Keynesians vs. Monetarists: Who Won?
The Federal Reserve as the Engine of Inflation
Best wishes, AEIOU,
July 12-15, 2023, Memphis Convention Center
Mark Skousen's Personal Website for the Best of Money & Economics
Mark Skousen is a professional economist, university professor, best-selling author, editor of the award-winning Forecasts & Strategies financial newsletter, and producer of FreedomFest, the largest annual gathering of free minds about liberty and freedom in the world. Skousen has been married to wife Jo Ann for 42 years, and has five children and five grandchildren.
Best wishes, AEIOU,
Stanley Engerman, economic historian at the University of Rochester, died on May 11, 2023, at age 87: See https://brightonmc.com/obituaries/stanley-lewis-engerman/2632/
When I was a student at BYU in 1971, my economics professor Larry Wimmer arranged for me and one other student to do research for Stanley Engerman, co-author of “Time on the Cross” with Nobel prize economist Robert Fogel. I never met him but we talked on the telephone several times.
“At the end of the month, I had another job opportunity for the summer—really exciting. This involved working as a research assistant for Robert Fogel of University of Chicago and Stanley Engerman of Rochester on their econometric studies of the slave trade and industry in the ante-bellum South. We were instructed to go through court and probate records in the Salt Lake Genealogical Society’s microfilm section and write down names, dates, places, description of slaves. This was surprisingly interesting work. I worked with Keith Allred most of the time, and we’d go up to Salt Lake each day. One time we made a particularly lucrative find and our joy was so apparent that several Mormons asked what we had found—when they saw we were talking about slaves, they really wondered [about our lineage].”
The work was quite fascinating. You could see how some slaves were valued more than others, depending on their age and occupation.
You could also see the inflation going on during the Civil War with prices going up for everything.
What surprised me the most was that slaves were still listed on probate records after the Civil War, as if nothing had happened. On the official estate records, slaves were still considered property past 1865, and well into the 1880s! It was a real shock.
Their book came out in 1974 and caused a sensation. Fogel and Engerman argued that slavery was highly profitable, so much so that it required a civil war to end it. They questioned the view that slavery would die out on its own.
Fogel won the Nobel prize in economics in 1993 as a developer of “cliometrics” (quantitative economic history). Because of “Time on the Cross,” Fogel was sometimes accused of being a racist, even though he was married to an African-American woman. Fogel died at age 87 in 2013.
by Mark Skousen
I now have three Nobel prize winners who are encouraging my development of gross output (GO) as the “top line” in national income accounting, as a complement to GDP as the “bottom line”:
“Mark Skousen’s gross output (GO) statistic reminds me of Irving Fisher’s ‘Q’ in the quantity theory of money (MV=PQ), where Q measures production and sale of all commodity transactions in the economy. GO provides insight into the workings of the entire production process, which can be invaluable to giving us a full picture of economic performance.”
– Vernon L. Smith, Chapman University (2002)
“By integrating the vital role of the supply chain into national income accounting, Mark Skousen’s development of gross output (GO) has created a more dynamic and broader view of the economy, and of the central role that business plays in national income, the business cycle and economic growth. I recommend that economists seriously consider his new approach to macroeconomics.”
– Finn Kydland, UC Santa Barbara (2004)
“Congratulations on your work. It has been a long slog to get the national accounts to introduce innovative measures, and Steve Landefeld [long-time director of the BEA] has been a superstar in this respect… This will open up the potential for new insights into the behavior of the economy.”
– William D. Nordhaus, Yale University (2018)
And this general endorsement:
“Gross output [GO] is the natural measure of the production sector, while net output [GDP] is appropriate as a measure of welfare. Both are required in a complete system of accounts.”
– Dale W. Jorgenson, J. Stephen Landefeld, and William D. Nordhaus, A New Architecture of US National Accounts (NBER, University of Chicago Press, 20006), p. 6.
Here is my latest press release: https://grossoutput.com/2023/03/30/go-growth-stalls-at-the-end-of-2022-indicating-a-potential-recession-in-2023/
Dear friends of freedom,
Peter Drucker once said, “Economists are the slowest learners.”
I never believed that….until now. See the announcement below from the American Economic Association.
