Postcards: Do as the Alligators Do...

A surprise visit to a crypt in Milan brings us back to where we started... fitting in without moving... and what to do about this market. ͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­ Forwarded this email? [Subscribe here]() for more You are a free subscriber to Postcards from the Florida Republic. To upgrade to paid and receive the daily Republic Risk Letter, [subscribe here](. --------------------------------------------------------------- [Postcards: Do as the Alligators Do...]( A surprise visit to a crypt in Milan brings us back to where we started... fitting in without moving... and what to do about this market. [Garrett {NAME}](floridarepublic) Jun 21 floridarepublic   [READ IN APP](   [Republic Risk Readers, Your Daily Piece is Here.]( --------------------------------------------------------------- “I got to Italy. I'd never been there. It's extraordinary. If you've not gone, unbelievable. I didn't know this, but Jesus Christ is, whoo-hoo, he's big there. Everywhere I turn, there's Jesus, there's Jesus, there's Jesus, there's Jesus, there's Jesus. He is like the Coca-Cola of Italy.” - Lewis Black --------------------------------------------------------------- Dear Fellow Expat: My wife and daughter traveled north to visit a castle on Thursday... I stayed behind to catch up on a few things. I wanted to make pasta sauce with local ingredients and set my plans for Friday. But around 14:20 Milan time (10:20 EST), I walked to the [Basilica of St. Ambrose](. I’ve been open to whatever experience is necessary. I had no plans; I was looking for ideas and answers as they came. Ambrose is the Saint of Milan, and beekeepers. Cool combination there. St. Ambrose. You will witness a marvel of early architecture when you step into the church. The site has a remarkable history dating back to the 4th century… and into the Pagan years before that (their official documentation, not mine.) His crypt is open to the public, [and his remains are]( displayed. Despite my upbringing, I knew nothing of the Saint, only his links to a university based in Wisconsin… And that proves that you don’t know about him or the school either… Because St. Ambrose University is actually in Iowa. While in the church, it is quiet. A wave of Jesuits entered as I did… But no one spoke in the church except for one man. The “janitor.” A man was sweeping the floor as I sat in a black T-shirt in one of the pews. It was very hot out in Milan on Thursday. One at a time, a woman (likely traveling Italy alone) in her mid-20s to early 30s would enter on her own, wearing a backpack over a sleeveless blouse that failed to cover her shoulders. Within the church's rules, clothing that revealed shoulders was inappropriate for sitting down or standing between the pews. I had heard a woman in the gift shop ask if her “shoulders” were appropriate, and the salesperson showed her how to adjust her bag’s shoulder straps to avoid problems. But every woman wearing such a “revealing” outfit with jeans or a skirt was very petite, likely Christian, and wanted to spend a moment alone in the church. The man sweeping the floor would approach them and point to her shoulders, and then his shoulders, and then tell them that they couldn’t sit in the pews. Well, one at a time, the women would turn around and walk away, somewhat dejected. And the sweeper—would lean on his mop and check her out from heel to hair as she walked away. This was all 15 feet from me. And after a few rounds of this… I changed the calculus… He was watching her… And then, I was watching him watch her… And then suddenly… he was watching me, watching him, as he was watching her. He didn’t approach another person when I was there for the next 30 minutes. [Upgrade to paid]( As The Alligators Do St. Ambrose was not a fan of a universal Catholic doctrine. He didn’t believe a church in northern Italy should enforce the same rules and standards as a church in Naples to the south. He also didn’t think salvation could be obtained by “faith alone” or “sola fide.” This concept is the subject of a massive dispute between Protestants and what Paul the Apostle deemed “works of the law.” That’s just history… Anyway… The story goes that in the 4th century, St. Monica and her son St. Augustine traveled to Rome and found that Christians fasted on Saturdays. This confused the travelers, as Saturday was not a fasting day in Milan. So, they consulted with Ambrose. His advice was simple: "When I am here (in Milan), I do not fast on Saturday; when I am in Rome, I do fast on Saturday.” It is a simple philosophy to follow the customs of the places you visit. Historians attribute the following line to Ambrose: “When in Rome, do as the Romans do.” More on that in a moment… Doing as the Milanese Do I was incredibly excited to watch the Denmark vs. England match last night, followed by the Spain vs. Italy match at 21:00 local time. There was just one problem. The area's lone “football pub” was the size of a shoe store. When I arrived, it was packed out the door, and it smelled like someone had left an open milk carton in the place sometime around when St. Ambrose lived in the city. So, I departed and headed south, finding a restaurant with only 15 people watching the England