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What the Fed did, and I was part of it, was front-loaded an enormous market rally in order to create a wealth effect. – Richard Fischer, former Dallas Fed President on CNBC (via Zerohedge)
It is absolutely mind-blowing that this statement by a former Fed bank President did not get widespread coverage by the entire financial and general news media. This is a senior Fed official admitting that the Federal Reserve rigged the stock market. Stop and think about for a moment. Blogs like this one have been asserting for well over a decade that the Federal Reserve rigs the stock market. Here is a former insider – a high-level former insider – stating in a public forum – that the Fed rigged the stock market to go higher in order to “create a wealth effect.”
And boy did it work. The wealth effect was created by a transferring a few trillion from the middle class venues of stock market investment – pension funds, IRAs, etc – to Wall Street and the corporate insiders who have been dumping their shares into this market. There’s plenty of hidden avenues of transfer. Consider that your 401k or your public pension fund is probably about 20% allocated into private equity funds. Those funds have fueled a tech bubble of unprecedented size in Silicon Valley. Hundreds of billions of wealth have been “extracted” as the p/e firms invest at absurdly high capitalization rates and the insiders partially cash out.
The transfer is not quite complete. When the stock market crashes again, all of the middle class avenues of stock market exposure will collapse in value but the elitists will be left sitting on piles of wealth that they removed from the markets. This is wealth that came from your retirement fund or from your overpaying for a home.
How is it at all possible that this extraordinary admission from Richard Fisher is not on the front page of the Wall St Journal, New York Times, Washington Post, Barron’s, etc? THIS is an example of the factors causing the collapse of the United States.
Everything thing that was a factor in causing what happened in 2008 is even more of factor now. It’s just a matter of time before it all blows up. – from my podcast interview with Phillip Kennedy of Kennedy Financial
Our discussion includes the movie, “The Big Short,” the housing market, Fed policy and the precious metals market. I explain why I believe that the precious metals sector represents an opportunity of a generation.
I think what the Fed wished it had done is start raising rates earlier so that they would have room to lower rates now and try to stimulate things. But I think the ability to stimulate the system with monetary policy – I think that ship has sailed…
The Global Bubble Is Popping – SGT Report Podcast
“Two kindred spirits talking about reality” – SGT
“What caused me to almost fall off my chair when I read that article (San Francisco Fed President John Williams gave a speech in which he stated that he Fed would raise interest rates 3-5 times in 2016 and asserted that the economy “is in good shape”) was when he said the economy was doing fine. I’m not really sure what data he’s looking at or if he’s being completely disingenuous for the sake of being a cheerleader on the economy…We would have to sit down with him in private and show him the data and say, “what are you really looking at here, John, because your statement makes you look like a complete idiot to everyone out there who knows the truth.”
“Anyone who wants to buy precious metals now and they understand the reason why and they want to convert their fiat currency into precious metals – buy as much silver as can…silver is extraordinarily cheap outright and its extraordinarily cheap vs. gold.”
Non Farm Payroll Report: “Good Grief, These Guys Are Shameless”
The manipulation of markets (witness today) and the overt lying about the economy intensify as we move inexorably towards the precipice. – John Embry
Short Seller’s Journal update: My “Quick Hit” pick is now down 27% from its Dec 31 close. Subscribers who took the plunge on my put option play are up over 500%. The put expires today and is a little over $5 in the money (it was a slightly out of the money put on 12/31/15). My long term short sell play is up (down) over 14%. This is a stock that I believe will go from $30 (12/31) to $10 by 2017. Short Seller’s Journal
The headline quote is from John Embry, who had emailed this morning asking me my opinion on the jobs report released this morning. Here’s my response, verbatim:
John, I woke up late this a.m., about 8:40 EST – that’s how much I care about the employment report. I turned on the tv to check the markets and saw the 292k and literally laughed out loud. It’s beyond shameless – it’s a full frontal assault on our intelligence. The Govt claims 45k new jobs in construction? But we find out earlier in the week that the Govt admits to rigging the construction spending number for the last 10 years. Is this some kind of joke?
The NFP is a completely fictitious number and it truly confounds me every month to see how much time, energy and money is spent by the financial mafia discussing a number that is indisputably 100% fabrication.
