Dear Friend,

If you have read Thoughts from the Frontline in the past couple of weeks, you know I’ve been dissecting what I call “The Great Reset.”

The Great Reset consists of dealing with, one way or another, the largest twin bubbles in the history of the world: global debt, especially government debt, and the even larger bubble of government promises.

The mere existence of these bubbles has profound economic implications.

As my good friend and chief economist at Gluskin Sheff, David Rosenberg, pointed out at the SIC 2017, a high debt burden means lower growth.

Those sky-high debt/GDP ratios don’t count the unfunded liabilities—pensions, Medicare, and Social Security, which the US Government has promised to millions of Americans—those total about $100 trillion today.

If a high debt burden means lower growth, the recovery from the next recession, whenever it arrives, will be even slower than the last recovery was—unless the recession is so deep that we have a complete reset of all asset valuations.

I can think of at least three or four ways that politicians and central bankers could react during the Great Reset, and each will bring a different type of volatility and effects on valuations.

To invest successfully during this period, it’s not enough to simply diversify among asset classes, we must diversify among trading strategies. My team at Mauldin Economics is doing their best to help you achieve this important step.

My partners and I have spent a lot of time building a team you want alongside you during the Great Reset:

	Patrick Watson, my protégé, senior economic analyst, and the best macro-trend spotter I know.
	Robert Ross, our senior equity analyst who created Mauldin Economics’ proprietary stock-selection system.
	Patrick Cox, who’s spent three decades identifying breakthrough technologies that will change all of our lives.
	Kevin Brekke, an analyst with painstaking attention to detail and managing editor of our publications.
	And former Wall Street trader Jared Dillian, who’s unique synergy of Wall Street wisdom and contrarian thinking make him the perfect portfolio navigator for the coming disruption.

Taken as a whole, this group of skilled individuals working side-by-side is the reason I’m positive about the future of the world—even with the tumultuous “Great Reset” to come.

I’m proud of my team and the work they do… and even prouder to be able to offer you their collective works through Mauldin Economics VIP.

Mauldin VIP: Your Guide Through the
Unfolding Disruptions

With Mauldin VIP, you’ll have the entire team working on your behalf to guide you through the unfolding market volatility and uncertainty:

	Macro Growth & Income Alert. Patrick blends his trend-spotting macro perspective with Robert’s quantitative rigor to help readers’ portfolios with impeccably researched stocks and easy-to-implement, low-risk options strategies.
	Yield Shark. Patrick uses his knack for dissecting the big trends impacting financial markets to find undervalued dividend-paying stocks for readers.
	Street Freak. Jared Dillian leverages the lessons he learned from his years in the belly of financial markets to uncover “big ideas”—the powerful, actionable trends traders dream of.
	Rational Bear. Kevin Brekke uses simple options strategies and inverse funds to help readers identify grossly overvalued stocks facing near-term headwinds.
	Transformational Technology Alert. Patrick Cox uses his three decades of experience in the biotech sector to deliver readers the latest research into the rapidly unfolding wave of technological disruption and identify the super-star companies turning health care on its head.
	Over My Shoulder. Your Humble Analyst filters the mountains of expensive research he receives on a daily basis to send you the highest-quality, wide-ranging analysis from the most respected individuals and companies in economics and finance.
	Plus, you’ll receive the Mauldin VIP Week in Review. A short-read summary that saves you time by recapping the key recommendations from the previous week and helps you manage the full spectrum of information you’ll be receiving.

To learn more about Mauldin VIP and the work the team does on behalf of our readers, click here.

Your looking forward to an exciting future together analyst,

John Mauldin
Chairman