Summary: Former Fed guy Dudley suggests using FED to oust Trump in 2020<br> Sugar Daddy Draghi Leaving ECB - What gifts will he leave?<br> Summers warns “zombification” of economy due to central bank policies<br> <br> <br> <br> The McAlvany Weekly Commentary<br> with David McAlvany and Kevin Orrick<br> <br> 20-Year Race: Gold (487%) Beats Buffett (386%)<br> September 10, 2019<br> <br> “When we factor in where we are at as a country in the context of how we price all of our assets, for the dollar, what course is it on? Is this the last chapter, and is it characterized by a bang – a lot of violent regime change – or a whimper – where the evolutionary process just leads us toward greater and greater irrelevance? Time will tell.”<br> <br> David McAlvany<br> <br> Kevin:Wow, it’s good to have you back. You were with you dad and your mom and family over in Europe, and fortunately, you sent the tape for the listeners to hear a couple of weeks ago, you and your dad talking. I saw last night, Dave, the pictures of where you recorded that program on Adriatic.<br> <br> David:We were at Umbria when we recorded that and just looking out over the countryside, sitting right above a series of Etruscan caves. We’re talking about places where people stored things and hid things thousands of years ago. It was a pretty remarkable trip.<br> <br> Kevin:You ended that trip with a triathlon, like everybody does when they take a relaxing vacation the last thing they want to do, the first thing you want to do, actually, is go ahead and run a race that is 70 some-odd miles.<br> <br> David:(laughs) I’m fairly certain that in 24 hours I was able to crank enough cortisol through my body to eliminate all the benefits of several weeks of vacation.<br> <br> Kevin:You were telling me a story. You and I were talking last night about playing the long game and how important it is not to burn out early if you are actually playing the long game. You are the author of the book Legacy, which is all about long game, but your race taught you something, didn’t it?<br> <br> David:Yes, it did. I am reminded of it because there are parallel lessons here. If you are an options trader you are focused on what happens in the next two seconds or two days. Maybe if you are a long game thinker in the options market it is two weeks. But that is your perspective. The longer term perspective may incorporate years or decades.<br> <br> Kevin:If you’re Warren Buffet, it’s a lifetime, or generations of lifetimes.<br> <br> David:Yes, and so I think there is that option of thinking in very short terms and it makes you into a person who is making very different decisions. So, to me, my preference is for the long game, and when you are racing you certainly have to keep that in mind.<br> <br> Kevin:You said your race, your swim, your triathlon, and fortunately, I’ve gotten the chance to do this once, a half ironman with you. You sort of got addicted to it. I moved away from it after doing one. But you said your swim was the fastest you have had, a personal record, there in Austria.<br> <br> David:That’s right. We were in Zell am See, Austria, and I did my fastest swim ever, the most beautiful bike ride I’ve ever been on.<br> <br> Kevin:And it’s a fast bike ride, too. It was close to probably a record bike ride for you, at least personally.<br> <br> David:I’ve actually had better races, but it was a solid effort given the terrain.<br> <br> Kevin:But you pushed, and you put everything into the first two legs because you told me the run was misery.<br> <br> David:The run was really tough.<br> <br> Kevin:It is a half marathon distance, just the run alone.<br> <br> David:That’s right. Usually the first mile is no fun just because you’re transitioning off of kind of thick legs from the bike ride, 56 miles on the bike. And this time it was mile seven before my legs...