I don’t want to tossed into the cesspool of analysts who get sucked in to dissecting and discussing an economic report that is entirely fictitious. Let’s face it, it’s a made up number. The number reported is not even remotely credible when put in the context of what’s happening to the U.S. economy.
I have better things to do with my time, like discuss this weekend’s NFL playoff games. I can assure you, Embry’s knowledge and analysis of NFL football is at least on par with his high level of insight – and the ability to communicate that insight – on the financial markets.
To me the more interesting and relevant conversation encompasses how much longer can the insiders keep the financial markets propped up and how much longer will it be before the Government imposes complete totalitarian control over our system.
The response to today’s payroll by the stock and precious metals markets tells us that the market does not believe the NFP report. When the headline hit, the S&P 500 futures spiked up 14 pts to go up 30 pts from where they were at yesterday’s 4 p.m. NYSE close. Gold was smashed $8. Currently, three hours later, the S&P 500 cash market is down 8 from yesterday’s close and gold has snapped back $13 from post NFP low print.
I will point out that the homebuilder stocks have dropped over 11% this year to date. By the financial media’s yardstick, they are halfway to being considered in a “bear market.” If the NFP number had any fathomable degree of credibility, the homebuilder stocks would have staged a big rally today. They are down 2.2% today alone. Nothing more needs to be said on this matter.
Please have a good weekend – enjoy what you can, as much as you can, while you still can. The rug is being pulled out from under us and the landing will not be pleasant.
Shorting Alpha: Short Seller’s Journal Update
Subscribers to my Short Seller’s Journal who took advantage of the two ideas presented in the latest weekly issue are up 11.7% on the long term short-sell play and 13.6% on the “Quick Hit” idea. The option play I recommended is up 135%. In comparison, the S&P 500 is down 4.8% this week. Short Seller’s Journal
The long term short-sell play is an extremely overvalued stock that offers a way to short 
Wall Street. The “Quick Hit” idea was stock that ran up last for absurd reasons and I thought would sell off a lot more than the market this week if the market was weak. It is also insanely overvalued but was suggested as a one week trade.
Red Swan At Night Is The Short Seller’s Delight
UPDATE: My “Quick Hit” pick for the week is killing it. The stock is down 12.7% outright from its December 31 close. My put option pick on this stock is now up 50% based on where it could have been bought Monday morning and the last point of trade today.
China seems intent on popping the global fiat currency and debt bubble. It seems that China’s moves to devalue the yuan are causing a bit of a stir in the global markets so far this week. This could be the “Red Dragon” version of the infamous Black Swan for which everyone has had their eyes peeled.
The S&P 500 dumped 26 points today (1.3%) after China’s yuan deval triggered a 7% limit-down drop in the Shanghai Stock Exchange and China pulled the plug on the electricity to the exchange. Ditto tonight.
I love the way the financial media wants to blame the U.S. stock market woes on China. The truth is that the U.S. economy is collapsing on its own merits. Macy’s did not announce dismal holiday sales and 4,000 more job cuts today because China’s economy is slowing down. The price of oil is the “tell” on the world economy, including and especially the U.S. economy.
The price of oil has now crashed below its low from the 2008-2009 recession. It’s at its lowest price since before Bush Government invaded Iraq. The plummeting price of oil is not China’s bad. The U.S. is, by far (18mm barrels/day vs. 10mm for China), the largest consumer of oil in the world. The plunging price of oil is due to the plummeting demand from the world’s largest buyers of oil.
Subscribers to my Short Seller Journal who took advantage of the two ideas in this week’s weekly report are up 5.6% and 7.8% on each idea vs. their close on December 31. One of the ideas should eventually be a home run and is a great way to play Wall Street’s demise. The idea that’s up 7.8% was a “Quick Hit” idea which I thought would sell-off this week with just a little weakness in the market because it had run up on nonsense the week before. The put option play I recommended is up about 30% based on where it could have been purchased Monday morning and the closing bid side today.
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SHORT SELLER’S JOURNAL. It’s a weekly report delivered to your email on Sunday evenings. I present two ideas per week and include some commentary that you find on my blog.
The Federal Reserve’s Salvation Army School Of Economics
When gold finally breaks out of the Banks’ grip you won’t be able to chart its moves fast enough. It is being smothered by a blanket of undeliverable derivatives, and the realization and reckoning of this overhang will be nothing short of spectacular, a sort of 2008 in reverse. -“Jesse” of Jesse’s Cafe Americain in an email exchange
I wasn’t going to write a general New Year’s post but Bill “Midas” Murphy emailed me wondering why I was quiet. The truth is I was spending this morning hunting down a new pair of tennis shoes because New Balance redesigned the model I’ve been using for the past three years and it no longer works for me. It’s very distressing.
