Adam Taggart, Wealthion
APR 10, 2021
In today’s market update, our friend Adam Taggart, speaks to investigative journalist Bethany McLean, an expert on crisis.
She has written New York Times best-selling books on the collapse of Enron (The Smartest Guys In The Room) as well as the mortgage industry and Wall Street abuses that led to the 2008 Great Financial Crisis (All The Devils Are Here and Shaky Ground).
So when she says she’s deeply worried about today’s macro environment, we’d better take notice.
By the way, if you’re enjoying Adam’s ongoing discussions about money and the markets with leading investors around the world… good news, Adam has officially launched a new YouTube channel dedicated to the topic called, Wealthion.
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Back to Bethany’s interview, by looking at the accelerating expansion of debt issuance, the red-hot run-up in the financial markets, and the economic uncertainty caused by the ongoing pandemic — she concludes we’re at a precarious never-been-here-before moment in history, aka “uncharted territory”. And she sees good probability another major crisis may be around the corner.
She also sees a familiar dangerous lack of imagination in those both running and cheerleading the current system. Similar to the ‘rock stars’ at Enron, no one seems able to entertain the idea that things could get out of hand much faster than folks are prepared for.
Once glance at the current level of investor euphoria confirms this:
We’re farther from the historical average than we have ever been on this measure — as well as on so many other metrics we don’t have room to list them all here. We are truly in uncharted territory.
Which is why Bethany agrees that now, more than ever, is the time to partner with a financial advisor who understands the nature of the market risks in play as well as the opportunities, can craft an appropriate portfolio strategy for you given your needs, and apply sound risk management protection where appropriate.
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