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Richard's Remarks


My thoughts go back to 1957. I wrote my first article for Barron’s in December of 1957, in which I noted that we’d never had a third speculative phase in that bull market. Soon a vicious recession was on, and everybody was bearish. I predicted that despite the recession, we would see a speculative third phase in the secular bull market. The third phase did come, and my forecast proved correct.


I’m wondering whether the same situation exists today, with the speculative third phase somewhere in our future. Despite the sluggish GDP, I believe you will see a third phase speculative blow-off in this bull market. Often in a bull market’s third phase, profits are larger than anything seen during the first and second phases of the bull market. For this reason, my current thinking is that subscribers should hold gold and DIAs. The last thing investors are expecting now is a ... Log in or subscribe to continue reading.

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