I’m not getting excited about the metals until gold really starts to move – as in shoots up into the mid-1000’s. China/India/Russia combined imported over 3,000 tonnes in 2015. Global production was likely around 2400-2500 tonnes. How are the sellers of this gold making deliveries? Hemingway said that you broke slowly then suddenly. The same dynamic will apply to the initial spike up in gold. Gold is being inexorably held down by fraudulent paper derivatives.
I believe the inability of the banks to fulfill the $800 gold prophecies of Wall Street and newsletter charlatans is because the elitists are slowly losing control of their ability to cap gold with paper. I also am confident that we will wake up one day this year and discover that the price of gold has suddenly spiked up a lot higher. Slowly, then suddenly. People not on that ride will be left in bewilderment, wondering “what happened?”
I don’t see how the global financial system will get even halfway through 2016 without a major destructive earthquake. Oil alone has to be causing derivatives problems that, for now, are being contained and hidden from sight.
I assume you saw the big drop in auto sales for December yesterday. The number was way below Wall St. estimates. Wall St estimates in general are substantially above where economic data will start coming in this year, telling us that expectations “baked into the cake” are way too high.
Housing is going to follow auto sales down the rabbit hole to hell. Over the last three years the banks have been stuffing middle America with subprime quality mortgage, auto and student loan debt. The mortgage products used to inflate the primary housing bubble have been reconstituted, repackaged, re-branded and re-stuffed into a large body of homebuyers who will not be able to afford them before long.
In fact, a significant portion of the mortgage market that was filled by Countrywide and Wash Mutual back in the primary housing bubble is now being filled by Fannie Mae, Freddie Mac and the FHA – i.e. the Taxpayer – with their 0-3% down payment mortgages being made available to people with sub-600 credit scores and, in many cases, to people with no credit scores or income accountability. Old wine, new bottle. At some point the space into which this junk can be stuffed runs out. It has likely already run out.
I’ve asserted since 2003 – when I started to get my mind around what was happening in this country to our financial, economic and political system – that eventually the U.S. would incite a world war. One of the primary motivations would be to cover up what the Fed/Govt has done not only with the U.S. gold, but also with the foreign custodial gold. Let’s face it, the ONLY reason the Fed did not honor Germany’s repatriation request is because the Fed did not have the gold in its possession to send it back. What’s so hard to figure out about that? At some point I expect to see the NATO bond fractured. When that happens and Germany splits from U.S. and gravitates toward Russia, it will demand the return of its gold. What then? That is how wars start.
Perhaps the greatest show on earth is watching these buffoons that society has labelled “Federal Reserve Officials” attempt to make a mockery of our collective intelligence threatening us with higher interest rates and extolling the virtues of the economic recovery. What recovery? Every single non-Government economic report is showing that economic activity has dropped down to or below the level of economic activity that was occurring during the 2008-2009 time period. Some metrics are worse.
How about the Baltic Dry Index? It’s at an all-time low. Everyone wants to blame that on China. But guess what? Europe and the U.S. are China’s #1 and #2 export destinations. The only reason the Baltic Dry Index has plunged like this is because import orders from the EU and the U.S. have plunged. Put the BDI in the context of the collapsing price of oil, and it represents two primary metrics of global economic activity, the U.S. economy being the 2nd largest economic engine of the world. Fed Reserve official John Williams looks like an absolute idiot when he asserts that the U.S. economy is “in very good shape.” Where do they get these people – The Salvation Army School of Economics?
It’s hard to not get really depressed when you see and understand the truth. And the problem is, once you see the truth, you can’t un-see it. My resolve is to have as much fun as I can, while I can. This gigantic Ponzi-bubble otherwise known as the United States could pop at any time and there will be nothing to prevent that inevitability. Then it will be impossible to have any fun.
More On The Amazon Spin-Machine
Jeff Bezos’ greatest business trick is his ability to spin the illusion that AMZN is a money-making machine. In fact, AMZN is remarkable sales-generating machine,but it costs the Company more than a dollar to generate a dollar of sales.
