| Dear SIC Enthusiast, We live in a bifurcated world. Or do we? Certainly when you turn on the TV, open a web browser, or unfold the morning newspaper, we seem more divided than ever. Every day you learn what they did during the previous 24 hours. How you define “they” comes down to the media you follow. They might be the Republicans or the Democrats. They could be the millennials or the boomers. The elites. Central bankers. They are the Europeans, or the Chinese, or the Americans... It depends on where you look. I reject the notion of they, the forced construct of us vs. them. I believe there is too much they and not enough us. I care deeply about us—about you, me, and our many friends and family members. Sure, among us there is a multitude of opinions, but there is more commonality than difference. We can disagree and still be civil. We can argue the merits of this policy or that, and perhaps never agree, but respect each other’s basic human right to think independently. The us I speak of are my readers, of course. You, who have read my letters for perhaps only a few weeks, or for more than twenty years (where does the time go?!). We all have a dominant trait in common: curiosity. We are passionately curious, and we crave answers to the biggest questions of our day. How will job automation impact me, my children, and my grandchildren? Will there be jobs for them in 10 years? What of the US? Will my great nation drown in a sea of debt? Will it turn to the flawed ideas of socialism (or worse)? Will we remember the traits that united our forefathers in greatness? Will China turn inward as in decades past, or will they continue on a path of apparent global dominance? How will the world fare in the Fourth Turning, which for the last four centuries, has seen war and upheavals on a sadly predictable cycle? How will we fare in what George Friedman calls the Storm before the Calm? How will we get through what I think of as the Great Reset and the end of the Debt Supercycle? All these seem destined to happen in the last half of THIS decade. And while it may seem a bit gauche to bring it up, it needs to be asked… how do we invest around all of this? No one person can answer all these questions. That’s why I, along with 450 of my most curious friends, will spend the better part of three days hearing from a cross section of the world’s top thinkers—to bring us unique perspectives and answers to these questions. We are still hard at work building out the speaker list for the 16th Strategic Investment Conference. But I’m happy to report our keynote speaker will be self-made billionaire and global, industry-agnostic entrepreneur and investor Sam Zell. Forbes has named Sam one of the “100 Greatest Living Business Minds,” which puts him in the same league as Warren Buffett, Jeff Bezos, Elon Musk, Oprah Winfrey, Bill Gates, and Mark Zuckerberg. And no wonder, considering he’s the chairman of Equity Group Investments and five other NYSE-listed companies. Sam will be sharing his views on the economy, investing, and the global landscape on stage at the SIC 2020, and we’re incredibly lucky to have him. Now let me walk you through a few of the other key topics to be addressed by the experts this May in Scottsdale, Arizona. China has become a consistent theme at the SIC, and this year will be no exception. Noted China expert Jonathan Ward will join two of my friends who you know and will want to hear from—they are clearing their calendars and will commit soon. We’ll update our knowledge on trade with China, the not-so-obvious threats to cybersecurity, and the tenuous balance between debt and wealth creation in the Middle Kingdom. Alternative investments were at the core of early SICs, and we’ll take a fresh look at alts this year. We’ll have a noted venture capitalist, alongside real estate experts, private equity investors, and one of the smartest frontier market investors I’ve come across. And of course, politics are at the top of everyone’s mind, too. We are barreling toward a US election with potentially massive consequences. Guiding us through the potential outcomes and how to get positioned will be a world-class panel of speakers, including none other than Leon Cooperman of Omega Advisors. I want to ask him how 2020 stacks up with frothy years of past and how he factors politics into his strategy. I have to wait until a few primary elections are over, but I expect to have a very balanced final panel to talk about future directions for the economy, work, and the nation—if not the world! Others are less vocal with their opinions, choosing instead to invest based on what’s happening, come what may. This is where our “investing in the politics of the 2020s” panel could give you an edge. We’ll hear from all sides of the aisle. Michael Barone of the Washington Examiner will sit next to my old friend Barry Ritholtz. Bruce Mehlman, plugged in DC lobbyist and thoughtful conservative, David Bahnsen will tell us what they see coming down the line. This group consists of some of the most astute political watchers in the country. You don’t want to miss it. For those of you returning—65% of past SIC attendees come back, by the way—you’ll be glad to know that old friends will be joining us. David Rosenberg, who recently launched his own research firm, will kick things off on the morning of the 12th. David gets an unfair rap as a perma-bear. It’s not true. He was an early, post-Great Recession bull and helped his clients at Gluskin Sheff ride the wave of easy money. Now he’s concerned a recession is nigh, if not already here. Louis Gave and hopefully his father Charles will grace the stage, along with Dr. Lacy Hunt of Hoisington Management. Felix Zulauf, who wowed the crowd last year, has graciously agreed to return. Sam Rines will share his proprietary election prediction system and how as CIO of a successful Texas RIA firm, his clients are benefitting. Sam is one of the finest young economic thinkers in the business—his spot on the SIC stage is overdue. We’ll also be hearing from Ben Hunt, CIO at Second Foundation Partners and perhaps better known as the author of Epsilon Theory, a newsletter that examines markets through the unique lenses of game theory, history, and nature. Marin Katusa and Canadian billionaire Ross Beaty will share why they are bullish on gold and gold miners and, more importantly, how they are expressing that bullishness. I’m on record as saying that if I had given all my money to Ross when I first met him more than 20 years ago, I would have a nine-figure investment portfolio now. Needless to say, I’ll be paying close attention to what Ross reveals at the SIC in his vision of the future. All that and I’m working on yet a few more names that may surprise you. Every year for 15 years, we finish the SIC with everyone saying this one was the best ever. I think this year will more than maintain that tradition! The challenges we face are unlike any we’ve seen in the US since the 1930s. That should concern you. It concerns me deeply, and that’s why this year’s SIC is important to me. I have made a special effort to balance the world and realities of the now with the twists and opportunities of the future. I’d like to see you there. We’ve made some major changes this year. Most importantly, we are capping the number of attendees. This will allow more face-to-face interactions with the speakers, and it facilitates the lifelong friendships that I hear about from attendees. That’s why we are limiting attendance to 450 of my friends and fellow attendees. We were well over 700 last year and longtime attendees asked that we make it smaller. That’s why I listen to those who have come for 5–10 years or more. They help me “curate” the experience of the SIC. Of course, Alpha Society members had first crack, along with past SIC attendees. That means that as I write to you today, less than 200 seats remain. I hope you’ll act quickly and secure your ticket to the 2020 Strategic Investment Conference now. You can do so by going here. Your can’t wait for the magic of the SIC analyst, John Mauldin
Co-founder
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