I was very much looking forward to attending and maybe even speaking at the AEA meetings January 6-8, 2023, in New Orleans, a city I love, but was astonished to read of the draconian rules the AEA leadership have established–vaccines/boosters and N-95 masks! Give me a break!
They wrote today: “All registrants will be required to be vaccinated against COVID-19 and to have received at least one booster. High-quality masks (i.e., KN-95 or better) will be required in all indoor conference spaces. These requirements are planned for the well-being of all participants. Participants are also encouraged to test for COVID-19 before traveling to the meeting.”
Seriously? This isn’t 2020 — it’s nearly 3 years later and I don’t know anybody except the AEA living in utter fear. Everyone else is getting back to normal, and recognizing that everyone is going to be exposed to various viruses. I got vaccinated, wore masks, etc., and still got Covid. So have millions of others. It’s time to move on.
By the way, my wife had a severe allergic reaction to the jab — she will NEVER take another Covid-vaccine or booster. There are thousands of others who feel the same way.
Meanwhile, we can fly to New Orleans, we can teach and attend college classes, we can go to numerous socials and events without wearing masks or getting vaccinated — but no, the high and mighty AEA authoritarians are mandating we wear masks and get vaccinated–again!
I called the Hilton Riverside and asked if they have any such mask or vaccine mandates. They said “none.”
I will be speaking at the New Orleans Investment Conference at the Hilton Riverside on October 12-15, and the conference organizers are not mandating masks or vaccines — even with thousands attending. Are they stupid people? I don’t think so.
I am also speaking at the World Knowledge Forum (the Asian version of Davos) on September 20-22 in Seoul, Korea, and they have no mask/vaccine mandate.
I will be attending the Mont Pelerin Society meetings in Oslo, Norway, and they don’t have any such mandates.
It’s time that the AEA leadership start treating us as grown-ups and let us allow us to decide for ourselves whether to wear a mask or get vaccinated. Some people feel safer wearing masks and that’s okay. But don’t force all of us to wear them, or to get vaccinated.
So, sadly I will NOT be coming to New Orleans in January, and I will encourage other economists to protest with me.
Best wishes, AEIOU,
Dear friends of FreedomFest,
The excitement is building for our July 13-16 intellectual feast at the Mirage in Las Vegas. The complete agenda with 250 speakers will be posted in a few days at www.freedomfest.com, but here are a few sessions that might interest you.
Wednesday, July 13, 1:00-1:50 p.m. Jim Woods, co-editor of Fast Money Alert, on “My Favorite Technique to Make Money,” followed by a discussion with the legendary Jim Rogers on “Which Offers a Better Investment Opportunity, the USA or Emerging Markets?” Moderated by Roger Michalski.
Wednesday, July 13, 1:00-1:50 p.m. My first session, “Who’s Winning the Battle of Ideas: Marx, Keynes or Adam Smith?” An update on my new 4th ed. of “The Making of Modern Economics.”
Wednesday, 2:00-2:25 p.m. Alex Green (Oxford Club) on “Creating a Permanent Portfolio: Can You Beat the Market Without Trading?”
Wednesday, 2:25-2:50 p.m. My big debate with technical trader Mike Turner: “Buy and Hold vs Market Timing: Which is the Most Profitable Investment Strategy During a Bear Market?”
Wednesday, 3-3:50 p.m. “Is Your Boss Ruthless or Compassionate? How the New Model of Capitalism Can Defeat Socialism and Marxism.” The evolution of business, from robber barons to compassionate capitalists: Andrew Carnegie and the Homestead Strike of 1892; Henry Ford’s $5-a day in 1914; Jack Welch’s case of Ruthless Capitalism 1981-2001; and John Mackey’s “Conscious Capitalism” in 2014.
On the evening of July 13, we have our “Opening Ceremonies,” with Lisa Kennedy, host of Fox Business, as our Mistress of Ceremonies all four days. Keynotes include Steve Forbes on his new book, “Inflation and How to Fix it,” Connor Boyack on “How CNN’s Attack on The Tuttle Twins Backfired and Helped Sell 100,000 Books to Teach Kids About Freedom,” and Dog the Bounty Hunter (new!) on “What Being Cancelled Taught Me.” Followed by the opening cocktail party in our exhibit hall, “the trade show for liberty,” with 180 exhibitors; plus Peter Studabaker will perform as our fun libertarian magician.
