Nobody falls ass-backward into money in the markets.

I’m thinking that 2025 is going to be different from 2024, even though 2024 was not different from 2023.

You may or may not know that during the Great Depression, the stock market went down 89%. If you had a $200,000 portfolio, that leaves you with $22,000. Catastrophic. Not to say that will happen again, but… it might.

I’m not a big fan of New Year’s resolutions. A few times, I’ve made a New Year’s resolution to lose weight. Still fat!

Now… I am worried about the stock market. When I was in NYC, I was in the office of one of my hedge fund subscribers, and he comes in and says, “Doesn’t it feel as though something really bad is going to happen?

Let me tell you about my investment process: I trade whatever the hell I want to trade whenever I feel like it.

Stocks had a bad day last Friday. It’s tough to generalize based on one day of price action in the stock market, but it looks like reality is setting in.

Trump won, Republicans swept, and half the country is deliriously happy. Not that I don’t get it—I’m all for a pro-growth explosion of economic activity.

I famously wrote in a Substack essay that I don’t vote. You can google it if you want; I’m not going to link to it because it has salty language.