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1st Quarter 2020 Commentary

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It is not an overstatement to say that we are in the midst of a paradigm shift in the financial markets. We believe that what’s coming down the road is going to be a reversal of the conditions that existed for the prior three decades; all the accepted wisdom and the statistics and correlations will be out the window. Understanding that is probably the single most important preparation any investor can undertake right now.

We have seen significant risks in the market  for some time now, and have been preparing accordingly; the current pandemic has accelerated and magnified the risks, not changed them.

As in everything, context is key. This review covers how we got here, what has changed and, in preparation for a money-debasement world, what kinds of business models and assets one  doesn’t want to own as well as what kinds one should consider.

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Steve Bregman on Debt Debasement (Recorded on April 8, 2020)

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A review of the economic and investment implications of the CARES Act stimulus package. The U.S. and global economies have entered a historically new phase that is, for practical purposes, permanent. The debt and money creation are of an unprecedented scale, and will mark the beginning of an indefinite period of inflation and money debasement. … Continued

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Steve Bregman on Energy (Recorded on March 31, 2020)

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In this sequel, a review of facts in the world of energy, to be differentiated from what is often reported (and not reported): the political dimension, the supply and demand picture, and Texas Pacific Land Trust.  Slides to accompany this audio are accessible here: Slides 1 and 2: The Royalty Business Model – time stamp: … Continued

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Steve Bregman on What to Make of the Market Right Now (Recorded on March 25, 2020)

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As a sequel to Murray Stahl’s recent webinars, a brief discussion about what this month’s wild price changes in stocks mean – or, more importantly, don’t mean. Examples from Utilities, Gold, and the Energy sectors are used to highlight how these changes in prices have become untethered from economic reality; they do not reflect actual … Continued

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