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[JUST IN]: Mike Pence AXING Decision – 2020 Rumors True…

This is terrible…

Read the details…

BREAKING NEWS

White House Bombshell – Huge Kellyanne Conway Decision

It’s Official – Impeachment Will Begin On…

Top Democrat Caught On Hot Mic – She LOST It

Rudy Giuliani Is LEAVING – Trump Confirms…

Pence Motorcade ATTACKED – Reports Pouring In

Famous Celebrity DEAD At 44… This Is Devastating

Brett Kavanaugh ASSASSINATION Attack…

CDC: At least 2 million people a year get an antibiotic-resistant infection

More Americans say vaping is as dangerous as smoking cigarettes

Helmets pose risk of mold exposure

Newark city officials say filters 97% effective in reducing lead in water

N-Methylnitrosobutyric acid detected in blood pressure medication

Trump signs order aimed at development of better flu vaccines

Children suffering eco-anxiety over climate change, say psychologists

U.S. scientists join effort to solve mysterious vaping-related illnesses

New York state ban on flavored e-cigarettes given final approval

 

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E-cigarette Firms Probed Over Health Concerns By U.S. House Panel

U.S. Public Health Agency Probes Lung Illnesses Linked to E-cigarette Use

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BREAKING: Ben Carson Resignation News – He Has Announced…

It’s official.

Read the details…

Donald Trump News
Dear Reader,

As we write this President Trump is fighting for religious freedom, and the protection of Christians and Jews, at the United Nations.

But this is JAWDROPPING . . .

And it happened so quietly . . .

A devastating blow to Christians and Jews everywhere.

Previously we’ve told you that a vile and dangerous agenda had been set in motion for a Godless society . . .

Hollywood elitists like Bill Maher demanding “RELIGION MUST DIE!” on national live TV . . .

Liberals mocking Christianity, God, and the Bible all over social
media . . .

Teachers insisting students remove their crosses and wipe Lenten ashes from their foreheads . . .

Mass mockery of Christians offering up prayers after devastating tragedies that call on our faith to sustain us.

Now the mother of all bombshells has been dropped . . .

Look, the Democratic National Committee passed a resolution calling for the party to be more “inclusive.”

Read that: With elections coming up they want everyone to think they love God and that God wants you to vote Democrat.

All you have to do is listen to the presidential candidates bringing up God and religion.

There’s Mayor Pete Buttigieg sounding all Christian-like . . .

Yet not a peep from him about the massive problem of abortion . . .

The leftists make it all *sound* innocent, right? It’s NOT! The Dems are using God as a political weapon.

Look at this absurdity from Rep. Ilhan Omar, D-Minn.:

“Make sure you’re voting. Make sure you understand why you’re voting. God expects us to do the righteous work, and so God does not expect you to vote for people who will ultimately hurt you and other humans around you.”

Talk about planting an evil seed in the minds of innocent Christians in America!

This is a political game coming from twisted minds who have one goal: obliterate God from society.

Meanwhile the left supports an America without God.

They work feverishly to quietly remove God from monuments in D.C. and from our schools — anywhere they can get away with it. They ensured prayer got ruled “unconstitutional,” and practically overnight it was banned from our schools.

Didn’t hear about all these things? Order your FREE COPY of Dark Agenda now — it’s all in there.

Friend, this is their heinous machine at work.

(Remember the last presidential election, the “machine” paid for a fake Russian dossier to destroy Trump. Look how that ended. This is how the left works. Let’s not forget that they use the word “progressive” to make their agenda sound positive. We all know it’s code for Christian-hating communism and socialist agendas.)

Here’s the thing . . .

After declaring the new “inclusive” resolution, the DNC went on to BASH Christian beliefs and values . . .

Scorching them with deep-seated hatred for our sacred beliefs.

Here it is in black and white:

“Those most loudly claiming that morals, values, and patriotism must be defined by their particular religious views have used those religious views, with misplaced claims of ‘religious liberty,’ to justify public policy that has threatened the civil rights and liberties of many Americans, including but not limited to the LGBT community, women, and ethnic and religious/nonreligious minorities.”

The DNC’s resolution is taking direct aim out our moral foundation and Judeo-Christian values — the ones our beloved country was built on.

The progressive agenda takes a clear stand against Christian values and beliefs, pushing abortion and immorality, cheering it on at rallies and marches.

