Tom welcomes a new and yet well-known guest, Grant Williams, to the show. Grant discusses how being flexible in mindset is important as in the world of social media, people can be quite dogmatic. Admitting your mistakes is key, as everyone is just trying to figure out the future.
He is quite cautious about giving actionable advice because people may not understand how he came to his conclusions. Helping people come to their own decisions is better than simply telling people what to do. Jim Cramer is an example of someone who spews nonsense and provides generally bad advice every day. Everyone and everything today is at risk in these volatile times. People need to be aware. Things are changing and government’s may intervene in ways that benefit them at your expense. There are plenty of pensions around the West that are carefully re-evaluating their risks given what happened in the United Kingdom. Many of these are vulnerable because they have taken on more risks to find returns. Grant discusses the importance of having a plan for positioning and exiting in markets, and why it’s crucial to avoid emotion. The hubris of Fed officials is remarkable, and the fact they’ve raised interest rates four times demonstrates just how bad a job they’ve been doing. Gold is not completely safe from confiscation, but there are always places in the world where it will be used. Bitcoin is likely to be directly competing with Central Bank Digital Currencies at some point, and that may entail additional risks.