You are receiving this email because you signed up to receive our free e-letter Skousen Investor Cafe, or you purchased a product or service from its publisher, Eagle Financial Publications. [Skousen's Investor CAFE] [Forecasts & Strategies]( [Fast Money Alert]( [Five Star Trader]( [Home Run Trader]( [TNT Trader]( The Most Hated Adage on Wall Street By Mark Skousen
Editor, [Forecasts & Strategies]( 05/02/2024 Sponsored Content [Could Elon Musk's New Device Save Us from A.I. Apocalypse?]( A strange new era for mankind is upon us... And it's all thanks to Elon Musk's latest creation. So he invented this strange new device to protect us against that A.I. threat. [Click here to see this strange device you could be wearing some day.]( âThereâs more wisdom in your book than four years of college education!â -- Subscriber Back in November 2022, I attended the annual Baron Investment Conference at Lincoln Center (the Opera House) in New York City, along with 5,000 other shareholders. On that occasion, Ron Baron interviewed Elon Musk, who, at the time, was the worldâs richest man because of his incredible success in manufacturing electric vehicles. Tesla had made me a millionaire because it was the #1 stock in Ron Baronâs Partners Fund, representing, at the time, 49% of this no-load mutual fund. As a major shareholder, I, sitting near the front row, was one of few who had the opportunity to ask Musk a question. You can watch the interview [here](. âThe Thrill of Victoryâ¦â At the time, November 4, 2022, Tesla stock was selling for around $200 a share. For those of us who got in early, weâve made 1,000% or more on our money. This brings to mind a quote from âThe Maximsâ book from an old-timer on Wall Street named Bill Miller: âThe easy money has already been made!â (See p. 50.) Miller called it, âThe most hated adage on Wall Street.â Why? Because you suddenly realize that you have very little chance to making it big in Tesla. You waited too long to get aboard. The days of easy money are over. âAnd the Agony of Defeatâ In response to my question, Musk confessed that he thought the stock was overvalued. Indeed, Tesla stock has struggled since my interview. Even with the rally last week, the giant electric vehicle (EV) company is down another 20% from 2022 after posting another lousy quarter. (It topped out at $381 a share back in November 2021.) Even the Baron funds, which are the largest shareholder of Tesla stock, have had to cut back its positions. [Top 20 Living Economist Shares the Largest Position in His Personal IRA]( Investing legend Dr. Mark Skousen recently gave a talk to a small group in the heart of Washington, D.C. In it, he revealed the cornerstone of his retirement plan -- and the one investment that helped make him a millionaire. [Click here to watch Dr. Skousen's presentation]( -- and learn about âthe best way to become a millionaire in America.â Risk and Reward on Wall Street Everyone wants to make it big on Wall Street, but itâs easier said than done. The biggest section in âThe Maxims of Wall Streetâ is nine pages long on âRisk and Reward.â (See pp. 50-59). Here are few appropriate quotes: âItâs often a long road to quick profits.â -- Humphrey Neill âRisk taking is necessary for large success -- but it is also necessary for failure.â -- Nassim Taleb âHow many insecurities traded on Wall Street today?â -- Franz Pick But on the positive side, these quotes may encourage you to find a big winner in the future: âNever let the fear of striking out get into your way. Every strike out brings you closer to the next home run.â -- Babe Ruth âYou have to go out on a limb sometimes because thatâs where the nuts are.â -- Will Rogers âI donât believe in taking foolish chances, but nothing can be accomplished without taking any chance at all.â -- Charles Lindbergh Making It Big in the Stock Market Itâs still possible to make extraordinary profits on Wall Street. But as George Soros says, âTo make big money, you have to bet on the unexpected.â (p. 193) As Warren Buffett advises, âWhen we see something that makes sense, we act very fast and very big.â (p. 193) The key to making it big in the stock market is that you need to get in early, whether it be Apple, Amazon or Bitcoin. There are plenty of future winners on Wall Street today selling at a cheap price. Then, when these winners have made it big, you can smile when you quote the most hated phrase on Wall Street, âThe easy money has already been made -- by me!