BREAKING NEWS

Kellyanne’s Marriage Rumors Confirmed – OH NO

Tucker Carlson Ends It… Apologizes To His Fans

More Than 100 ARRESTED… Round Them All Up

Donald Trump Shocks Entire World – BIG Announcement

Joe Biden’s Son CHARGED… [Developing]

Famous Billionaire Found DEAD… He’s Gone

Adam Schiff Makes THE Announcement – Trump Is FURIOUS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


BREAKING: Michelle Obama Makes SHOCK Confession – Oh My Gosh

I did NOT see this coming.

Read the details…

Ben Carson News
President Donald Trump accused Democrats of being “frozen with hatred and fear” and said he has been treated worse than any president in history.

“There has been no President in the history of our Country who has been treated so badly as I have. The Democrats are frozen with hatred and fear. They get nothing done. This should never be allowed to happen to another President. Witch Hunt!” Trump wrote in a tweet Wednesday morning.

Special: The Secret of Permanent Retirement Income

Trump’s tweet follows Speaker Nancy Pelosi’s announcement late Tuesday afternoon the House was launching an official impeachment inquiry into whether the president abused his presidential powers and sought help from a foreign government to undermine Democratic foe Joe Biden and aid his own reelection effort.

Trump also sent out a flood of tweets thanking those who have come to his defense, including Fox Business host Lou Dobbs, Fox News’ Jeanine Pirro, House Minority Leader Kevin McCarthy, R. Calif., and constitutional law attorney Jenna Ellis Rives.

The president also commented on remarks by Sen. Lindsey Graham, R-S.C., who speculated during an interview on Fox News that Democrats had opened impeachment proceedings because they believe they’re going to lose in 2020. “Sooooo true,” Trump remarked on Twitter.

In addition, Trump suggested a book by former federal prosecutor Andrew McCarthy, “Ball of Collusion: The Plot to Rig an Election and Destroy a Presidency,” urging people to get it as well as others he will recommend because “they tell you about the Crooked Pols and the Witch Hunt that has now been exposed.”

 

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Liberty Through Wealth
Warren Buffett’s Success Is Due to Skill, Talent and Experience
Dr. Mark Skousen, Advisory Panelist, The Oxford Club
In a recent article, Nicholas Vardy shared his view that Warren Buffett’s investing luck may finally be running out.
Today, Mark Skousen shares a contrasting view – that Buffett’s skillful and knowledgeable investment strategies will stand the test of time.
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Mark Skousen

“I also believe Buffett is right in attributing his world-beating success to luck.”
– Nicholas Vardy

In a recent article, my good friend Nicholas Vardy made the argument that Warren Buffett became the world’s most successful investor largely by luck, not skill.

Say again?

Could it be true that Buffett’s remarkable success as an investor is no better than someone who has a winning streak at blackjack or on the roulette wheel, or getting 10 heads in a row flipping a coin?

Having been a devoted student of Buffett’s investment techniques, a longtime shareholder of Berkshire Hathaway (NYSE: BRK-B), and someone who has personally interviewed the Oracle of Omaha and attended his annual shareholder meeting, I strongly disagree.

Skousen with Buffett
Buffett (left) shares a light moment with Mark and his wife in New York, 2010.

As Nicholas notes, Buffett has become the third-wealthiest person in the world as a result of the unbelievable success of his investment company since 1965. He has beaten the market the vast majority of the time.

Over the past 54 years, he has outperformed the S&P 500 (including dividends) 37 times, or 69% of the time. Berkshire’s total return through 2018 is 2,472,627% compared with the S&P 500’s 15,019%.

The compounded rate of return is more than double the stock index: 20.5% a year for Berkshire, 9.7% for the S&P 500.

Bear in mind that Buffett has accomplished this remarkable feat by investing in hundreds of public and private companies.

Has Buffett Lost His Magic Touch?

Nicholas claims that the stock market index has beaten Berkshire’s performance since 2004, but it depends on how you look at it. Over the past 15 years, Buffett’s investment company has beaten the S&P 500 10 times – a 67% win rate.

This year may well be an exception – the S&P 500 is ahead 18%. Meanwhile, Berkshire has zero return, thanks in part to a big loss in Kraft Heinz Company, a large position in bank stocks and the fact that it’s sitting on $122 billion in cash. Berkshire also took a hit a few months ago when a major institutional pension sold most of its position.

But this isn’t the first time Buffett has taken a hit while the market has fared significantly better. This kind of disparity has occurred a few times in the past, such as in 1975, 1984, 1999 and 2009.

