Summary: Momentum Investing Counts On Greater Fool Theory.<br> The Wait Can Be Lonely But Buying Value Pays.<br> Violent Rotations In the Market Can Create Risks Or Opportunities.<br> <br> <br> The McAlvany Weekly Commentary<br> with David McAlvany and Kevin Orrick<br> Is Value Investing Dead?<br> January 27, 2021<br> The McAlvany Weekly Commentary, covering monetary, economic, and geopolitical news events.<br> David: The winds of financial conditions, they’re beautiful when they’re at your back, but they’re terrifying when they’re sweeping across the road. As we take the turns and twists on the road, those external factors, public policy choices, treasury department tax initiatives, financial conditions, they reasonably contribute to an uncertainty of outcomes and a trajectory which can become disastrous.<br> Now, here are Kevin Orrick and David McAlvany.<br> Kevin: Welcome to the McAlvany Weekly Commentary. I’m Kevin Orrick, along with David McAlvany. David, November was a big month for a lot of reasons.<br> David: Well, of course the election and five days there after we lost Alex Trebek. For your family I know, an occasional evening and dinner time and listening to Jeopardy in the background.<br> Kevin: Oftentimes, yeah. We put Jeopardy on, and Alex had a way of moderating the show, but also commanding just an awful lot of authority. This was a man who was well learned.<br> David: Now, fascinating to see the guests come and go. I particularly liked when Sean Connery was on the program. Alex, I’ll take Janet Yellen for 400. What is this week’s treasury assurance? No, that is not correct. What is $410 billion in bills, bonds, and notes? Our average duration is still under five and a half years.<br> Kevin: Well okay, so keep playing it, keep playing it, if you’re playing Jeopardy.<br> David: Okay, checking in on authoritarian history. We have the first week behind us. Alex, I’ll take history of executive orders for 200. Clinton used two executive orders, Bush, two, Obama, five, Trump, four. How many has the new president implemented in just five days?<br> Kevin: Would the answer be, what is 30?<br> David: The answer is not salute Marines. The answer, yes, correct, what is 30? That is the correct answer. The last but not least, Alex, I’ll take the Nobel Prize for three million. Sorry, that was the wire from Moscow. I meant, I’ll take the Nobel Prize for 1,000. The question, who won the Nobel Prize on his first day as president? Yes, that’s correct. Joe Biden, what is Joe Biden? Beat Obama as the fastest man to ever win the Nobel Peace Prize. He hasn’t even implemented regime change in Syria yet.<br> Kevin: Dave, I know you’re being tongue in cheek on the Jeopardy questions, but you and I had an interesting discussion last night on virtues and values. I’m reading a good book right now on Greek and Roman mythology and the cardinal virtues that are displayed there. Fortitude, temperance, prudence, justice, along with the weirdness that goes into the mythology. There are lessons.<br> David: Coincidentally, my oldest son is starting Aristotle’s Nicomachean ethics this week and I had a great time. My wife asked me, “Hey, where’s the copy of Aristotle’s ethics?” I said, “I think I can put my hands on it.” So I went upstairs-<br> Kevin: Being a philosophy major, I bet you could.<br> David: I grabbed Ackrill’s essays on... I grabbed more than he needed because I’m an enthusiast, shall we say.<br> Kevin: Yeah.<br> David: But I brought it to him this morning and I said, “Book two and three, which you’re reading this week, this is some of the most important reading you’ll do in your life because if you grasp virtue ethics, they’re in book two. You’re looking at what creates character. You’re looking at what sets in motion who a person becomes and the impact that they have on the world.” So virtue is not some obscure place that you arrive at,
