The Distribution of Pain
The Two Economies
Leveraged Stress
Working Class Versus Service Class
Maine and up in the Air

This week I have something special for you: an update of “The Distribution of Pain,” one of 2017’s most popular letters. I say “popular” just in terms of feedback and reprint requests. It was thought-provoking but also sobering. I started with the original version, re-edited to clarify a few points, and added some new comments. It is still a timely, important topic.

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As you read this, I will be in Grand Lake Stream, Maine, at the annual Camp Kotok economics/fishing retreat. This has become an annual pilgrimage for me (13 straight years). My friend David Kotok organizes an amazing event with several dozen economists, financial advisors, fund managers, journalists, and a few others. Our venue at Leen’s Lodge and some of the surrounding camps is quite remote, so I’ve learned not to assume I will have an internet connection—another reason I’ve pre-written this week’s letter. Out on the lake, you can sometimes connect with Bell Canada!

Before we begin, you should have received some e-mails from me this week about our Mauldin Economics VIP program. It is open until August 8, and I highly recommend you consider it…

I said in Thoughts from the Frontline last week that all investors should have one or more investment advisors. Of course, that is not always possible. But with Mauldin VIP, you get access to the thinking of six esteemed editors, our entire backroom team of analysts, seven top quality services, and a lot more. Think of it as a year-round “Camp Mauldin.”

If you agree with me that the Great Train Wreck and Great Reset are coming, then you owe it to yourself to consider joining us at VIP. You can find out more here—but please do so before your invitation expires on August 8.

Now, on with our letter.

The Distribution of Pain

When you write about economics, you quickly learn the economy doesn’t care what you say. The forces that drive it are beyond any one person’s comprehension, much less control.