People think good decision-making is about being right...It’s not. It’s about lowering the cost of being wrong & changing your mind. When the cost of mistakes is high, we’re paralyzed with fear. When the cost of mistakes is low, we can move fast and adapt. Make mistakes cheap, not rare. - This thought is from Farnam Street and I thought it applied well to trading!
How Countries Go Broke: The Big Cycle
As you probably know by now, I'm in a stage of life that has led me to want to pass along previously undisclosed principles that helped me, rather than to keep them to myself. Over my more than 50 years of operating as a global macro investor and through my research, I discovered some timeless and universal cause/effect relationships that helped me successfully navigate what was likely to happen. These principles are not widely understood and have proven to be invaluable, so I think they can help a lot of people.
I previously wrote two books, Principles for Navigating Big Debt Crises and Principles for Dealing with the Changing World Order, which describe the mechanics behind what happened and is now happening. I am about to put out How Countries Go Broke: The Big Cycle, which explains the mechanics behind big debt cycles and debt crises because these mechanics are especially important to understand now.
If you want a copy of How Countries Go Broke: The Big Cycle, it's now available for pre-order at Amazon (https://t.co/wcLbnLAaaw), Barnes & Noble (https://t.co/GLWF8EHc2R), and other booksellers. It has just gone to the printer and will be on sale June 3. I have also been sharing parts of it online which you can get for free here: https://t.co/bDfTpi9RRt
#howcountriesgobroke #principles
I was in Washington, DC this week speaking with economic leaders of both parties to go over the mechanics of the serious debt problem, to see if they can agree on it, and to see if there can be agreement on what to do about it. While I’m happy to report that they all appreciated going over the mechanics and agreed with the need to cut the deficit to about 3% of GDP, they are now in the middle of their debt limit and budget fights which need to be resolved before they can undertake discussions about how to hit that target. Interestingly, there was some openness to having people make the 3% pledge and even setting up a bipartisan commission to figure out how to achieve it. Stay tuned.
#economics #debt #deficit #principles
Replay the story of where you have been (or what you have done) that led up to where you are now, and then visualize what you and others must do in the future so you will reach your goals.
#principleoftheday
💸 Earlier today, the USD rallied past local resistance, pushing both the fiber and cable to the downside.
Here are 3 key takeaways from SFHS' @Chart_Surgeon_V before you walk into today's NY session ➡️ https://t.co/0IGTPbkVPZ
#daytrading#trading#technicalanalysis #notfinancialadvice #bitcoin #btc #bitcoinetf #eth #ethereum #crypto #cryptocurrency #forex #eurusd #gold #xauusd #tradingpsychology #tradingtips #tradingstrategy
⚠️ The S&P500 has gone mental. Is the dip coming? Here's @Chart_Surgeon_V with a little technical clarity before today's NY session.
🧑🏻🍳 Fresh out the kitchen: https://t.co/3RF2v37VRa
#daytrading #trading #technicalanalysis #notfinancialadvice #bitcoin #btc #bitcoinetf #eth #ethereum #crypto #cryptocurrency #forex #eurusd #gold #xauusd #tradingpsychology #tradingtips #tradingstrategy #SPX #SPY