In years past I never paid any attention to market opinions, economic or political. Ed Seykota's famous remark about fundamentals was key in my mind:
"Fundamentals that you read about are typically useless as the market has already discounted the price, and I call them funnymentals."
Unfortunately I am prone to doubt and error like most of us, so I am often a backslider on Seykota's dictum. The past two years have been a "funnymentalist" heaven. Sellers of opinions have had a bull market, and I have read a lot of commercial trash I wouldn't normally have read. Then the politicians and their propagandists got to me at times. And I know this has happened to lots of other people because people email me and I talk with many people.
Gradually as I read the classic narratives of market manias, panics and crashes I got a bit of perspective.
The three following reports come from intelligent and thoughtful people I respect although one must admit that all three have "something to sell" which I do not. Read them all. They are fairly short. They all together re-establish the concept of Seykota. Do your own work and run your own money with thoughtfulness and risk management or be totally mechanical if you are investing very long term. Funnymentals are not good for the mind or pocketbook.
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