July 19, 2012
With continued uncertainty in global markets, the Godfather of newsletter writers, Richard Russell, issued the following warning: “This is the time to cut back on needless expenses — get rid of all the debt you can, and prepare for tough times. I don’t like the utter calm and complacency that I see today. The last few generations can’t conceive of drastic changes and hard times.”
Richard Russell continues:
“Deluxe restaurants are still full at dinner time, and people are still taking their families to expensive, fun places like Disneyland. The only real signs of change are the ‘sale’ and ‘for rent’ signs that seem to be everywhere. This bear market is going to be for the long haul and it may be six months to a year before it dawns on people that the times are changing.