We start off the morning with our annual “Global Economic Summit” with Barbara Kolm (Europe and Russia), Steve Moore (North America), Jim Rogers and Preity Umpala (China, India and Middle East); and Roberto Salinas (Latin America). We cover the hot spots!
It will be followed by the big debate: “Ben Stein vs Art Laffer: Should We Raise Taxes on the Rich?” Ben Stein will also be our luncheon speaker: “Rich & Famous: My Life in Beverly Hills & Hollywood.”
Thursday, 3:10-3:35 p.m. “The Cloud Revolution: Will It Create a New Roaring Twenties?” with Mark P. Mills (Manhattan Institute), George Gilder and Steve Forbes (moderator).
Thursday, 3:35-4:00 p.m. My interview with California money manager David Bahnsen, “How to Fight the Free Lunch Movement.” (new)
Thursday 4:30-5:45 p.m. “Drug Legalization on Trial,” with Wayne Allyn Root as Judge; Alex Datig and Catherine Bernard attorneys, and star witnesses Judge Jim Gray, Avens O’Brien and Luke Niforatos.
Thursday, 5:45-6:45 p.m. The God Debate! Michael Shermer (Skeptic magazine) takes on Eric Metaxas and his new book “Is Atheism Dead?,” moderated by Alex Green. I can’t wait.
Thursday, 6:45-7:00 p.m. Betsy Devos, former Secretary of Education, on “Hostages No More: The Fight for Education Freedom and the Future of the American Child.”
Friday, 7:30-8:45 a.m. Breakfast with Mark Skousen and Steve Forbes: “The Future of American Exceptionalism and the China Threat: What Will it Take to Remain the #1 Superpower?”
Friday, 11:30 a.m.-12:00 noon. My interview with Senator Rand Paul: “The Inside Scoop: A Conversation with Senator Rand Paul Confronting Government Officials on Capitol Hill.” A luncheon with Senator Paul follows.
Friday 3:10-4:00 p.m. “The Ultimate Bitcoin Debate: Is Crypto the biggest Ponzi scheme since the dot.com era?” John Mackey and Alex Green (yes) vs Max Borders and Brian Robertson (no).
Friday, 5:30-6:30 p.m. British comedian and producer John Cleese, “What’s So Funny? Tips for Success in Education, Business and Relationships.” Followed by an interview by Reason editor Nick Gillespie,and VIP reception with John Cleese.
Saturday, 9-9:30 a.m. Senator Mike Lee and Free the People panel
Saturday 9:30-10:00 a.m. Andrew Yang (Forward Party) vs Larry Sharpe (Libertarian Party of New York) on “Universal Basic Income: Should Every American Get a $1,000 a Month from the Government?”
Saturday, 11-11:50 am. Big Debate: “Election Chaos: Was the 2020 Election Stolen From Trump and Should 2024 Be His Year?” with Isaac Saul, John Fund, Former Congressman Justin Amash, Wayne Allyn Root; Erick Erickson (moderator). The sparks will fly.
Saturday 2:10-3:00 p.m. The Big Four Panel: Steve Moore, Jim Rogers, Steve Forbes; Mark Skousen
Saturday 4:00-4:50 p.m. “Beyond Wealth: How to Think, Act and Live Like a Renaissance Man” with Jim Woods, Alex Green and Mark Skousen. Nice way to end the conference!
Saturday night gala banquet, 6:00-10:00 p.m. Kennedy as MC; Glenn Beck as the keynote speaker; Anthem Film Awards; Music and dance by the Beach Boys cover band “Good Vibrations.” It is time to celebrate liberty.
Many of you know about my singular contribution to economics, the development of gross output (GO), the new statistic that measures spending at all stages of production, including the supply chain. I call it the “top line” in national income accounting, and GDP the “bottom line.”
Good news! I received a surprise letter from Harvard economist Emma Rothschild, who is married to Amartyr Sen, the Nobel Prize winner. She has cited my work on GO in a footnote of her recent article “Where is Capital?” published in the journal “Capitalism: A Journal of History and Economics.” She said that her paper is “essentially an attempt to apply ideas about gross output to the economic history of the industrial revolution.” See her quote below.