match. Another problem arrived. At 21:00, the restaurant would be closing. There were 125 people coming for the Italy vs. Spain match, and they were hosting a private event. “Completely closed?” I asked. “Yes,” the waiter said. “They planned it in March.” I explained the situation in the most broken Itali-English. “I cannot do it,” he said. But St. Ambrose? And experiencing Italian football fans? And a [hard plug for Todos a Cuba in Milan]( members of the Florida Republic. “Okay…” he said. “I have one seat, one table.” And he pointed to a spot by the door and a single seat. Then he told me to be very quiet… People might think I’m a DJ because I wore a Black T-shirt that looks like their uniform. Here’s how it started… How it started… I know you’re not supposed to tip in this region of the world, but it doesn’t mean I can’t just leave a bunch of money on the floor. You make your own fun. (Sadly, Italy lost 1-0). You’re Now Entering the Florida Republic Back to St. Ambrose… and another reminder - on a Friday… When you’re here in the Florida Republic… do as the animals do. Be patient in a storm - like we’re seeing in the market this week. And remember that there’s more to life than these markets. As we witness this bizarre meltdown driven by speculation and passive investing, now's a good time to remind ourselves. - Put yourself first. Individualism is good. Your wealth-building is good. You cannot save anyone else if you are struggling. This is why you always put your oxygen mask on first on a plane. - Embrace Self-Discovery: Discovering your passions and strengths allows you to pursue a fulfilling life on your terms. When momentum turns negative, I want you to hedge or sell, take profits, and buy into something you always wished you’d done. I want to learn the piano. What would you like to do? - Embrace Financial Independence: Empower yourself with financial literacy and responsibility to gain control over your wealth and secure a stable future. This isn’t complicated when you understand how the world has changed over the last 15 years. - Master the present… Stop worrying about things you can’t control. Stop. The people in charge are idiots. They are in it for themselves. We are going to do the same thing. We will enjoy our lives and play the markets on the new rules. When momentum is negative, you take the day off. You go do the thing YOU want to do today. - Choose you… I decided to repeat Rule No. 1 because it is that important. It’s like the 10 Commandments, where there are two rules about coveting your neighbor’s wife… and then… ass?. It bears repetition. Control your health, your wealth, and yourself. No one else will do that for you. - Opt Out: Stop listening to the press. Follow momentum, liquidity, and insider buying. Your stress levels around finance will sink like a stone. - Know this: None of this bullshit is your fault. If you’re blaming yourself for the problems thrown at you over the last five years, it’s not your fault. You didn’t fail. The people who are in charge did. Let’s now reverse that trend. - Challenge Comfort Zones: Whatever you thought you knew about finance is wrong. Interest rates don’t matter anymore. Borrowing capacity does. M2 doesn’t matter… it has little to do with Repo and commercial paper. We live in antiquated times with a media that doesn’t understand reality. These ideas made me discard a lot of my academic training. Whatever you think you know… challenge it.  - Live with Purpose—Find Meaning—Money can help you. Maybe you donate it…, or perhaps you climb a mountain. But money… the exchange of value… needs to be in your favor so that you can achieve the things you dream about. I know this sounds very Buddhist… - Be resilient: Learn to say no… set rules to follow that lesson. Do as we do, and enjoy the ride. We’re keeping it simple to learn the markets, find great companies and ideas, and reduce risk. So join us if you haven’t. Get access to our daily reports… get access to our upcoming July portfolio (an active portfolio), and prepare for a wild summer in the markets. [Get 20% off for 1 year]( We’re heading to Rome tomorrow. I’ll get back to you on Sunday to tell you what we “did.” Stay positive, Garrett {NAME} Disclaimer Nothing in this email should be considered personalized financial advice. While we may answer your general customer questions, we are not licensed under securities laws to guide your investment situation. Do not consider any communication between you and Florida Republic employees as financial advice. Under company rules, editors and writers cannot recommend their positions. The communication in this letter is for information and educational purposes unless otherwise strictly worded as a recommendation. Model portfolios are tracked to showcase a variety of academic, fundamental, and technical tools, and insight is provided to help readers gain knowledge and experience. Readers should not trade if they cannot handle a loss and should not trade more than they can afford to lose. There are large amounts of risk in the equity markets. Consider consulting with a professional before making decisions with your money.   [Like]( [Comment]( [Restack](   © 2024 Garrett {NAME} 548 Market Street PMB 72296, San Francisco, CA 94104 [Unsubscribe]() [Get the app]( writing]()