Max Monday: The Virtuous Path to Building Wealth

You are receiving this as part of your free subscription to Tim Melvin's Max Wealth. To remove your email from this list, [unsubscribe here](. [Tim Melvin's Max Wealth] [Forget stocks, angel investments, and IPOs: This sub-sector is unlike anything I've ever seen]( There's [a new method]( that allows everyday folks to tap into the trillion-dollar potential of the cannabis market - one that didn't exist even a few months ago. It's singlehandedly one of the fastest ways to navigate the cannabis market for enormous profit potential. In fact, data shows you could have used it to make 7,500% in 4 days... 3,113% in 4 days... even 3,400% in a single day. [Here's your proof](... --------------------------------------------------------------- October 28, 2019 Max Monday: The Virtuous Path to Building Wealth By Tim Melvin Dear Reader, Happy Monday! After a fantastic weekend in Orlando with other quantitative and finance analysts talking about all of my favorite subjects - the economy, stocks, math, and baseball - I'm back to pass along some of my favorite reads to help you on your way toward growing some serious money. So let's take a quick dive in and add some stock to your knowledge portfolio... This Week's Worthwhile Books The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance - by Ron Chernow This book is 30 years old and still offers great insights into the modern world of finance and how it developed. The book follows four generations of Morgan's and examines the financial empire they built that still stands today. It covers the rise of the J. P. Morgan firm from its obscure beginnings in Victorian London to the crash of 1987. Ron Chernow writes biographies that read like novels, and this is one of his finest works in my opinion. You will be entertained while getting a better sense of American finance and [how it came to be what it is today](. The Eudaemonic Pie - by Thomas A. Bass This is another oldie, but a goodie. Published back in 1985, I first read it in 1989 and probably still have my original copy out in a box in the garage. I've probably read it 6 times at least over the years. It's the story of physics students at UC Santa Cruz who take the work of Ed Thorp and Claude Shannon and build a roulette computer to take on the casinos. Thorp did a book view of The Eudomonic Pie writing, "The fascinating technical adventure of a scientific commune that builds a computer that can really beat roulette! And though Reason's demons, the Eudaemons, manage to run their hands through casino gold, Bass's superb prose suggests that the human relationships they forged in the struggle may have been the greater story and the greater reward." Many of the students went on to work in finance, but that's a story for another day. You can find a copy of this excellent read [here](. This Week's Quick-Dive Articles Patience: An Undervalued Virtue Far more money is made through patience than hyperactivity in the stock market. The author refers to Adam Smith's comment form Wealth of Nations all the way back in 1759 when he wrote that, "The qualities most useful to ourselves are, first of all, superior reasons and understanding, by which we are capable of discerning the remote consequences of all our actions; and, secondly, self-command, by which we are enabled to abstain from present pleasure or to endure present pain in order to obtain a greater pleasure in some future time." For the vast majority of people, trying to capture every move in a stock in the short run is a great way to lose a lot of money. If you buy right, then waiting for good things to happen is going to work better in the long run. Read all about it [right here](. Joe Zidle: Japan's Past is Europe's Prologue The Managing Director and the Chief Investment Strategist in the Private Wealth Solutions at Blackstone Group Inc. ([NYSE:BX]() looks at what's happening in Europe and compares it to the economic stagnation that has plagued Japan for decades. He concludes that Europe is likely to face a long period of slow-to-no growth just like Japan as a result of monetary policies. According to Mr. Zidle, "The ECB's decision to restart quantitative easing (QE) might seem like a temporary mechanism to combat a short-term slowdown caused by trade. But like Japan, the eurozone's issues are permanent and secular. Even if trade tensions were resolved in the short term, an assumption we are not comfortable making, given global shifts away from globalization and towards regionalism, Europe's woes would not disappear. We're considering the possibility that, as in Japan, open-ended QE and zero or negative rates in Europe are here to stay." You can read on [here](. O'Shaughnessy Quarterly Investor Letter Q3 2019 Patrick O'Shaugnessy looks at the markets and discusses the widening gap between value and growth stock. The spread between growth and value stock in terms of the common valuations metric is as high as it has been since the internet bubble. He notes that, "If you break these spreads into their growth and value parts, you see the obvious reason why this is happening: growth stocks are getting more expensive on an absolute basis, while value stocks have held steady or trended cheaper." That bodes well for the future performance of valuation-based strategies like we use here in Max Wealth and in my paid research service, [Heatseekers](. To read the full letter, [click here](. Uncomfortable Reading If you only read things that agree with your own beliefs, then you're missing out on seeing the whole picture. Two irrefutable facts of life are not everyone will agree with you and you will not always be right. You need to know what the opposing view is, in markets, in politics, and in life, if you want to be able to see things more clearly. Confirmation bias can and will cost you money if you do not challenge your own views with opposing opinions on a regular basis. More [here](. To the Max, Tim Melvin Here's what else I'm following... --------------------------------------------------------------- [Here's Your Chance to Learn the Secrets of America's #1 Pattern Trader (for Only $1)]( In just seven days, Tom Gentile's Cash Course can show you all you need to know so you could start collecting [$1,190, $1,313, or even $2,380 in regular income](. You won't find these secrets in any book - or even anywhere else in the world. [Find out how to take advantage of this offer here](. --------------------------------------------------------------- You are receiving this e-mail at, {EMAIL}, as a part of your free subscription to Tim Melvin's Max Wealth. 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