“ObamaCare is not a ‘trainwreck,’ it is a suicide attack. He wants to hurt us, to bring us to our knees, to capitulate, so we agree under duress to accept big government.”
I just returned from the famous New Orleans Investment Conference, where gold bugs meet every year to vent their frustrations on big government, an uncertain economy and, sadly, a bear market in gold!
I’d say that half of the panel discussions on the final day of the conference were on ObamaCare, the disastrous “health” care law the Democrats pushed through Congress. Charles Krauthammer, an annual favorite, gave the audience hope by predicting that the “Affordable Health Care Act” is “unaffordable” and will be repealed soon.
But Wayne Allyn Root, “the capitalist evangelist,” stole the show by announcing that ObamaCare is a “fantastic success” because it is “a brilliant, cynical and purposeful attempt to damage the U.S. economy, kill jobs, and bring down capitalism.”
I’m not that cynical, nor do I believe that Obama is a Marxist/Communist/Socialist wolf in sheep’s clothing. He’s a European-style social democrat who wants to remake America into a European welfare state. I hope he won’t succeed. The Democrats are getting hammered for a dysfunctional welfare program that is causing millions of people to lose their health insurance plans, while virtually nobody is signing up on the insurance exchanges. ObamaCare is a train wreck!
Should Investors Buy Penny Mining Stocks?
The other controversial speaker at the New Orleans conference was commodities guru Dennis Gartman, who is no gold bug. In a panel discussion on Tuesday (11-12-13!) that I chaired, he warned the audience to avoid investing in junior mining and penny stocks, telling them that they are no better than a speculative gamble on the roulette wheel. That didn’t sit well with an exhibit hall filled with junior mining company officials. Money manager Adrian Day took exception to Gartman’s remarks, saying that if you do your homework, you can find real value in a few juniors. Me? I’m sticking with a more reliable, conservative approach by recommending dividend-paying mining companies like Freeport-McMoRan Copper and Gold (FCX). While most junior mining stocks have plunged this year, FCX is up sharply because of solid management and diversification in energy.
Dennis Gartman speaks with Dr. Mark Skousen in New Orleans
By the way, Mr. Gartman paid me the highest compliment on the panel. After I quoted from my book “The Maxims of Wall Street,” he told the audience, “I love that book, and keep it on my shelf and refer to it every day. When I’m short half a page in my newsletter, I reach for ‘Maxims’ and fill in the half page with a pithy quote.” Thanks, Dennis.
The book is divided into categories, such as “bulls and bear,” “contrary investing” and “market timing” with more than 800 quotes, proverbs, poems and short stories offering a wealth of insights about investing. It’s the perfect gift this holiday season… and an ideal present for your investment friends, stockbrokers or business colleagues. I say, buy them by the box and give them out throughout the year. Recently, a financial conference bought 700 copies and handed them out to each attendee as a gift.
That’s why I’m offering a two-for-one deal. Buy the first copy for $20 and all additional copies for only $10, and I pay the U.S. postage. Also, if you order an entire box of 32 books, you pay only $300 postpaid. (For orders sent outside of the United States, add $5 per book for shipping and handling.)
To order, call Eagle Publishing at 1-800/211-7661. Mention priority code MAXIMS to buy individual books and MARKR to buy a box of 32 books.
You Blew It! Why Do Army Soldiers Walk around in their Pajamas?
Every time I walk through an airport I see army soldiers walking around in their battle fatigues. It looks so tacky to me, since they seem to be wearing their pajamas.
I know the idea is to remind Americans that we are still fighting a war in the Middle East and in Afghanistan as part of our never-ending defense against Islamic terrorism. But how can we be proud of our troops wearing their fatigues instead of their classy uniforms?
I was in the New Orleans airport recently and I saw some Marines walking by — in their official “business dress” uniforms. What a difference! Those Marines looked impressive. I felt a sense of pride in their appearance, as well as gratitude for their service.
Most airlines offer special treatment to the military. Soldiers in uniform are allowed to board the plane first. I think that’s fine, but shouldn’t they be dressed for success?
In case you missed it, I encourage you to read my e-letter column about Wall Street’s role as the best friend of entrepreneurs and investors from last week’s Eagle Daily Investor. I also invite you to comment about my column in the space provided below my Eagle Daily Investor commentary.
Good investing, AEIOU,
O Michael Steele agreed to join us at our Global Financial Summit. The former chairman of the Republican Party will reveal the mistakes of the GOP in the past year and give us his outlook in 2014. The summit is scheduled for February 5-8, 2014, Nassau, the Bahamas. Join us at the five-star Atlantis Resort (only $199 a night, plus tax) for a three-day in-depth financial seminar with James Grant (editor of the prestigious Grant Interest Rate Observer) on “Will Janet Yellen make a difference?”, Peter Schiff on his new book “The Real Crash,” Steve Moore (Wall Street Journal) on “Privatization: The Next Big Thing in Washington,” Johan Norberg (Swedish author of “In Defense of Global Capitalism”) on “Europe on the Mend?”, Richard Rahn and Chris Edwards of Cato Institute on “Downsizing Government: Why Gridlock Works” and Martin Truax (Raymond James). We are also holding the first Austrian Investment Seminar at the Global Summit, with Mark Spitznagel (Universa hedge fund manager and author of “The Dao of Capital”), money manager extraordinaire Adrian Day, international finance expert and professor Joel Stern, Global Guru Nicholas Vardy and many others. Each attendee will receive a complimentary copy of my new book “A Viennese Waltz Down Wall Street.” Note: We are offering a special early-bird discount of $100 off registration — hurry, it ends Nov. 30. Call Tami at 1-866/266-5101, or go to www.freedomfest.com/gfs for more information.