It’s great to see how this broader measure is gaining traction among top economists.
Having experience in the business world, I’ve always found that treating “capital investment” as final capital goods only is incomplete, and we need to apply the businessman’s perspective — that business has to fund all capital expenditures, including the purchase of supplies in the supply chain, to move the production process along and make a profit. Hence the move toward a measure of total spending at all stages of production, or GO. As Sir John Hicks wrote in his book, “Capital and Time: A Neo-Austrian Theory” (1973), measuring GO is “the typical business man’s viewpoint, nowadays the accountant’s viewpoint, and in the old days the merchant’s viewpoint.” (p. 12)
Here is Prof. Rothschild’s perspective:
Where is Capital?
by Emma Rothschild
Capitalism: A Journal of History and Economics University of Pennsylvania Press
Volume 2, Number 2, Summer 2021 pp. 291-371 10.1353/cap.2021.0015
https://muse.jhu.edu/article/798746 (login required)
“The idea of gross output—or output to intermediate as well as final use—is of some ideological importance in contemporary economic policy. Gross output is seen as a measure of economic life that is business-centered, and that identifies businesses, rather than government or consumers, as the principal object of economic inquiry.143 But business is important, too, in our own inquiry into economic history. In our microscopic view of exchanges or transactions, there are multiple exchanges between one enterprise and another, and the exchanges embodied a substantial proportion of the technologies associated with new industries. A little over 40 percent of all output is sold to intermediate use in the contemporary United States, and the proportion was undoubtedly much smaller in the advanced economies of the late eighteenth century. It was relatively high, all the same, in the most modern industries, including those selling intermediate-type materials to the “final” demand of exports and government:
Footnote 143: The recent policy discussions are surveyed in writings by Mark Skousen, including https://mskousen.com/2020/10/macroeconomics-on-the-go-how-wall-street-economic-analysts-use -gross-output-go-2/; and see, on the importance of ‘B2B’ or business-to-business spending, ‘Business not Consumers Drives the Economy,’ https://mskousen.com/category/gross-output/.”
A dear friend Gary North (1942-2022) passed away on Thursday, February 24. He was 80 years old. I had been trying to reach him recently without any response, so I wondered if his prostate cancer caught up with him. I really feel sorry I was not able to say good-bye, he being so much of a recluse in the past 20 years.
My last email to him was October 9, 2021, where he said, “You have always been the smooth it over guy. I have been the blowup the parade.” We saw each other for the last time in June 2019.
Gary North was one of those people who qualifies as “My Most Unforgettable Characters” that Reader’s Digest used to highlight. He was truly a unique figure in my life. He was the one who called me in the year 2000 and encouraged me to apply for the position of president of the Foundation for Economic Education (FEE), the oldest free-market think tank. It was a life-changing decision to move to New York. Even though I lasted only a year as president of FEE, that decision resulted in my teaching at Columbia University, and then with Jo Ann teaching at Sing Sing through Mercy College, and many other changes in our lives and our children (especially Hayley, who moved up to New York with us).
He is only a handful of people who I could spend hours with and never reach the bottom of his knowledge. We knew each other from the 1970s on. He could talk intelligently about philosophy, religion, investments, economics, politics, and even sports (we went to a Lakers game once and saw Kareem Abdul-Jabbar play.)
His hard-money newsletter, Gary North’s Remnant Review, was older than mine by several years. I believe he started his around 1974, when Inflation Survival Letter, got started. We did a lot of conferences together, along with Larry Abraham and Doug Casey.
In the early 1980s, I took over his position as an investment counselor to Howard Ruff’s (Ruff Times) subscribers. Gary spoke at the New Orleans hard-money conference and bought junk silver in the early 1960s. He was one of the original gold bugs. He was also famous for predicting the end of the world in 2000 due to the Y2K crisis.
He worked for a year at Congressman Ron Paul’s office as a research assistant in 1976, and stayed at our home in Falls Church, Virginia, for week when he arrived in DC – always unannounced. Jo Ann did his laundry.