All of a sudden in 2015 AMZN had become a cloud computing services phenomenon. The last two earnings report showed a rate of growth in its AWS business and the stock rocketed higher. Of course no one seemed to care that outright the AWS business represents less than 10% of AMZN’s total revenues. And of course nothing is ever mentioned about the quality of AMZN’s AWS-derived sales.
The truth is, and Bezos never discusses this, that the majority of AMZN’s AWS contract revenue comes from Silicon Valley unicorns. Most, and maybe all, of them will not be around in a few years. Here’s an accounting of this from someone besides me:
I would like to introduce a meme before the sell side or buy side catches on. As you know AMZN was up 100% this year as Bezos revealed the AWS business to the world. The meme is this: AWS growth is unsustainable. Not only is it unsustainable I predict that the sell side forward revenue growth rate for AWS will go to zero or negative by Christmas next year. It has come to my attention that 50% of AWS growth comes from start ups and my guess is that the majority of those dollars are Unicorns. AMZN has been an indirect beneficiary of QE largess. The Fed’s easy money created a bubble in VC funded start ups. That funding peaked this year and is now in decline as the Unicorn bubble is bursting. I expect this bubble to unravel fast as we are in the part of the cycle where the capital markets shut down for companies burning cash. – AMZN: The Ghost Of XMAS Yet To Come
My AMAZON dot CON report goes into further detail about the problems with Amazon’s AWS business model
and why, at some point, the market value being assigned to the part of AMZN’s business model will likely largely evaporate this year.
AMAZON dot CON
Any question about the role Amazon stock plays in helping the Fed/US Government prop up the S&P 500?
The more time I spend researching and observing AMZN, the more I”m convinced that it’s the biggest Ponzi scheme in the history of the stock market.
Throughout its 25-year history as a public stock, AMZN has delivered a cumulative total of $1.9 billion in net income to shareholders. Jeff Bezos made $16 billion on AMZN stock in 2014. Here’s the details: Bezos’ Ponzi Scheme
Here’s what’s behind Bezos’ drive to transfer as much money from the stock market to his bank account: Bezos Has Amassed A $59 Billion Fortune – And Wants More. If you read through that article you’ll get a sense of what drives Bezos and how he operates.
Amazon is a Ponzi scheme in the sense that its business model requires sales growth every quarter in order to generate enough cash flowing in to the Company to enable it to pay the cash expenses flowing out of the Company. This is one of the reasons AMZN is constantly running Prime membership 1st-year fee deals. It needs the cash it receives upfront in order to help it fund cash payment 
expense obligations. The graph to the right shows one of AMZN’s basic problems. AMZN offers free two-day shipping to Prime members. Its cost of shipping eats up an increasing percentage of its sales revenues. AMZN hides a lot of its expenses by making liberal use of the increasingly “grey” areas of GAAP accounting rules. But you would never know this unless you dig deeply into the murky abyss of the footnotes to its financials.
The genius of Bezos is his ability bamboozle big investors and retail chimps into piling into his stock every time he announces another “big” idea. The current massive bubble embedded in the valuation of AMZN’s stock is the $150 billion of AMZN’s $297 billion attributed to AMZN’s cloud computing services business, “AWS.” This is a business that represents about 7% of AMZN’s revenues. That $150 billion is 21-times AWS’ trailing twelve month revenues and about 150-times AWS’ trailing twelve month operating income. Insane valuation multiples.
David Stockman published a piece last week which discusses the degree to which AMZN is an epic stock bubble. However, even he is bamboozled by AMZN’s numbers. He gives AMZN credit for spending $11.6 billion on R&D. This is what Bezos wants the market to believe. Tech companies get a lot of stock market “cred” for showing high R&D “investment.” But the $11.6 billion AMZN spends is not R&D. Market professionals like Stockman are getting this “R&D” number from an expense line item in AMZN’s income statement called “Technology and Content.” They automatically assume that number is R&D’s expense. But it’s not. I like to dig into the bowels of 10Q and 10K filings and kill the market with truth. This is from the footnotes to AMZN’s SEC-filed financials:
Costs to operate our AWS segment are primarily classified as “Technology and content.” Technology infrastructure costs consist of servers, networking equipment, and data center related depreciation, rent, utilities, and payroll expenses. These costs are allocated to segments based on usage. During Q3 2015, we expanded our technology infrastructure principally by increasing our capacity for AWS service offerings globally.
