This week we look at the "The Triumph of Irrational Expectations over Long Run Experience." It is a cautionary tale, but enjoyable in the telling, and one that investors almost invariably ignore to their own chagrin. Also, at the end of this letter, I tell you how to get a free coy of Andy Kessler's book, "How We got Here." This is a book you want to read and then give to your kids.

This past weekend, I along with my partners at Altegris Investments sponsored a conference for accredited investors. In addition to a number of investment managers, attendees heard from Richard Russell, Paul McCulley, Rob Arnott, Andy Kessler and Mark Finn, as well as yours truly. We recorded the main sessions, and in some future letter, I will tell you how you can get a copy of their speeches for your listening pleasure.