Notes From Underground: 10 Years of Notes

This is the 10th anniversary of NOTES FROM UNDERGROUND. I published the first post on December 17, 2009. WordPress has an archive where readers can go back and find many things that are still relevant today. I want to thank those who edit my work, send stories and references for me to research, as well as the many who had brought their thorough and thoughtful comments to help promote a higher level of discourse and investment possibilities, and, of course, all of our subscribers.

NOTES FROM UNDERGROUND will take on an enhanced roll as the GLOBAL MACRO WUNDERKIND DENNIS GARTMAN is heading to the golf course for a well deserved round of 18. So, my gift to you all this holiday season: An FRA PODCAST I recorded with Chris Whalen and Peter Boockvar. Enjoy and pour the libation of your choice (mine is now a Maker’s Mark). All the best!

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9 Responses to “Notes From Underground: 10 Years of Notes”

  1. David Richards Says:

    Congratulations Yra on your major milestone. That’s an impressive body of work. Thank you for the years of thoughtful, independent perspectives you make here (whereas all I bring to the blog is 48 years of errors).

  2. David Richards Says:

    About Gartman, who BTW was often maligned for making bad calls (but who hasn’t), he made some legendary calls. Like back in ~2003 with a long-term call before anyone else to go long real assets and commodities, “things you could drop on your foot” in his words. Which outperformed almost everything for about a decade.

    Today the world is different than then, but I’m wondering if Gartman’s call from back then may work again the next decade.

    Decade changes often bring various paradigm shifts based on my reading and I expect this will be another. What worked in the 2010’s won’t work in the 2020’s, and in some cases vice-versa. Like tech, bonds, real estate(?), USD, US stocks and frankly everything US if you believe Ray (“the biggest investment risk for the next decade or two is long US”) Dalio.

    So everyone here already loves gold/miners, but also for example let’s watch beaten-down energy, as I posted last month, it’s a gift that everyone hates because the unprofitable but propped-up-by-ZIRP US shale sector has changed energy forever, plus soon we’ll all be wearing solar panels or windmills on top our head, rendering fossil fuels obsolete. I call bullshit on all that. And consider the years of under-investment and worsening geopolitics in energy-producing regions. Plus the charts and sentiment. This Greta phenom may eventually be seen as having been the low point of energy investment sentiment. Be greedy when others are fearful and be fearful when others are greedy (Buffet).

    So swap olde energy for US growth stocks in the risk portion of one’s portfolio? It’s kinda feeling like an early-70’s redux now in numerous ways. But IDK, like I wrote in my last post above, all I bring is 48 years of errors (my specialty).

  3. Bosko Says:

    CONGRATULATIONS Yra, it’s an impressive achievement to find the time to write about the markets as much as you do. I have learned a lot from your posts and emails over the years and look forward to the next decade… I’m sure it’ll be a doozie.

  4. LaSalle Says:

    Congratulations Yra. I am a college dropout and Economics was not my forte. My field of study was Criminal Justice and Forensic Psychology :). Today I trade the S&P minis and a few other instruments. Thankful to you and your newsletter. All the best to you and your staff!!

  5. Pierre Chapuis Says:

    Congratulations on your 10 year anniversary. Thank you for all the insights you so generously give away. This blog is surely a hidden gem. I have been able to learn so much from you and your readers from history, politics and the way our monetary system works.
    I am ever grateful.

    • David Richards Says:

      I agree and appreciate all the effort. Wishing you and everyone happy holidays. I’ve heard that it’s been so cold back home that some politicians have been seen with their hands in their own pocket.

  6. GreenAB Says:

    Big THANK YOU from Germany as well, Yra! Wish I had more time to read/contribute. But there´s the day job… Best wishes!

  7. Robert E Kollar Says:

    Thanks for your always intelligent viewpoints and of course your sense of humor.


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