What analysts like Stockman assume to be R&D spending are, in truth, mostly the expense of operating AMZN’s website and its AWS business operations. I detail this in my AMAZON dot CON report. In other words, AMZN is getting $10’s of billions of stock market love based on the idea that it is pouring billions into R&D – R&D that is in reality nothing more than standard operating expenses.
David Stockman and everyone else also use in their analysis the number that AMZN reports as “free cash flow.” But I show in detail, based on using information that is found by digging through the footnotes in AMZN’s SEC-filed financials and by applying a deep understanding of GAAP accounting, that AMZN’s true cash flow is not even remotely close to the number used and reported by analysts and critics in their reports. Again, my report is available here: AMAZON dot CON.
As for the quality of revenues and operating income at AMZN’s cloud business, most of AMZN’s contracts are with Silicon Valley start-ups, most of which will not be around very long. Moreover, the pricing for cloud computing services has undergone extreme price compression from competitive pressures. Here’s an anecdote from a contact of mine who runs a technology-based healthcare company:
Here’s a funny fact on AWS [Amazon Web Services] that again everyone seems to ignore or miss. I have a company and our AWS bill is coming up for renewal and the prices have dropped 90%+ in 3 years. And yet, a hyper deflationary commodity, that is being sold in mass quantity to profit-less start-ups, is worth perhaps $150B or more of AMZN’s market cap. Epic.
Cloud computing services is the contemporary version of fiber-optics. Remember that business, which drove a large portion of the late 1990’s tech bubble? Level-Three Communications (Warren Buffet), Qwest (Phil Anschutz), Global Crossing (A JP Morgan sponsored Ponzi business). The cost of accessing fiber optic networks dropped like a rock as fiber-optic overcapacity and technological advances invaded the business model. The same dynamic has invaded cloud computing.
Global Crossing went bankrupt and reorganized into Level Three; Qwest renamed CenturyLink is a quasi-utility phone/communications company and survived the fallout from the fiber-optic bubble but its then-CEO, Joe Nacchio, was prosecuted for insider trading and financial fraud and spent six years in prison; Level Three still operates but it’s stock, on a split-adjusted basis, dropped from a peak of $1,769 on Jan 31, 2000 to a current price of $53.
These examples show the type of hype, fraud and malfeasance which belie extreme financial bubbles. I am highly confident that the same type of activities are occurring behind the “curtain” at Amazon.
Clearly, from the graph above, the Fed uses AMZN as one of its props to hold up the S&P 500 in order to maintain the illusion that the economy is fine. But at some point, just like with every bubble stock in history, the gravitational pull of fundamentals will engulf AMZN’s stock price and send it plummeting. Perhaps this has already begun:
Here’s The Primary Reason The United States Is Collapsing
I was reading Jim Quinn’s latest piece – This Time Isn’t Different – which I highly recommend by the way, and a quote from John Hussman grabbed my attention:
The answer is straightforward: as the bubble expanded toward its inevitable collapse, the role of Wall Street was to create a massive supply of new “product” in the form of sketchy mortgage-backed securities, but the demand for that product was the result of the Federal Reserve’s insistence on holding interest rates down after the tech bubble crashed, starving investors of safe Treasury returns, and driving them to seek higher yields elsewhere.
I have a big problem with that assertion because it implies that investors had no choice but to move the money they managed into highly risky investments in order to obtain high yields. But investors did, do and always have had a choice. While it may be true that earning a high enough return to satisfy the ignorant greed of the public required taking insane investment risks, the alternative was to heed the true underlying fundamentals and stay in cash or move into physical precious metals bullion. No one was putting a gun to investors’ heads and forcing them to play Russian roulette with financial landmines.
Several famous hedge fund managers liquidated their funds and returned their investors’ money. A good friend of mine closed down his investment advisory business because he refused to put his clients’ money into the stock market even though he received calls every day from clients insisting that he buy stocks.
The protagonists in “The Big Short” were portrayed as feeling guilty about making a fortune off the demise of others. But the “others” who lost were people who made bad decisions. While Wall Street did its best to bamboozle the public, there are plenty of people who avoided making bad choices because they took the time to educate themselves in order to avoid making what were obviously going to turn out to be bad decisions.