In 1985, Jo Ann and I, along with our four children, took the “Grand Tour of Europe” with Howard Ruff and Gary North, among others. I arranged an interview with the great Austrian economist Friedrich Hayek at Hayek’s retreat in the Austrian Alps, and invited Gary to come with me (along with John Mauldin, his assistant). Major parts of the 3-hour recording was published in the book “Hayek on Hayek” without attribution. Here is a photo of us.
During the Howard Ruff tour, I was on a panel with Gary and the moderator asked Howard Ruff, R. E. McMaster and me what our sign was. We all gave our zodiac signs. Gary North gave a memorable answer: “The dollar.”
We also were part of a Mises Institute conference in Vienna, Austria, in 1988 with Murray Rothbard, Lew Rockwell, and Burt Blumert. (See photo below.) Gary and I wrote tributes to Murray Rothbard in a Festschrift in 1988.
In the late 1980s, Gary played the FCC lotteries for cell tower licenses in various cities around the United States and won two licenses! He told me that he later sold each one for $1 million, which made him financially independent. He learned a year later that the cell licenses were being resold for $50 million. I didn’t have the heart to tell him that those cell licenses are now worth over $1 billion. Talk about seller’s regrets!
He wrote for many organizations, including FEE (The Freeman) and the Mises Institute, and had his own website www.garynorth.com. He was prolific for sure, writing daily, a marketing genius.
Like my father, Gary’s father was an FBI agent who may have known my uncle Cleon or my father Leroy Skousen, who both worked in the LA office. Gary was born in 1942 and grew up in the Los Angeles area, and got his Ph. D. in economic history at UC Riverside in 1972. He wrote over 50 books and was especially proud of his “Economic Commentary on the Bible,” most of which was self-published through his Institute for Christian Economics. He wrote for The Freeman and other publications. I cite his critique of Karl Marx and quoted his “Fat Book Theory” in my own history, “The Making of Modern Economics,” in which he argued that the most influential works were all fat tomes.
He was a deeply committed Calvinist and devoted student of R. J. Rushdoony, author of “The Institutes of Biblical Law.” He married R. J. Rushdoony’s daughter Sharon and had several children, and moved around a lot in the South and finally resided near Atlanta, Georgia. I remember how he would have two houses – one to live in, and another to house all his books.
Gary was preceded in death by his son Caleb who suffered from a rare illness. He is survived by Sharon, his wife of 50 years, and their other children Darcy North, Scott North and his wife, Angela, and Lori McDurmon and her husband, Joel, and eight grandchildren.
There are people in one’s life that you wish you could talk or write to after they die. Gary North is one of them.
For more information about Gary North’s life, go to https://www.garynorth.com/public/23334.cfm.
Today is the 316th anniversary of the birth of founding father extraordinaire Benjamin Franklin (1706 – 1790). Franklin was an inventor, the first scientific American, the first diplomat of the United States, the first postmaster and a signer of both the Declaration of Independence and the Constitution. He was also the first President of the Pennsylvania Society for Promoting the Abolition of Slavery.
Michael Hart, the author of “The 100 Most Influential People in History,” considered Franklin to be “the most versatile genius in all of history.”
And the historian H. W. Brands considered Franklin “perhaps the most beloved and celebrated American of his age, or indeed any age.”
For investors, he was the founder of American capitalism and extolled the virtues of industry, thrift and prudence.
In his Autobiography and his “Poor Richard’s Almanac,” he was also famous for his pithy proverbs, financial adages and worldly wisdom.
Mark Skousen (aka Ben Franklin) and Eagle Financial Publication’s editor Paul Dykewicz.
As a direct descendant and a frequent portrayer of Ben Franklin, I have been collecting dozens of his sayings in my “Maxims of Wall Street.” In fact, Franklin is quoted more than any other financial guru except for Warren Buffett and Jesse Livermore.
Here are some great quotes from Franklin that apply to our personal lives and our nation:
“There is much revenue in economy, and no revenue is sufficient without economy.”
“Those who would give up essential liberty, to purchase a little temporary safety, deserve neither liberty nor safety.”
“I am a mortal enemy to arbitrary government and unlimited power. I am naturally very jealous for the rights and liberties of my country, and the least encroachment of those invaluable privileges is apt to make my blood boil.”
“A virtuous and industrious people may be cheaply governed.”
