With so much chaos unfolding around the world, it is important to remember the wisdom shared by legends in the business.
July 20 (King World News) – Here are the final warnings and thoughts that Richard Russell communicated to his subscribers:
“Question — What’s the best action you can look for in a stock?
Answer — A long record of increasing dividends.
A lot of lies can be told about a stock, but dividends don’t lie. In order to increase dividends, a stock must create a history of producing cash. Analysts can lie, earnings can lie, CEO’s can lie, but dividends don’t lie. A company must increase its actual earnings in order to raise dividends. The only thing better than dividends is the float produced by an insurance company. The float, plus compounding, made Buffett a wealthy man.”
Russell Passed Away Right After The Last Of His High School Buddies
“One by one, the old fighters from WWII are disappearing. A few weeks ago, I was told that my best buddy, James Salter, had died. He was the last of my high school buddies. Jim flew the F-86 during the Korean War. Jim was also an excellent, world renowned writer. His book, The Hunters, talks of a US-Russia “dog fight” and their respective jet aircraft. I’ll miss Jim and his writing. He was my last old buddy. Look him up on Google if you want. They will have more to say about it.”
The legend warned about a totalitarian government:
“One of the first things the Nazis did in Germany was take away all the guns of the citizens. This meant that the government could do anything it wanted while the citizens were unable to object. As a Jew, I am fearful of a government that has all the guns with the citizens all unarmed.”
Russell also warned about robotics displacing workers and the inability to save and retire:
“The world is caught up in an amazing array of new items. Every day we hear about some new invention that is changing the world as we know it. I wrote before that the age of retirement will be history, and new inventions will displace workers by the millions. To retire requires a large amount of savings, and the way the world is working now it’s becoming almost impossible to save.”
And finally, the legend warned about the destruction of currencies and capitalism itself:
“The end of capitalism will be due to the unbelievable amount of debt that is currently being created. This will create monster inflation that will destroy every currency. The only currency that cannot be destroyed is gold. When investors realize this, we’ll have the makings of the greatest bull market in gold ever seen.”
The Early Days
A native New Yorker (born in 1924) Russell has lived through depressions and booms, through good times and bad, through war and peace. He was educated at Rutgers and received his BA at New York University. Russell flew as a combat bombardier on B-25 Mitchell Bombers with the 12th Air Force during World War II…
New interview from legend Doug Casey discussing gold, silver and
global chaos! To listen click here or on the image below.
Richard Russell began publishing Dow Theory Letters in 1958, and he had been writing the Letters ever since (never once having skipped a Letter). Dow Theory Letters is the oldest service continuously written by one person in the business.
“Richard Russell is by far the most interesting writer of all the services we get.” — Investors Intelligence, Feb. 19, 1999.
The Calls That Made Him A Legend
Russell gained wide recognition via a series of over 30 Dow Theory and technical articles that he wrote for Barron’s during the late 1950s through the 1990s. Through Barron’s and via word of mouth, he gained a wide following. Russell was the first (in 1960) to recommend gold stocks. He called the top of the 1949-’66 bull market. And almost to the day he called the bottom of the great 1972-’74 bear market, and the beginning of the great bull market which started in December 1974.
Richard Russell was the greatest in the business and he is sorely missed.
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***To listen to this powerful discussion about exactly how the Fed and other central banks’ tapering is going to directly impact the gold and silver markets and why it will be incredibly bullish CLICK HERE OR ON THE IMAGE BELOW.
***To listen to Alasdair Macleod discuss the implementation of Basel 3 and its impact on the gold market CLICK HERE OR ON THE IMAGE BELOW.
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