| Dear Friend, The Virtual SIC 2020 ended the way it had begun—with a bang. I’ve been told our final panel titled, “Returning to the New Normal,” was a huge hit with our audience. I had purposefully gathered old friends with strong opinions and proven forecasting skills for this wrap-up of our conference: Louis Gave, Mark Yusko, David Bahnsen, and myself. Karen Harris generously agreed to be our moderator. Louis, Mark, and David all agreed that three markers would gain major significance in the coming year: the US dollar, the price of oil, and US interest rates... though they didn’t all agree on which way these markers would move. Louis sees oil rallying, the dollar weakening, and interest rates potentially going higher. In contrast, Mark believes “interest rates are going to be devastatingly lower,” whereas David hopes that the Fed will prevent rates from dipping into negative territory. I have my own thoughts on the economy, especially on the various alphabet-shaped recoveries that economists foresee. I think what we are really going to see is a Rocky Mountain recovery—peak, valley, peak, peak, peak, valley, and so on. I also think we’ll have to stop thinking of the economy as a whole and look at different segments. Some segments will do well, some will muddle through, and others are going to get creamed. Going forward, it will be increasingly important to understand which is which. Also, the COVID-19 crisis has vastly accelerated trends that were already in motion. I don’t think we understand just how much this has fast-forwarded human ingenuity and entrepreneurship. Just look at how many vaccines are now being developed at a breakneck pace... it’s remarkable. Louis said he fears that the lesson entrepreneurs will take from the lockdowns is that the government can and will take over their business at any time. Mark, on the other hand, noted that many of the best investments he’s ever made came in the wake of downturns. David agreed, praising the indomitable American spirit “that makes it very difficult for me to ever go short the American entrepreneur.” We also talked about China, globalization vs. protectionism, and supply chain issues. Both Mark and Louis agreed that the United States has chosen to fight the Chinese on the battlefield of technology—a risky bet that the US might lose. There was a lot more, so please do yourself a favor and watch this outstanding panel for yourself. It will give you a better understanding—as does the entire Virtual SIC 2020—of what to expect for the rest of 2020 and beyond and plan your investment strategy accordingly. If you get your Virtual SIC 2020 Pass today, you can still save 50% off the retail price. But this offer only stands for a few more days: At midnight on June 1, the price will revert to the full $795. Some people would say that’s still a bargain, but why pay more if you don’t have to? I hope you’ll become a passholder today and take advantage of the largest gathering of prescient and questioning minds I have seen in a long time, maybe ever. Your feeling invigorated and ready for the future analyst, 
John Mauldin
Co-founder, Mauldin Economics P.S. If you are a financial professional and are looking to get continuing education credits for the Virtual SIC 2020, please send an email to ce@mauldineconomics.com after watching the sessions, and our designated CE concierge will complete your request for you. Credits will be valid until August 31, 2020. Any request submitted after that date will not be completed. Click here for the list of SIC presentations that are eligible for CE accreditation. | 