The United States is collapsing politically and economically because the populace has enabled it to fail by choosing to conduct their lives in ignorance. This video, for me, encapsulates the essence of the problem:
If The Fed Has Lost Control, Will The Government Impose More Control?
I stand by my prediction that 2016 is going to be a horrible year for the world in general. I am a great fan of both David Stockman and Paul Craig Roberts and if you conflate their views the world is going to be a disaster economically, financially and geopolitically. – John Embry (email conversation this past weekend)
I find it fascinating that, sometime between the close of trading on December 31st and the start of trading in 2016, the JP Morgan’s equity Einsteins all of a sudden decided that the stock market “might” be overvalued. Per Zerohedge, JPM released a strategy report suggesting that the new robo-trading trading them in 2016 might be “selling any rallies.”
But what changed? The stock market has been overvalued for several years. It was still overvalued from a strict fundamental standpoint when the S&P 500 bottomed out at 666.79 in early 2009. It has been insanely overvalued for the better part of the last three years. No one could see that until Sunday night? All of a sudden JP Morgan has decided that “equities are not attractively priced anymore?”
I suggested in my blog post this past weekend that Thursday’s Fed funds event might be indicative that the Fed is losing control over the markets – Is The Fed Losing Control? I’m wondering if what happened on Thursday with Fed funds rate contained more predictive power than any of us imagined possible…
I opened up the latest issue of my Short Seller’s Journal with this comment:
The current stock bubble is now about 30% bigger than the previous two bubble tops – 2000, 2007. One difference between now and the last two bubble peaks is that the underlying fundamentals are significantly worse now. Just one example is the amount of Government debt outstanding. At the 2000/2007 peaks, Treasury debt as a percent of GDP was 55% and 57%, respectively. Currently, Treasury debt as a percent of GDP is 109%. Keep in mind that the Government also now guarantees FNM/FRE debt, which would add another $7 billion, roughly, to the $18.8 trillion in Treasury debt.
The point here is that the “gravitational pull” from the underlying fundamentals will eventually override the Fed/Government’s ability to keep the stock market propped up.
My feature stock of the week is down 4% today vs. 2% on the S&P 500. My “Quick Hit” idea is down 6%.
Why all of a sudden JP Morgan (and others) have decided that the stock market is overvalued today but it wasn’t last Thursday is beyond me. The excesses and insanity that culminated in the brief financial system collapse in 2008 are even bigger and more pervasive now.
Quietly AAPL stock is now down 23% from its all-time high in 2015. Doesn’t this mean that AAPL is in a “bear market?” If AAPL were continuing to hit new all-time highs the financial media would be in our face with the virtues of the iPhone and stoking anticipation for AAPL’s next product flop introduction.
I don’t know if today’s early morning action in the stock market will be another “false flag” gap down followed up by a massive rally in the last hour of trading. We’ve seen this “movie” several times over
the last year, as the S&P 500 forms what appears to be a massive rollover – click image to enlarge.
What I find horrifying – and what is getting lost in the shuffle of today’s market activity – is that fact that Obama is getting ready to flex the muscles of dictatorial control with his threat to issue an Executive Order mandating gun control. Doesn’t anyone remember that Obama is the guy who based part of his 2008 platform on reversing all of the Unconstitutional Executive Orders executed by Bush and who promised to reduce or eliminate the use of EOs? Anyone remember? Anyone? I remember vividly.
My point here is that as the Fed loses control of the financial markets, I fully expect that the Government will impose tighter Totalitarian control over the country. I also expect that the populace will rollover and say “thank you, may I have another?”
China turned off its markets after its stock market dropped over 7% last night. Everyone with whom I’ve discussed this today has expressed disdain. But the U.S. Government has imposed the ability to implement the same shut down in a limit-down move. Why has this not shocked everyone? The duplicity of Americans, even highly educated ones, is incorrigible – if not completely tragic.
All of the highest beta, highest p/e and most overvalued stocks relative to their true underlying fundamentals are getting shellacked today. AMZN is down nearly 6% and NFLX is down nearly 7%. The homebuilders are down 2.5-4% across the board. It’s going to be a profitable year for those who take the leap into the world of shorting stocks. My Short Seller’s Journal is, up to now at least, a unique publication that focuses on ideas for shorting the market. I also offer risk management advice and include some ideas for using options. It’s a monthly subscription with weekly reports delivered to your email. You can access this subscription here: Short Seller’s Journal.