The Last Chapter
By John Mauldin
September 4, 2010
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The Last Chapter
Let’s Look at the Rules
Six Impossible Things
Killing the Goose
Home and Then Europe
This
week you will get a kind of preview as this week's letter. I am desperately
trying to finish the first draft of my book and am one chapter away from having
that draft. I have promised my editor (Debra Englander) that she would see a
rough draft next week, and the final version will be delivered on the last day
of September. More on that process for those interested at the end of the letter.
But this week's letter will be part of what will probably be the 4th
or 5th chapter, where we look at the rules of economics.
There is just so little writing
time left that I have to focus on that book for a little bit. I am writing this
book with co-author Jonathan Tepper of Variant Perception (who is based in
London), a young and very gifted Rhodes scholar with a talent for economic
analysis and writing. We each write the first draft of a chapter and then go
back and forth until the chapter has been much improved. Alas, gentle reader,
you will only get my first draft. You will have to wait for the book to get the
new, improved version. But this is the last one I have to write. And Jonathan
has done all his initial chapters. We are on the home stretch.
But first, my partners at Altegris
Investments have written a White Paper entitled "The New Normal: Implications
for Hedge Fund Investing." It is a very instructive read. If you are in the US
and have already signed up for my Accredited Investor letter, you should
already have been sent a link or a copy. If not, and you are an accredited
investor (basically net worth of $1.5 million or more) and would like to see
the paper, or are interested in learning more about how hedge funds, commodity
funds, and other absolute-return strategies might fit into your investment
portfolio, I suggest you click on
www.accreditedinvestor.ws
and fill out the form, and a professional will get back to you. And if you live
outside the US and are interested, I have partners around the world who can
work with you, so you can sign up as well. (In this regard, I am president and
a registered representative of Millennium Wave Securities, LLC. Member FINRA.)
And now let's look at part of a chapter from The End Game.
Let's Look at the Rules
There
are rules in sports. Three strikes and you're out. You have to make ten yards
in four downs to get another first down. You can't touch the soccer ball with
your hands.
Baseball is a confusing game for
most non-Americans. There are so many rules and subtleties. I (John) confess to
not understanding the rules in soccer, although I am getting better. And forget
about understanding hockey.
There are rules in economics as
well, they're just not as well-known....
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