“The system of America is commerce with all and war with none.”
“A fool and his money are soon parted.”
“An investment in knowledge pays the best interest.”
“Nothing but money is sweeter than honey.”
“Patience in market is worth pounds in a year.”
“Haste makes waste.”
“It is incredible the quantity of good that may be done in a country by a single man who will make a business of it.”
“I saw in the public papers of different states frequent complaints of hard times, deadness of trade, scarcity of money, etc. It is always in the power of a small number to make a great clamor. But let us take a cool view of the general state of our affairs, and perhaps the prospect will appear less gloomy than has been imagined.”
And finally, “The years roll round and the last will comes; when I would rather have it said, He lived usefully, than he died rich.”
Half Off for ‘Maxims of Wall Street’
If you haven’t received the latest 10th-anniversary edition of “The Maxims of Wall Street,” buy it today! Go to www.skousenbooks.com. The price is low, only $20 for the first copy, and $10 for all additional copies. They make great gifts. If you buy an entire box (32 copies), the price is only $300. I sign all books and pay for the postage if mailed in the United States.
P.S. I will be hosting a subscribers-only teleforum called “What’s New in Crypto & Our #1 Pick” on Jan. 27 at 2 p.m. Click here to register for free.
Until next Monday, this is Mark Skousen, saying so long, fellow free-marketeers, and remember, AEIOU.
Columnist and author Walter Lippmann (1889-1974) was considered the most influential journalist of the 20th century.
Who is the Walter Lippmann of our day? Richard Rahn, who writes for the Washington Times, comes the closest. He focuses on ideas and problems, and avoids the politically divisive “left-right” labels. I highly recommend his columns: https://www.washingtontimes.com/staff/richard-w-rahn/
Lately I’ve been reading “The Good Society,” by Walter Lippmann (his best book), and see that he was highly influenced by Mises and Hayek, so that he rejected socialist central planning….although he supported Keynesian monetary and fiscal policy.
Here is a short summary of his approach:
“Lippmann’s style was distinctive and very effective with his audience. He did not patronize and was resolutely nonpartisan. He supported candidates for public office whose positions pleased him regardless of party affiliation. He could and often did change his mind about people and politics. He read widely and made every effort not to be identified with any group or ideology. For example, although he drew from both traditions he was careful not to present himself either as a Keynesian or an Austrian. He was often impatient and he tended to become disillusioned quickly with politicians after they had been elected, especially presidents of the United States.
“Often he experienced and reflected upon a problem well in advance of bringing it to his readers. He preferred to make use of theory only after he had gathered a lot of empirical evidence….His style was to lay out his arguments simply and without jargon.
“It is impossible to gauge precisely Lippmann’s influence upon his readers, but it must have been substantial. Indeed, it seems he could help to make or break a political career, and he could speed or retard the passage of a bill through Congress.” — Craufurd D. Goodwin, “Walter Lippmann: Public Economist” (Harvard University Press, 2014), pp. 2-3.
A hundred years ago, in 1920, the great author and poet Rudyard Kipling wrote a poem, “Gods of the Copybook Headings.” He was referring to the proverbs or maxims often drawn from sermons, almanacs, and scriptures extolling virtue and wisdom that were printed at the top of the pages of notebooks used by British school children.
The students had to copy the maxims repeatedly, by hand, down the page. The exercise served as a form of moral education and penmanship.
Kipling’s first stanza reads:
As I pass through my incarnations in every age and race,
I make my proper prostrations to the Gods of the Market Place.
Peering through reverent fingers I watch them flourish and fall,
And the Gods of the Copybook Headings, I notice, outlast them all.
Kipling bemoaned the fact that we no longer teach aphorisms to students or adults.
As a result, to quote another great poet T. S. Eliot, “How much wisdom have we lost to knowledge, and how much knowledge have we lost to information?”
But Kipling and Eliot would be happy to know that the age-old wisdom and timeless truths of the “copybook headings” are alive and well on Wall Street.
For years, I’ve been compiling these financial adages, ancient proverbs and immortal poems found in new and rare financial books and quoted regularly by investors, money managers, brokers and old timers.
