Best of the Week
Most Popular
1. 2019 From A Fourth Turning Perspective - James_Quinn
2.Beware the Young Stocks Bear Market! - Zeal_LLC
3.Safe Havens are Surging. What this Means for Stocks 2019 - Troy_Bombardia
4.Most Popular Financial Markets Analysis of 2018 - Trump and BrExit Chaos Dominate - Nadeem_Walayat
5.January 2019 Financial Markets Analysis and Forecasts - Nadeem_Walayat
6.Silver Price Trend Analysis 2019 - Nadeem_Walayat
7.Why 90% of Traders Lose - Nadeem_Walayat
8.What to do With Your Money in a Stocks Bear Market - Stephen_McBride
9.Stock Market What to Expect in the First 3~5 Months of 2019 - Chris_Vermeulen
10.China, Global Economy has Tipped over: The Surging Dollar and the Rallying Yen - FXCOT
Last 7 days
US Overdosing on Debt - 19th Mar 19 -
Looking at the Economic Winter Season Ahead - 19th Mar 19
Will the Stock Market Crash Like 1937? - 19th Mar 19
Stock Market VIX Volaility Analysis - 19th Mar 19
FREE Access to Stock and Finanacial Markets Trading Analysis Worth $1229! - 19th Mar 19
US Stock Markets Price Anomaly Setup Continues - 19th Mar 19
Gold Price Confirmation of the Warning - 18th Mar 19
Split Stock Market Warning - 18th Mar 19
Stock Market Trend Analysis 2019 - Video - 18th Mar 19
Best Precious Metals Investment and Trades for 2019 - 18th Mar 19
Hurdles for Gold Stocks - 18th Mar 19
Pento: Coming QE & Low Rates Will Be ‘Rocket Fuel for Gold’ - 18th Mar 19
"This is for Tommy Robinson" Shouts Knife Wielding White Supremacist Terrorist in London - 18th Mar 19
This Is How You Create the Biggest Credit Bubble in History - 17th Mar 19
Crude Oil Bulls - For Whom the Bell Tolls - 17th Mar 19
Gold Mining Stocks Fundamentals - 17th Mar 19
Why Buy a Land Rover - Range Rover vs Huge Tree Branch Falling on its Roof - 17th Mar 19
UKIP Urged to Change Name to BNP 2.0 So BrExit Party Can Fight a 2nd EU Referendum - 17th Mar 19
Tommy Robinson Looks Set to Become New UKIP Leader - 16th Mar 19
Gold Final Warning: Here Are the Stunning Implications of Plunging Gold Price - 16th Mar 19
Towards the End of a Stocks Bull Market, Short term Timing Becomes Difficult - 16th Mar 19
UKIP Brexit Facebook Groups Reveling in the New Zealand Terror Attacks Blaming Muslim Victims - 16th Mar 19
Gold – US Dollar vs US Dollar Index - 16th Mar 19
Islamophobic Hate Preachers Tommy Robinson and Katie Hopkins have Killed UKIP and Brexit - 16th Mar 19
Countdown to The Precious Metals Gold and Silver Breakout Rally - 15th Mar 19
Shale Oil Splutters: Brent on Track for $70 Target $100 in 2020 - 15th Mar 19
Setting up a Business Just Got Easier - 15th Mar 19
Stock Market Elliott Wave Analysis Trend Forercast - Video - 15th Mar 19
Gold Warning - Here Are the Stunning Implications of Plunging Gold Price - Part 1 - 15th Mar 19
UK Weather SHOCK - Trees Dropping Branches onto Cars in Stormy Winds - Sheffield - 15th Mar 19
Best Time to Trade Forex - 15th Mar 19
Why the Green New Deal Will Send Uranium Price Through the Roof - 14th Mar 19
S&P 500's New Medium-Term High, but Will Stock Market Uptrend Continue? - 14th Mar 19
US Conservatism - 14th Mar 19
Gold in the Age of High-speed Electronic Trading - 14th Mar 19
Britain's Demographic Time Bomb Has Gone Off! - 14th Mar 19
Why Walmart Will Crush Amazon - 14th Mar 19
2019 Economic Predictions - 14th Mar 19
Tax Avoidance Bills Sent to Thousands of Workers - 14th Mar 19
The Exponential Stocks Bull Market Explained - Video - 13th Mar 19
TSP Recession Indicator - Criss-Cross, Flip-Flop and Remembering 1966 - 13th Mar 19
Stock Investors Beware The Signs Of Recession / Deflation - 13th Mar 19
Is the Stock Market Still in a Bear Market? - 13th Mar 19
Stock Market Trend Analysis 2019 - 13th Mar 19
Gold Up-to-Date' COT Report: A Maddening Déjà Vu - 12th Mar 19
Save Fintech? Ban Short Selling. It's Not That Simple - 12th Mar 19
Palladium Blowup Could Expose Scam of Gold & Silver Futures - 12th Mar 19
Next Recession: Concentrating Future Losses & Bringing Them Forward In Time As Profits - 12th Mar 19
The Shift of the Philippine Peso Regime - 12th Mar 19
Theresa May BrExit Back Stab Deal Counting Down to Resignation, Tory Leadership Election - 12th Mar 19

