Honor has no need for Rules

Monthly Market Commentary: August 1, 2014

Thomas Jefferson opined that, “Nobody can acquire honor by doing what is wrong."

My friend John Goltermann of Obermeyer Asset Management Company writes about “Investing with Honor.”

I fully agree with Goltermann’s views about honor and integrity. However, it would seem to me that whereas most fund managers are reasonably honest, a larger issue pertains to what extend central bankers ever consider honor in what they are doing: “the duty imposed by conscience, position, or privilege.”

In this report I show that the Fed’s monetary policies have been to the detriment of a large segment of US households.

I am enclosing three reports:  

Brad Lamensdorf (bl@theactivebear.com) and John Del Vecchio (jd@theactivebear.com) of Ranger Capital Group discuss a short fund in order to hedge long positions (HDGE).

Barry Eisen (barry@artcangroup.com) writes about the Marijuana industry. The Artcan Group has brought together a highly skilled and experienced executive team including leading retail, manufacturing, agriculture, and branding experts. With this group in place, Artcan Group will establish the first nationally branded medicinal and recreational marijuana brand.

Lastly a report by William Houston (awilliamhouston@btinternet.com), which reflects on the parallels between the ultra-Islamist invasion of Iraq and the Thirty Years War in Europe between 1618 and 1648. Both started ostensibly as religious conflicts.

I wish my readers wonderful summer holidays.
With kind regards
Yours sincerely
Marc Faber

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