Finally, I published them in a handsome volume in dark green leather and gold lettering with a ribbon. “The Maxims of Wall Street” was first published in 2011, and has been a bestseller ever since. Over 35,000 copies have been sold through seven editions.
“Maxims” is the Closest Thing to Wall Street Scripture
The Maxims contains:
Providing A Shortcut to Financial Wisdom
The book has been endorsed by Warren Buffett, Jack Bogle, Dennis Gartman, Barron’s, and many others.
Alex Green, chief investment strategist of the Oxford Club, wrote the following last month:
“Wouldn’t it be great if someone collected the wisest thoughts of the world’s greatest investors, men like Jesse Livermore, Baron Rothschild, J.P. Morgan, Benjamin Graham, Warren Buffett, Peter Lynch, John Templeton and others?
“As a matter of fact, someone has, my good friend and colleague Dr. Mark Skousen. His book ‘The Maxims of Wall Street’ is a crash course in how to survive and profit in today’s volatile markets.
“A college economics professor, founder of FreedomFest and bestselling author, Mark has spent more than four decades reading, writing, teaching and lecturing about financial markets. Along the way, he has collected a treasure trove of proverbs, slogans, stories and juicy quotes.
“I found myself chuckling (and occasionally sighing) when I first read this book. And I still refer to it regularly. Over my 35-year career, I learned much of this investment wisdom by trial and error. Fortunately, you don’t have to. The Maxims of Wall Street is a pithy and indispensable guide.”
New 10th Anniversary Edition Released in Time for the Holidays
Last week my grandson Luke and I drove to Chicago to pick up the new 10th anniversary edition of “The Maxims of Wall Street,” hot off the press. Then we drove to a suburb of Cleveland and delivered 175 copies to Carver Financial Services, whose president Randy Carver is a big fan. He’s a broker with Raymond James. Randy plans to give them to his clients as a holiday gift.
Kelley Drumm, marketing director at Carver Financial Services, and I admire new 10th anniversary edition of “Maxims”]
I can’t deliver every copy in person, but I will be mailing out copies this week and next, in time for Christmas and the holidays.
In fact, there’s still time to order your own copies — for yourself and your investor friends, neighbors, clients and favorite brokers. Order as many copies as you would like — I offer a special discount when you order more than one copy — half off!
The new edition is special — it’s 282 pages. I’ve added 200 quotes since the first edition came out in 2011.
Cheaper by the Dozen!
I’ve kept the same low price. The new edition retails for $24.95, but if you buy from Skousen Books, the first copy is just $20, and all additional copies are only $10 each. If you order an entire box of 32 copies, the price is only $300, less than $10 each.
As Hetty Green, America’s first female millionaire, said, “When I see something cheap, I buy a lot of it.”
To order, go to www.skousenbooks.com.
I number and autograph every copy and pay the postage if mailed in the United States (shipping to Canada or other foreign destinations requires additional postage). If you have any special inscriptions, please email Ned at [email protected].
We ship every day. Order your autographed copy today! Go to www.skousenbooks.com.
And let me know if you want a special inscription as a gift to others. I’ll be glad to oblige.
Here’s to a very merry Christmas and happy prosperous New Year.
With all good wishes, AEIOU,
Presidential Fellow, Chapman University
Free weekly e-letter: https://www.markskousen.com/signups/skousen-investor-cafe/
Personal website: www.mskousen.com
Annual conference: www.freedomfest.com
Since 1980, Skousen has been editor in chief of Forecasts & Strategies, a popular award-winning investment newsletter. He also is editor of three trading services, Skousen Private Equity Trader; Skousen High-Income Alert and Fast Money Alert.
Skousen Investor CAFÉ is a weekly electronic newsletter written by Dr. Mark Skousen. Mark offers commentary on the markets, the economy, politics and other topics of interest and what they mean to individual investors. Sign up for FREE here.
FreedomFest is an annual festival in Las Vegas where free minds meet to celebrate “great books, great ideas, and great thinkers” in an open-minded society. It is independent, non-partisan, and not affiliated with any organization or think tank.
Anthem is the only film festival in the country devoted to promoting libertarian ideals. Anthem shows films and documentaries that celebrate self-reliance, innovation, commerce, individual rights, and the power of persuasion over force. We are looking for the year's best films about personal and civil liberty.