the 2020 election against Trump, according to new Fauci documents. In his new book, "On Call," Fauci admits that Albert Bourla, the CEO of Pfizer, called him the night after Biden was declared the winner of the election, to inform him of Pfizer's "Game-changing results" from the rigged mRNA trial. "On November 7, after the absentee ballots were counted, Joe Biden was declared the winner of the presidential election. It was the very next night that Albert Bourla, Pfizer's CEO, called me away from my neighbors' fire pit to inform me about the game-changing results from the Pfizer mRNA vaccine trial. I finally thought we had truly turned a corner in defeating this terrible disease." Today reports: In another interesting tidbit, Fauci discusses Trump's FDA Commissioner Stephen Hahn declaring that he would not go along with the Trump Administration's plan to roll out the vac...

Republicans Withdraw $1 Billion From BlackRock Due To Its ESG Policies

  Multiple U.S. states governed by Republicans are withdrawing state funds from BlackRock's management, as they disapprove of the ESG investment policies of the world's top asset manager, the Financial Times reports. In recent weeks, Louisiana, South Carolina, Utah, and Arkansas have announced they would divest funds from... For months now, Republican states have said they would not do business anymore with asset managers who have ESG-aligned investment policies, which, the states say, show that those financial firms are boycotting the oil and gas industry. Texas is leading the campaign against this movement The Lone Star State published a list of financial firms that could be banned from doing business with Texas, its state pension funds, and local governments. https://oilprice.com/Latest-Energy-News/World-News/Republicans-Withdraw-1-Billion-From-BlackRock-Due-To-Its-ESG-Policies.html

The Biden-Harris White House Has An Iranian Spy Leaking U.S. Intelligence In It

 The question is, how did classified intelligence from the United States, showing Israeli military movements that suggest broader action against Iran, get to Tehran? The answer raises uncomfortable questions for the Biden-Harris White House, which has opposed Israel every step of the way in responding to Hamas, Hezbollah, and Iran. Defying Biden got Israel the entire leadership of Hezbollah and Hamas, with the ultimate threat still looming: Iran and its nuclear program. Operations against Iran are being assessed also because Iran has started firing ballistic missiles into Israel, targeting civilian centers across the country. If Israel is close to launching a broader offensive against Iran, leaking U.S. intelligence would be a way to both try and deter Israel and give more warning to Iran. In 2012, similar allegations were made against the Obama administration when U.S. intelligence leaks showed that Israel was working towards using "Azerbaijan as a base of operations in the event...