â [Stock Watchlist Now Available [Live]]( If you want to trade smarter (not harder) and be prepared for this week's markets, then you're not going to want to miss out on this. We'll show you soon - LIVE - what [stocks & commodities may be about to explode]( in the next few days and how we can help you conquer volatility by avoiding losses. You need to be ready for any market changes, and nothing is more rewarding to us than knowing we helped you avoid potential losses. [Get in the room now]( Maximizing Your Profits with âThe Maxims of Wall Streetâ My book, âThe Maxims of Wall Street,â is the best source for making it big in the stock market -- and avoiding costly mistakes. The proof is in sales: Maxims has gone through 10 editions and sold nearly 50,000 copies. Kim Githler, producer of the MoneyShow, highlights quotes from âThe Maximsâ at every show. âItâs my favorite book. Every quote is a lesson in finance.â Dennis Gartman, editor of the Gartman Letter, told me, âItâs amazing the depth of wisdom one can find in just one line in your book. I keep it on my desk and refer to it daily.â Bert Dohmen, editor and publisher of the Wellington Letter, advises, âThe Maxims should be on every investorâs bookshelf and read regularly. Itâs a beautifully bound collectorâs item.â And Hetty Green, Americaâs first female millionaire, says, âWhen I see a good thing going cheap, I buy a lot of it.â (p. 36) I make my new 10th edition available for cheap. The retail price is $25.95, but I sell the first copy for only $21 (postage paid!), and all additional copies for only $11 each. They make a great gift item for relatives, friends, clients and your favorite stockbroker or money manager. And if you buy a box (32 copies), you pay only $327. In all cases, I autograph and number each book and mail them at no extra charge if mailed inside the United States. Note: Postage fees are rising fast. I may be forced to raise my prices soon. Iâve had quite a few subscribers buy a box or two for clients and friends. As Rodolfo Milani, vice president of B. Riley Wealth Management, says, âI find them to be ideal gifts for my best clients.â Mike Antonovich, former commissioner and mayor of Los Angeles County, bought two boxes to give out to friends and relatives. âThe Maximsâ has been endorsed by Warren Buffett, Jack Bogle, Richard Band, Jim Woods and Alex Green, who calls the Maxims a âclassicâ and the â#1 financial bible.â He adds, âMaxims is a crash course in financial freedom. Mark Skousen has collected a treasure trove of proverbs, slogans, stories and juicy quotes. He provides plenty of stories and commentary to go with these gems. I found myself chuckling (and occasionally sighing) when I first read this book. And I still refer to it regularly.â To order, go to [www.skousenbooks.com](. Upcoming Event on Saturday, May 11 Personal Note: On Saturday evening, May 11, my wife Jo Ann and I are speaking on our new book, âThere Were Giants in the Land: Episodes in the Life of W. Cleon Skousen,â which took us three years to compile and edit. It was banned in China due to its comments on Communism, so we had to print it in free South Korea. To this day, the most frequent question I hear when I travel the country is âAre you related to Cleon Skousen?â because of his bestselling books on Communism, the Constitution and the Bible, and having given over 10,000 speeches in his long, illustrious career as an FBI agent, professor and author. The event will take place at our beautiful new home in North Tustin/Santa Ana. Space is limited to 100 people; to RSVP and be given the address of the event, send an email to joannskousen@icloud.com. For more information on the Giants book, go to [This Hollywood Story Could Not Be Told Until Now â Mark Skousen](. To order a hardback copy for only $29.95 postpaid, go to [www.skousenbooks.com](. Good Investing, AEIOU, [Mark Skousen] Mark Skousen
Doti-Spogli Endowed Chair of Free Enterprise, Chapman University
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[FreedomFest]( [You Blew It!] Bring Back Ike to Columbia University
By Mark Skousen
Editor, [Forecasts & Strategies]( Having taught at Columbia University in 2004-2005 (Columbia Business School and Barnard College), I wish the president of the university would do more to bring back common sense and order to a great institution of higher learning. I say, âBring back Ike!â General Dwight D. Eisenhower was president of Columbia University from 1948-1952. Here's what he said at the 1950 commencement address: âThe Columbia family is dedicated to driving out of ignorance, of the lies and half-truths of propaganda. The full truth, we believe, is the chief support of human freedom and of all eternal values.