Market Oracle FREE Newsletter

Stock and Finanacial Markets Trading Analysis Worth

The Single Most Important Lesson from the Casey Summit

Personal_Finance / Investing 2014 Oct 01, 2014 - 03:27 PM GMT

By: Casey_Research

Personal_Finance

By Louis James, Chief Metals & Mining Investment Strategist

At our San Antonio summit, Rick Rule gave a talk that, as always, was well reasoned, packed with facts, and powerfully cogent. His message was simply that bear markets are for buying and bull markets are for selling—and in the future, resource investors with staying power would look back on the current market as “the good old days” when they were able to buy great stocks cheap.


It was a great talk that no one I spoke to had any objection to nor argument against. What I did hear from some people, however, were comments along the lines of: “Yes, but he’s been saying that for years.”

Given the level of understanding of and sophistication regarding natural resource investing among Casey Summit attendees, this downbeat expression might be a sign of a bottom.

Fair enough, though I have to say that while I did get some questions about talking tax losses or reducing exposure to metals and mining stocks until the tide turns, what most people wanted to know was what the best bargains on sale now are. My answers are covered in our metals newsletters and updated in between issues.

Back to Rick’s talk. When I heard the pushback about Rick having said the same thing for years, my first thought was that he hasn’t; during the first two years of the slump that began in 2011, Rick was saying the market could go lower. He did recommend selected investments earlier, but it wasn’t until the beginning of this year that Rick and the others we featured in our Downturn Millionaires and Upturn Millionaires videos really started saying that this is the year to go long—way long.

Others have been more assertive about buying on the way down, myself included, which I have admitted in print before.

But here’s the thing: Rick and Doug and others—myself again included—have indeed made money buying when the market melts down and despair is in the air, as it is at present. That is an undisputed fact.

This got me to wondering why anyone would dismiss Rick’s remarks. I very much doubt that anyone there thought Rick was making things up, lacking in perception, faulty in his logic. Nor is it plausible that he could have been trying to trick anyone—to what end? Sure, brokers make money on all trades, winners and losers, but brokers who lose their clients’ money lose their clients. It simply makes no sense to deliberately mislead investors about the market or give bad advice on purpose. That’s a recipe for going out of business, and Rick has been in the business for decades, making a lot of money for a lot of people along the way.

No, I don’t think anyone was really doubting Rick’s sincerity or his conclusions. The hesitant ones were just so beaten up by the markets they were afraid.

This brings us back to an observation I’ve made many times myself and tried my best to stress to investors before they become resource speculators: you have to be a contrarian in our sector, buying low and selling high, and that takes a lot of courage based on solid convictions.

I suspect that some people may sabotage themselves on both scores when the market is down, not wanting to seem like zealots, blind to negative results. The thought makes me uncomfortable myself.

And yet, it’s true that resource investors must be contrarians, or they will get wiped out, and it’s absolutely true that successful contrarianism requires a very great deal of courage.

That’s when it hit me: it’s no accident that Doug and Rick make millions while others make peanuts. Anyone of reasonable intelligence could do what Rick and Doug do, but they don’t choose to. Fear can be fought, conviction can be nurtured, contrarianism can be cultivated. The ingredients and recipe for success are right in our hands… but so few people grasp them!

Extraordinary success can’t be easy, or it would cease to be extraordinary. Obvious. Almost tautological. But still important; it means that while few people do make the necessary choices, almost anyone can make them.

That includes you, my dear reader—if you have the conviction.

So… What’s the difference between a fanatic and a visionary?

Honest answer: Nothing.

A visionary is a fanatic who happens to be right.

I’m convinced Rick is right, of course, agreeing as he does with the Casey consensus on our market sector. I’ve been putting my money where my mouth (or keyboard, as the case may be) is.

Only time will tell if we are right—but if you wait until it’s obvious that we’re right, you’ll miss the opportunity for maximum profit.

Tough call.

But the choice is yours, and only you can make it.

And now you have the opportunity to be seated front and center to hear Rick’s entire talk, along with over 30 other world renowned experts, in our Casey Research 2014 Summit Audio Collection.

With your Casey Research 2014 Summit Audio Collection, you'll hear three days of in-depth presentations covering the most important issues facing our economy today and learn how to survive and prosper over the coming year.

You’ll hear from world-renowned experts in economics, geopolitics, investments, real estate, investigative journalism and international law about the current political environment, the latest developments on the economy, what's going on in the investment markets, what are the most promising investment ideas, and much more..

Altogether, you’ll get over 26 hours-plus of lessons from the world’s greatest investors, delivered to your door as a CD set or straight to your computer in MP3 format.  And if you order today, you’ll get $100 off the Summit collection price.

Click here for more details.

The article The Single Most Important Lesson from the Casey Summit was originally published at caseyresearch.com.

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Casey Research Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules