True story about Elliot Waves:
Back when gold was somewhere around $400 or $600/oz, Bob Prechter - The King of Elliot Wave Theory said that “the wave count demanded” gold retrace to $80 or so before it could ever begin a meaningful bull market
“The Wave Count Demanded It”
I was a subscriber - I saw posts from people in the community who had exited gold on that basis.
What I did instead: canceled my EWI subscription and kept my gold.
A year ago I sold a little under half of that position to buy a house for my kid to live in while at university.
The moral of the story is this:
There is only one thing wrong with Elliot Wave Theory:
It doesn’t fucking work.
Canada’s “Warren Buffett,” Bruce Flatt, CEO of Brookfield Corporation, says they have been planning a global economic reset by “rewiring” the world economy into an entirely new system, creating a new world economy.
He says the main goal is to lay the foundations for artificial intelligence and massive data center infrastructure.
“To basically rewire the world for the new economy that’s coming.”
“We’re just rewiring the world.”
CNBC asked about mining stocks.
The answer was basically, “We avoid businesses without cash flow.”
That tells you how misunderstood this sector still is.
Many investors are using an old playbook while today’s metal prices are turning miners into cash flow machines.
@TaviCosta Lower rates is one possibility. Since Warsh was announced, prediction markets are saying there's a higher chance of a rate hike this year.
We'll see how it goes. something will break.