Nicholas also noted that Buffett’s estate plan for his wife recommends a 90% investment in a stock index fund and 10% in government bonds – meaning she should not count on his investment company to outperform in the future. There’s no doubt that it is gradually becoming more difficult for him to beat the market.

Buffett blames the size of his investment company. In his 2014 annual letter to shareholders, he admitted that “Berkshire’s long-term gains… cannot be dramatic and will not come close to those of the past 50 years. It is harder to double the market value of a $100 billion company than a $1 billion company.”

However, that’s a far cry from saying that Buffett’s business-minded investment strategy is based on luck, like playing the slot machines in Vegas.

Is his systematic strategy really all for naught and simply based mostly on his good fortune?

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Proving the Efficient Market Theory Wrong

In his younger years, Buffett was scornful of the efficient market theory (EMT) and index investing.

Back in 1988, he wrote a highly critical review of the EMT in his annual report to shareholders. Referring to the academics who defended it, he said, “Observing correctly that the market was frequently efficient, they went on to conclude incorrectly that it was always efficient. The difference between these propositions is night and day.”

As an example, he used the arbitrage methods of his mentor – the father of value investing – Benjamin Graham to prove his point:

The continuous 63-year arbitrage experience of Graham-Newman Corp., Buffett Partnership and Berkshire illustrates just how foolish EMT is… While at Graham-Newman, I made a study of its earnings from arbitrage during the entire 1926-1956 lifespan of the company. Unleveraged returns averaged 20% per year. Starting in 1956, I applied Ben Graham’s arbitrage principles, first at Buffett Partnership and then Berkshire. Though I have not made an exact calculation, I have done enough work to know that the 1956-1988 returns averaged well over 20%…

Over the 63 years, the general market delivered just under a 10% annual return, including dividends. That means $1,000 would have grown to $405,000 if all income had been reinvested. A 20% rate of return, however, would have produced $97 million. That strikes us as a statistically significant differential that might, conceivably, arouse one’s curiosity.

Buffett noted in his report that applying Graham’s arbitrage techniques involved hard work and very little luck.

Buffett’s Method of Buying Undervalued Companies

Over their 54 years running Berkshire, Buffett and his partner Charlie Munger have fine-tuned their competitive advantage. At an early stage, Buffett adopted Munger’s No. 1 lesson of investing: “A great business at a fair price is superior to a fair business at a great price.”

They are value investors who seek companies that will grow over time due to good management and long-term profitability. To find these companies takes a great deal of research and knowledge. Most of the time they are right.

Berkshire doesn’t buy turnarounds or try to replace managers. They have a hands-off management style. They don’t get involved in day-to-day operations like the Koch brothers. They try to buy companies that are already well-run at a reasonable price.

Buffett and Munger are also always in a good position to offer a cash deal and superior financial flexibility to private and public companies. As Buffett states, “We have some significant advantages in buying businesses over time. We would be the preferred purchaser, I think, for a reasonable number of private companies and public companies as well.”

In sum, I don’t plan to sell my Berkshire stock anytime soon.

If I were a betting man, I’d put some of my money on the symbol BRK-B.

I also have been recommending for years a financial income stock that has outperformed the market and Warren Buffett since going public in 2007. Click here for more information.

Good investing, AEIOU,

Mark Skousen

P.S. Both Buffett and Munger are big fans of my book The Maxims of Wall Street. It is the one and only compendium of financial adages, ancient proverbs and worldly wisdom – and it has sold over 25,000 copies. Alex Green calls it a “classic.”

Buffett states, “I love your book and plan to steal some of its lines.”

Commodity guru Dennis Gartman says, “It’s amazing the depth of wisdom one can find in just one or two lines from your book.”

The Maxims book is available for only $20 for the first copy, and all additional copies are $10 each. And if you order an entire box of 32 books, you pay only $300. Plus, I pay postage and autograph each copy. It’s the perfect gift for investors, clients, money managers and stockbrokers.

To order, call Harold at Ensign Publishing at 866.254.2057 or go to www.skousenbooks.com.

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About Mark
Dr. Mark Skousen is a professional economist, financial advisor, university professor and author of more than 20 books. In 2018, he was awarded the Triple Crown in Economics. He has taught economics and finance at Columbia Business School, Barnard College at Columbia University and Rollins College in Winter Park, Florida. He is currently a presidential fellow at Chapman University and the producer of FreedomFest.
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