â (quoted in âEisenhower at Columbiaâ by Travis Beal Jacobs, p. 234) I highly recommend this history of Eisenhower as Columbia's president before he went on to become president of the United States. It includes some fun stories and great quotes like the one above. It's one of my favorite books. You can order it here: [Eisenhower at Columbia: Travis Beal Jacobs]( Here's my favorite story from the book, pp. 125-126... âEisenhower's office [at Columbia U] was flooded with requests for personal appearances, and many were declined... Grayson Kirk, for example, had been denied appointments with Eisenhower to go over the Installation ceremonies. More damaging, they had refused to allow Robert Livingston Schuyler, who had delivered the faculty's welcome at the Installation, to see the president. The professor wondered if the general might address the graduate students in the large historiography class and discuss the historians and books he liked. Twice Robert Schultz [one of Ike's communications secretaries], saying that 'the President didn't have time for anything like that,' turned away the professor. âProfessor Schuyler, frustrated in his attempts to see Eisenhower, finally mentioned the difficulty to R. Gordon Hoxie, a Ph.D. candidate he knew in the faculty of political science and the provost's assistant. Hoxie noted that the president, âevery day at high noon, and he is so punctual just like it's D-Day Invasion,â left his office âand marches down the steps and over to 60 Morningside Driveâ [his residence at the University to have lunch with Mamie]. Hoxie suggested that Schuyler should be walking one noon from Fayerweather Hall toward the steps in front of Low Memorial and cross paths with the president. The next day Schuyler did exactly that and Eisenhower, as he left the office, saw âthe fair figure of Professor Schuyler⦠and he waved and you could almost hear it echo off Butler Library.â âOh, Professor Schuyler,â he said, âI've been wanting to meet you and tell you what a wonderful oration you gave at my inauguration and to ask you whether there is anything I could do for you.â âWell,â Schuyler replied, âas a matter of fact there is. Would you come and address the historiography class?â Eisenhower agreed and, Kevin McCann [another communications secretary under Ike] recalled, âjumped in with both feet and made out a list of books he wanted to go through and asked me to get them from the Butler Library... He was working with the books spread all over his desk.â Hoxie, who attended the lecture, reflected that Eisenhower âspoke with passion and deep knowledge about two of the collegeâs most illustrious former students, Alexander Hamilton and John Jay,â and Eisenhower âmade such a big hit with those students.ââ Here are some other really great quotes from Columbia President Eisenhower: âThe teacher is the most important person in American society.â (p. 156) In 1959, he wrote in his diary: âColumbia University is feeling the effects, disastrously [facing financial stress due to fundraising difficulties]. Taxes leave prospective donors to university income so little in the way of spare income that only the most strenuous efforts keep us going at all. So since this is typical of nearly all the privately endowed universities, we hear more and more, from educators themselves, of âfederal aid to education.â It is a dangerous slogan... Federal money to support institutions, free grants of money to use as university authorities may desire, is an immoral proposition, and its adoption, in this general sense, will lead to statism and, therefore, slavery.â (p. 153) [Note: Given his comment above, I'm surprised Eisenhower didn't propose reducing the marginal tax rate, which was at a confiscatory 90% rate, when he was president between 1953 and 1961.] âThe facts of communism, for example, shall be taught here -- its ideological development, its political methods, its economic effects, its probable course in the future. The truth about communism is today an indispensable requirement if the true values of our democratic system are to be properly assessed. Ignorance of communism, fascism or other police-state philosophy is far more dangerous than ignorance of the most virulent disease. Who among us can doubt the choice of future Americans, as between statism and freedom, if the truth concerning each be constantly held before their eyes?â (p. 121) âThere is one immutable, incontestable fact. Those who know our way of life place upon one thing greater value than upon any other -- and that priceless thing is individual liberty.â (p. 120) About Mark Skousen, Ph.D.: [Mark Skousen]Mark Skousen is an investment advisor, professional economist, university professor, author of more than 20 books, and founder of the annual FreedomFest conference. For the past 40+ years, Dr. Skousen has been investment director of the award-winning newsletter, [Forecasts & Strategies](. 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