Dear Reader,

I’m reaching out to you today because I recently began reading Keith Fitz-Gerald’s Morning! 5 With Fitz daily market research letter (it’s free to receive), and it’s quickly become some of my favorite daily content. I’ll share a link where you can sign up to receive it too in just a moment.

First, as you may have recently read, Mauldin Economics CEO Olivier Garret and I have started a new business with Keith and his firm, Keith Fitz-Gerald Research.

With over 40 years market experience and a list of media appearances a mile long, Keith is a well-respected and highly visible personality. Olivier and I are delighted to be working with Keith.

I interviewed Keith for the November 18th edition of our Global Macro Update series and came away from the conversation amazed by his analysis and data recall on the fly. All those years of CNBC and Fox Business appearances have made Keith incredibly fast on his feet.

The title of our interview was “Price Divorced from Value,” and in Keith’s view, there are massive price dislocations present in today’s markets.

For example, Keith told his readers to sell Amazon in January of this year and called Meta at $350/share a “bug in search of a windshield.” Alternatively, he sees best-of-breed names like Apple and Microsoft as winners almost regardless of price.

I could go on detailing Keith’s spot-on calls, but in the interest of time, I encourage you to click here and read the transcript of our Global Macro Update interview.

Plus, my colleague John Mauldin, who has known Keith for over 20 years, did his own interview which ran as a transcript in the November 26th Thoughts from the Frontline. Be sure to check your email if you missed John and Keith’s talk over the holiday weekend.

One (paraphrased) quote from Keith worth mentioning (after John asked about recession and rising interest rates, the end of cheap money, and how companies like Tesla may respond):

The best CEOs… are playing 12, 24, 36 months ahead of this… They're buying back their stock like crazy in anticipation of this event. They're already playing that game. So to me, I look at this and I say, how am I going to handle this as an investor? I'm going to do a couple things differently. First of all, I'm going to stick only with the very best names in the world—what I call the “central ring” for lack of a better term. If you're not in the one or two position in any segment you're touching, then you’re at risk. I don’t want that in my portfolio.

As you can see, Keith’s methodology boils down to “buy the best and ignore the rest.”

Combined with a market full of wild price dislocation, in Keith’s opinion, some of the best names in the world are on sale right now.

For more from Keith, I encourage you to sign up for his free daily analysis, Morning! 5 With Fitz, which you can begin receiving by clicking here and entering your preferred email.

Once again, join me in welcoming Keith Fitz-Gerald. I firmly believe as you become more familiar with his work, you’ll find it educational and valuable.

Thanks for reading.

Sincerely,

Ed D’Agostino
Publisher, Mauldin Economics