NFTRH134 Out Now

Look, all I am going to say is that I think 134 is the best letter yet. This could have as much to do with the current environment and my confidence in meeting its challenges, as it does the actual written content of the letter. Of course, the last time I stated here that I thought such and such was my best work, a subscriber (and esteemed Wall Street veteran of the 70's inflation events) in essence told me I was wearing a tin foil hat, though he wrote it in nicer terms :-).

My strong points are in managing risk environments and coming turns.  Also, in managing misperceptions of the herds that lead to opportunity.  Patience, balance, objectivity and a b/s detector are key.  I feel I have those covered.

There are long stretches when these qualities are not generally valued by many casino patrons because they are too busy making coin with the trend.  However, when the going gets tough the casino patrons scatter and the tough get going.  I think I see some tough going out there down the road a piece.

NFTRH134 out now.

http://www.biiwii.blogspot.com
http://www.biiwii.com