Cycling Economies
Corporate Debt Disaster
Blowing the Whistle
My Writing Productivity Secret
Chicago, Orange County, Raleigh

In last week’s letter, I mentioned an insightful comment my friend Peter Boockvar made at dinner in New York: “We now have credit cycles instead of economic cycles.” That one sentence provoked numerous phone calls and emails, all seeking elaboration. What did Peter mean by that statement?

I vividly remembered that quote because it resonated with me. I’ve been saying for some time that the next financial crisis will bring a major debt crisis. But as you’ll see today, it is a small part, maybe the opening event, of a rapidly-approaching train wreck. We’ll need several weeks to tease out all the causes and consequences, so this letter will be the first in a series. These will be some of the most important letters I’ve ever written. Something is on the tracks ahead and I don’t see how we’ll avoid hitting it. So, read these next few letters carefully.

First, a reminder that today is the deadline to sign up for Over My Shoulder to get the special welcome package we set up for you and a guarantee your $9.95 monthly subscription fee will never go up.

As you may know, Over My Shoulder previously cost $179 per year, and that was before all the recent improvements co-editor Patrick Watson and I have made to the service. I truly believe that there is no other research service that will so richly reward you with ideas and insights for your dollar.

I’ve been asked if this means Thoughts from the Frontline will go away or become a subscription service. The answer is firmly “no.” I’ve been sending these weekly letters free for almost two decades now. They’re a labor of love for me. However, I still have bills to pay, and the extensive research we do costs a lot. Over My Shoulder is a way to bring in some revenue and amortize those expenses. I could probably charge more, but I view the low price as a “thank you” to my loyal readers.

Better yet, I think you’ll find Over My Shoulder useful and fun. It will make you a more informed, intelligent investor in just a few minutes, 3–4 times a week. I hope you’ll give it a try. You can do so by clicking the link below.

On another note, at the end of this letter I will tell you how I have increased my writing productivity several times over with an inexpensive but amazingly powerful software program. Time is money, so you may also find it valuable.

Now, let’s talk about the coming train crash.