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April 2009
‘Global
Warmongers’ is a gem. Brilliant stuff. Mostly data I was broadly
aware of, but nice to have it presented lucidly, authoritatively and
succinctly.
N.S. New Zealand
November 2008
I would like to thank Bob and the rest of
the team at Institutional Advisors for their outstanding market analysis.
Through an approach based on in depth financial history coupled with
market timing skills, they have predicted the path of events that have
unfolded in the current global Credit Crisis with great accuracy. All
great newsletters open their subscribers’ eyes to be able to make the
correct informed decisions. I am grateful for having the opportunity to
learn and profit from their knowledge.
S.R. Hedge Fund Manager, UK (subscriber since June 2007)
As of Oct 31/08 their Macro Fund is up 51.27% year to date.
November 2008
I have very much appreciated your advice
these past few months. My retirement assets have remained intact. My only
losses have been when I have "fallen of the [your] wagon" and gone off on
my own impulses... the reports on the general equities market and the
energy and gold sectors have saved and made me money. Thank you!
B.R. USA (subscriber since
October 2007)
November 2008
The Best Analysts ~ The best financial
market analysts
Very few analysts anticipated the financial-market events of the past
year. Some were bullish on the stock market over much of the time, or
thought that the stock market was experiencing nothing more than an
intermediate-term correction within a primary bull market. Others, like
us, were bearish on the stock market, bearish about the intermediate-term
prospects of industrial commodities and generally bullish on the US$
relative to the euro, but thought that the market action would be far less
dramatic than it proved to be and that some stock-market sectors -- most
notably the gold sector -- would provide good returns. And then there were
those who correctly anticipated a market debacle, but thought that both
gold bullion and the gold sector of the stock market would rocket upward
in response to the crisis.
There are undoubtedly others who got it right, but of the analysts we know
of, the only one who was generally right about how the crisis would impact
ALL the major markets (the stock, gold, currency, bond and commodity
markets) was Bob Hoye of http://www.institutionaladvisors.com/ Bob's
service is designed for institutional money managers (as the name
suggests), but it could also be of interest and benefit to serious retail
investors.
S.S. China (subscriber
since April, 2006)
November, 2008
Bob: Now that I’ve been a subscriber/client to Institutional Advisors for
three years I thought it appropriate to provide a little feedback from a
non-institutional client. My appreciation/learning is as follows:
1. There are two aspects of an ‘advisory’ service that determine its
value: one is its quality, and the other its applicability. With regard to
the former, I have yet to find a stock advisory service that is better
than tossing darts at the page, so for the most part I use ETF.s to go
long or short. And relative to the latter, there are certain items about
an individual – his interests, his emotional control – that he cannot and
perhaps should not change. For example a good service that provides daily
charts on technical trading setups with a high probability of being right
for the next several days are counterproductive for me, contaminating my
mental space with blips of little interest. (I subscribed for a year on
the hope that it would help me execute better when I do make a trade.)
2. You are a student of the markets. But what comes through time and again
is your use of the markets to study the state of the human condition and
where it’s going. And from there you go back to insert us – and pretty
damn correctly – into the market cycle, or cycles, unfolding at the time.
There is nothing different this time’ about human nature, about crowds,
about the press, and thus about the markets. So history and a few
proprietary signals are your tools. All of which begs the questions: if
it’s all there in history why are there not enough plain souls gaming it
to render it truly different this time? Why are historians not generally
rich? I suspect your answers would be similar to those for the answers to
the questions of why do we still fight wars or argue with our spouses.
3. Yours is an advisory service certainly, but it is also an education
service. In my experience it’s one thing to read about the Austrian School
of Economics; it’s quite another to see the principles applied to the real
world in real time. Of course this past year Nature has provided you with
an excellent laboratory in which to demonstrate those truths.
From personal experience, and now reinforced by your service, I’ve come to
a couple conclusions about investing success – for me at least. The first
is that if one’s primary interest in the markets is to make money, then
one probably won’t. One’s emotions go first and the rest is, well, uphill.
The second is that if one has trained one’s mind in institutional skills,
where one is constantly dressing for his appraisal, then he will be
playing with half a deck in the investment business – where one should be
constantly examining his many mistakes and downright foolishnesses. For
that reason alone when I get well into my seventies and would otherwise
like to hand it over to someone else, I’ll have trouble giving it to a
‘Private Client Service’ in a large bank, where the decision from an
all-day strategy meeting would be to reduce equity exposure from 60% to
56%.
An aside: I accept that mankind is prone to tangents and through history
often times rather costly ones that divert resources into useless
endeavors – eg the Bush Administration’s corn-based-ethanol program.
(Would we have done any worse had we just drunk the stuff?) And yes, the
present global warming may well be in part the result of Nature’s cycles
down through the millennia. But mankind has also been a prolific species
and does throw a lot of the warming gases into the air. In geologic
history there may be nothing different this time. However in mankind’s
history? But that’s strictly an aside.
I have just renewed my subscription. I know it doesn’t sound good this
year, but the cheque is in the mail. Again, your service is thoroughly
appreciated, Bob.
J.D. Canada (subscriber since November 2005)
October, 2008
I would appreciate if you could somehow extend to Mr. Hoye my highest
respects not just for his analysis but also for his outstandingly witty
style which makes me chuckle joyfully every week, even as a German
mother-tongue speaker.
It would be great if he were to write a book one day to bring all of this
closer to a broader public too. Thank you!
D.K. Switzerland (subscriber since May, 2004)
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