I’ve been combing through the transcripts from our recent New Orleans Investment Conference and found some incredible gems.

Here are a few of the best....

December 8, 2021

Dear Fellow Investor,

How can you improve on the finest insights from the top analysts and thought leaders walking the planet today?

Easy — you just distill them down to the best of the best.

Of course, first you have to get all of these great minds together, in one place at one time, to share their best ideas. That’s quite a bar to clear, but fortunately we did just that with our recent New Orleans Investment Conference.

This event featured dozens of today's leading experts, including Dr. Ron Paul, Jim Rickards, George Gammon, Peter Boockvar, Jim Iuorio, Rick Rule, Doug Casey, Danielle DiMartino Booth, Grant Williams, Brent Johnson, Tavi Costa, Dave Collum, Lawrence Lepard and many more.

Right now, I’m deep in writing and editing our blockbuster year-end edition of Gold Newsletter. This issue always features extensive excerpts from the New Orleans Conference, and because of that it’s renowned as one of the best deals in all of investing.

As I’m going through our voluminous transcripts, representing hundreds of pages of invaluable commentary, I’ve come across some absolute gems that I thought I’d share with you here.

So without further ado, enjoy some of these notable quotes....

Peter Boockvar

“...We’re talking about emergency policy well after the emergency, and look at the ECB, they have a program that is specifically titled Pandemic Emergency Purchase Program. The emergency program is not expected to expire until March 2022. I’m not sure where the emergency is any longer, so that’s clear that they’ve way over done it, and that’s why again this inflation story is so important, because when there’s low inflation ... Low inflation created the backdrop for these central banks to do whatever they want, it gave them a hall pass to go anywhere and experiment with everything, but inflation takes away that hall pass. Inflation limits their ability to react, and if anything, forces them to behave on a timeline they weren’t prepared to take.”

Jim Rickards

“I find forecasting Fed policy is the easiest thing I’ve ever done because they can be relied upon to blunder every time. They just figure out the worst thing to do at the worst time.”

Dave Collum

“...what it shows you is the idea that a pin will burst the bubble, it doesn’t make any sense because we just threw a thermonuclear weapon at the bubble and it didn’t burst it, but I know that either you are going to correct back to normal valuations or your returns are just going to stink from this point on. They just can’t be good. If the plane is at 35,000 feet and there’s smoke coming out of the tail section, take it to 45,000 if you want, but the only thing I promise you is you will have enough gas to get to the crash site.”

Grant Williams

“...this is why I think inflation is such an important thing for people to understand, because we have seen inflation periods in the last 25 years, but they’re very short-lived. In fact, unless you’re a 65-year-old investor you haven’t seen double-digit inflation, so there are multiple generations of investors who think 5% is as bad as it gets, and it always moderates. So if this inflation pulse is wrong, if the Fed’s idea that it’s transitory is wrong, and the inflation pulse gets stronger, and the inflation pulse gets stickier, think about all the belief systems that that’s going to challenge. It’s going to challenge confidence that the Fed knew what they were talking about when they promised us that it was transitory, that it wouldn’t last very long. It’s going to question the mindset of people who think you can always buy the dip.”

Danielle DiMartino Booth

“Anybody want to fathom a guess at what Japan’s price to earnings ratio was in 1989, anybody? It was 99. So when you hear people say, bubbles can exist for longer than you can remain solvent, that’s what they’re talking about....The Federal Reserve was able to resolve post Lehman alone without fiscal spending. This time we had to have QE unlimited, three trillion dollars in counting, that’s been added to the Fed’s balance sheet, back at the zero bound plus 43.2% of U.S. GDP in fiscal spending, which trumps World War II.”

Adrian Day

“When Dogecoin has a market value equal to that of Hewlett Packard, 50% more than the value of Kellogg and twice the value of United Airlines, we might suggest that these are again, not high, not extreme, but absurd valuations. What of Tesla and Bitcoin? That’s a little more controversial. I would argue, contrary to the last speaker, most of whose speech I agreed with 100%, that these are bubbles. Now, not everybody agrees, of course people argue with that. It is important to realize even when an asset is in a bubble, there have to be believers. If everybody thought asset A was a bubble, then obviously there’d be no buyers. Obviously, the price wouldn’t be where it was. So there have to be believers. There have to be buyers, there have to be believers, and to have believers, you have to have a narrative.”

James Grant

“I submit to you, the mispricing of a volatile substance, whether it be alcohol or credit, is almost certain to end in what we journalists call, ‘good copy.’ Which is separate and distinct from peace and prosperity.”

Lawrence Lepard

“We know that sound money is not just about profits and losses; in fact, it is about a much larger and more important issue. Sound money is truth, in an absolute sense. Simply defining truth as an accurate portrayal of reality, prices are the truth about what market actors want in respect to what capital is available. Counterfeiting money, which is what the Fed does as it prints to fund fiscal deficits, is theft of our labor and savings. Theft is a crime. Therefore, sound money is a moral issue.”

Rick Rule

“Natural resource investing, including investing in precious metals and precious metals equities, is by nature a contrarian activity because these businesses are probably the most cyclical, the most volatile, and the most capital intensive activity known to man. What that means is that with regards to resources, as I’ve said so often, you are either a contrarian or you are going to be a victim.”

Just A Taste...

All of the above represents not even a scratch on the surface of the remarkable wisdom transferred at our recent New Orleans Investment Conference.

At the beginning of this issue, I reference the year-end issue of Gold Newsletter that I’m working on now, and how — because it includes extensive excerpts from our Conference — it represents one of the best values in all of investing.

In fact, this issue is easily worth the price of an entire year’s subscription to Gold Newsletter.

If you’d like to get that issue, which should go out tomorrow, simply CLICK HERE to subscribe.

All the best,

Brien Lundin
Editor, Gold Newsletter
CEO, the New Orleans Investment Conference