P.S. Felix Zulauf has never NOT been bearish in the last 15 years. Like a broken record. Anybody that listens to him needs to have his head checked, the guy has been consistently wrong about anything he has ever predicted.
Yeah I certainly don't agree with Zulauf on everything, but he's thought-provoking. I get more value out of his interviews than a random value investor discussing his strategy for 1 hour straight.
Coincidentally, interest rates around the world remained at record lows while they started to turn on the money printers. Who could have predicted this gor so long ? He might sound like a perma-bear, but if you listen carefully to all of his interviews, you’ll notice that he also plays the game by taking opportunities on the upside.
What I really appreciate is, his analysis and insights into the current geopolitical mess we are in today. And, I think he is absolutely right that this will impact financial markets much more than in the past.
"Interest rates at 0%" is a common excuse used by permabears to explain why they are wrong all the time. If something happens for 15 years and you don't adjust your predictions, you are a bad predictor. By the way, REAL interest rates were very low for many decades, avg of 1.3% in 1950-1970, and 0% from 1970-1980.
Also, if you check Zulauf's Swiss regulatory filings you will see that he doesn't take any positions or manage any capital since around 2007 (I wonder why), he's just registered as "selling newsletter", pumping his overpriced $20k/year newsletter and has around 26 clients:
"Zulauf Consulting is a boutique research and consulting firm that offers investment advisory services to institutional investors and family offices. We have a unique approach to research, based on Felix Zulauf’s market views and overall investment outlook."
"Services include semi-monthly newsletters, client-only webinars and guest events, as well as consulting discussions on macroeconomic views regarding equities, fixed income, the global markets, interest rates, currencies, commodities and various other topics."
Nothing about him managing billions. $20,000 per year is a normal rate in the industry, some charge in excess of $100,000.
I don't manage any outside capital either. If that's your measure of legitimacy, please unsubscribe to this publication and read the investor letters here instead. You've already wasted enough of my time.
Yeah, because you're insulting me by implying that newsletter writers are good for nothing individuals. Are you going to continue writing that kind of stuff?
Newsletter writers who pretend to manage $1+ billion dollars while in reality manage $0 (ZERO dollars), who have been wrong in all their predictions for 15+ years, are totally worthless in my view.
I don't see how your newsletter fits this criteria, never seen you pretending to manage billions or predict every week that the market is going to crash.
But if you choose to put yourself in the same group as this doom-porn-producer, that's on you.
Wow! So many great write-ups! Thanks for sharing Michael🙏👍
Thanks for reading!
Thanks for the feature, Michael!
It was great stuff
Appreciated!
Great links, thanks.
P.S. Felix Zulauf has never NOT been bearish in the last 15 years. Like a broken record. Anybody that listens to him needs to have his head checked, the guy has been consistently wrong about anything he has ever predicted.
Yeah I certainly don't agree with Zulauf on everything, but he's thought-provoking. I get more value out of his interviews than a random value investor discussing his strategy for 1 hour straight.
You will be better off asking ChatGPT for predictions for the next decade, the hit rate will probably be higher than Zulauf's.
Coincidentally, interest rates around the world remained at record lows while they started to turn on the money printers. Who could have predicted this gor so long ? He might sound like a perma-bear, but if you listen carefully to all of his interviews, you’ll notice that he also plays the game by taking opportunities on the upside.
What I really appreciate is, his analysis and insights into the current geopolitical mess we are in today. And, I think he is absolutely right that this will impact financial markets much more than in the past.
"Interest rates at 0%" is a common excuse used by permabears to explain why they are wrong all the time. If something happens for 15 years and you don't adjust your predictions, you are a bad predictor. By the way, REAL interest rates were very low for many decades, avg of 1.3% in 1950-1970, and 0% from 1970-1980.
Also, if you check Zulauf's Swiss regulatory filings you will see that he doesn't take any positions or manage any capital since around 2007 (I wonder why), he's just registered as "selling newsletter", pumping his overpriced $20k/year newsletter and has around 26 clients:
https://aum13f.com/firm/zulauf-asset-management-ag
One thing to learn from him is his marketing genius, I marvel at his ability to be consistently wrong yet still get attention.
"Zulauf Consulting is a boutique research and consulting firm that offers investment advisory services to institutional investors and family offices. We have a unique approach to research, based on Felix Zulauf’s market views and overall investment outlook."
"Services include semi-monthly newsletters, client-only webinars and guest events, as well as consulting discussions on macroeconomic views regarding equities, fixed income, the global markets, interest rates, currencies, commodities and various other topics."
Nothing about him managing billions. $20,000 per year is a normal rate in the industry, some charge in excess of $100,000.
I don't manage any outside capital either. If that's your measure of legitimacy, please unsubscribe to this publication and read the investor letters here instead. You've already wasted enough of my time.
https://lettersandreviews.blogspot.com/
I'm actually a loyal reader of yours for over a year and really enjoy your posts.
But if you feel I've "wasted your time" and invite me so cordially to unsubscribe, who am I to deny you. Goodbye :)
Yeah, because you're insulting me by implying that newsletter writers are good for nothing individuals. Are you going to continue writing that kind of stuff?
Newsletter writers who pretend to manage $1+ billion dollars while in reality manage $0 (ZERO dollars), who have been wrong in all their predictions for 15+ years, are totally worthless in my view.
I don't see how your newsletter fits this criteria, never seen you pretending to manage billions or predict every week that the market is going to crash.
But if you choose to put yourself in the same group as this doom-porn-producer, that's on you.