Real Wealth #283 11/03/2010
HCM MARKET LETTER A MUST READ THIS MONTH
Dear Gold and Energy Subscribers,
I'm thrilled to inform you that Michael Lewitt, 53, president of asset manager Harch Capital Management, which oversees about $1.2 billion and caters to institutional clients, specializes in fixed-income investing, primarily sub-investment-grade corporate issues has agreed to include his world renowned HCM Market Letter ($395 a year) as part of the ButtonWoodClub. Com.
This month's issue will be posted on or before Friday. This issue is entitled “Keynesian Confusion” and is a must read for anyone investing in or considering and investment in gold, silver, platinum or commodities. Here's a brief excerpt...
“HCM has a hard time making a case that inflation is either a serious or imminent threatdespite the signals coming from the market. Hedge fund star John Paulson recently told investorsthat he believes that inflation will rise to the double-digits by 2012, a forecast we find excessivein degree and timing although not ultimately in direction (calling for higher inflation in the futureis an easy call; the tough call is deciding when inflation will hit). There is still too much excess capacity in too many areas of the economy – finance, real estate, housing – to create significant near-term inflationary pressures. The type of inflation Mr. Paulson is predicting really speaks to a different type of scenario that would involve a collapse of the U.S. dollar and with it the U.S.economy, which would be consistent with reports that Mr. Paulson holds 80 percent of hisconsiderable personal assets in gold. HCM is a strong believer in gold and even a stronger believer in a dollar collapse and continuing U.S. economic weakness barring a 180 degree change in policy, but we don’t see it happening as quickly as Mr. Paulson. ”
Michael Lewitt is making the point that while he doesn't believe collapse of the U.S. Dollar is imminent he does believe unless things change dramatically we will see the a dollar collapse.
The full issue of the HCM letter as well as access to over $3,000 of high quality investment newsletters, advisories and stock evaluation tools can be had by signing up and becoming a member of the ButtonWoodClub.com for the first 30 days for just $1. It's an amazing value. To make sure you get to read the entire November issue of The HCM Market Letter click below.
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