Toll-free: (877) 631-6311 | Local: (602) 626-3100 |
Office Closed
.(JavaScript must be enabled to view this email address)
All I Need Is the Air That I Breathe

All I Need Is the Air That I Breathe

I spend a lot of time thinking about the information that I consume. Do you?

We all consume exabytes of information. Have you ever noticed that people spend way more time thinking about the food they consume than the information they consume?

I have family members who are health nuts—watching every bite they eat and augmenting it with supplements—but think nothing of spending 10 minutes cruising around The Drudge Report, which will make you feel like the world is coming to an end pretty much any time you load the page. Some people have read Drudge for twenty years. Imagine how that would make you feel.

I gave up Drudge about six or seven years ago. I keep track of politics on Twitter—but I don’t follow people who are toxic waste. I don’t watch cable news. Before I started the radio show, I watched NBC Nightly News, but I’m glad to be rid of that. I’ve Marie Kondo-ed my information intake, getting rid of anything that doesn’t bring me joy.

Monitoring your information intake is crucial to your mental health. It is also crucial to your investment decision-making.

The Bulls and the Bears

If you want to read bearish information, there are places to do that. If you want to read bullish information, there are places to do that.

Funny—most people spend all their time either reading just the bearish or bullish information. They don’t get both sides of the story.

Like what you're reading?

Get this free newsletter in your inbox every Thursday! Read our privacy policy here.

People like to point out that if you consumed nothing but bearish information since 2009, you would have missed out on a historic stock market rally and you would have drastically underperformed. This is true.

But if you’re consuming nothing but bullish information, about how index funds are king and stocks for the long run and dollar cost averaging, you’ll probably get fricasseed when the bear market begins. We will get one eventually.


"If you can't make money with this thing, you're holding it upside down."
- Tony G., The Daily Dirtnap subscriber

Get 6 months free »



Political polarization has happened for a lot of reasons, but chief among them is the advent of social media. Go look at charts of polarization—it didn’t really start happening until Facebook and Twitter came on the scene.

It is not particularly difficult to see why. Ever spend 5-10 minutes on Facebook and feel… unsettled?

People spend a lot of time on Facebook. I spend some time on Facebook. It’s pretty rare that Facebook makes me feel good.

There is a lot of crap, memes and such. But there are also people’s terrible political opinions. Funny thing about political opinions on Facebook. I don’t really care to read any of them, even the ones that I agree with. Facebook is full of user-generated content, and the problem with the user-generated content is that it is uninformed, hysterical garbage.

I hide opinionated people on Facebook, but not because the opinions bother me. It is really for my emotional health. I don’t want to log on and feel worse. I have been curating my feed for years, and I finally have it where I want it. As for me, I basically post pictures of my cats, which always make people feel good.

You may find this hard to believe, but there are lots of people out there whose purpose in life seems to be arguing on the internet. I blundered into communist Twitter the other day—not fun. There are armies of trolls out there. The internet facilitates polarization because we are not dealing with each other face to face. It’s easy to dehumanize “the other side” online. If we were all sitting in the same room, we’d probably just have a normal conversation.

I hope that someday we get bored of arguing on the internet. But it seems to be getting worse, not better.

Politics < Ethics < Philosophy

Like what you're reading?

Get this free newsletter in your inbox every Thursday! Read our privacy policy here.

It is easy to drown in the noise. Politics is noise. Above politics is ethics, and above ethics is philosophy.

If you’ve been following all the tit-for-tat and the drama of the impeachment hearings, if the names McGahn and Strzok mean anything to you, if you can actually recite the timeline of all the China trade negotiations, then you are spending time in politics, in the noise.

Imagine what you could have done with your time instead of learning about this nonsense. If you think this helps you have an opinion on the direction of the stock market, all I have to say to that is LMAO.

If you eat Big Macs and fries and fast food and other junk, you will get fat and feel terrible. I know this from experience. If you read toxic, opinionated trash, you will go crazy, and feel terrible.

And you will think all kinds of things, like, the stock market will crash, or the stock market will go up forever.

As it is with everything in life, the truth is somewhere in between.

And if you’re the kind of person who knows that to be the case, and knows that things are pretty much never black and white, you should come and join us at The Daily Dirtnap, where we’re fighting the good fight for objectivity in investing on an almost daily basis.

I’ll tell you one thing that is black and white – right now, I’m offering anyone who tries out The Daily Dirtnap six extra months free.

As in, 18 full months for the price of 12.

As in, half a year, for free.

Like what you're reading?

Get this free newsletter in your inbox every Thursday! Read our privacy policy here.

You get the picture…

It’s the first time ever I’ve offered something like this and it’s the only time I’m going to mention it in The 10th Man. So if you’d like to give it a try (and why wouldn’t you, it’s completely risk-free) please click here and fill in the short form.

I should point out that this invitation is only available through Monday, December 9, at midnight.

If you’d like six months free and an 18-month membership to The Daily Dirtnap, I’d love to welcome you on board.

Jared Dillian

Suggested Reading...

Check Out Our New Youtube Channel!


Bulletproof your portfolio


We welcome your comments. Please comply with our Community Rules.


Dec. 11, 2019, 1:39 p.m.

You are right about the polarization by social media „There are armies of trolls out there.”

Yet I believe not all user-generated financial content is “uninformed, hysterical garbage.”
And professionals can sometimes as a networking herd make mistakes at decisive turns of the markets, are panicked and thus amplify investor panic (selling at the bottoms).

For example, John Mauldin predicted during the stock market panic of the 2008/2009 financial crisis a further bear market into summer 2009. Citation:
Those Wild and Crazy Analyst - John Mauldin, Thursday, February 12, 2009  
“If earnings don’t come in dramatically better for the first quarter as opposed to last quarter, we could be setting up for a nasty summer bear market. Even in the bear market of 2001-2, the P/E did not get above 47. Which, by the way, at a 47 multiple would correspond to a range for the S&P of either 1111 if the earnings come in as projected or 731 if they come in at the lower range.”
“I see nothing on the horizon which suggests the economy is going to get manifestly stronger in the next two quarters. The real risk is that earnings come in weak for both quarters and investors simply despair this summer, throwing in the towel and bringing about a vicious bear market. I would seriously consider hedging any long positions you have before earnings season this next April.”

In my opinion, Mauldin’s prediction of a bear market was worse than the efficient markets hypothesis.
According to the efficient market hypothesis no matter how deep a market in reality has fallen, its probability to sink further is equal to the Probability to rise, respectively, the probabilistic expectation is the market will reside at the discounted value of the low of year 2009 for long. So it would have make sense to hold a stock position through the panic and do nothing.
If an investor had interpreted Mauldin’s bear market call as a sell advice, he would had sold at that time with the intend of buying back late in 2009 at some bottom, and missed the longest bull market.

Jim Gargano
Dec. 8, 2019, 1:09 a.m.

“The problem with user generated content is that it is uniformed hysterical garbage” Hahahaha classic. Well this is what happens in a full blown democracy, which is what social media is, and why the founding fathers decided on a republic. Most people think having everyone get an equal opinion is fair but the problem is there is a big difference between people whether we like it or not. Most people shouldn’t have the right to make decisions because they simply don’t know good from bad. 200 years ago only male landowners had the right to vote. Oh the good old days.

The 10th Man - Jared Dillian

Recent Articles


Don’t worry about your money! Make the 5 investments Jared Dillian gives you, in The Awesome Portfolio. Don’t worry about your money! Make the 5 investments Jared Dillian gives you, in The Awesome Portfolio.

The 10th Man

Fundamental investing and technical analysis are vulnerable to human behaviour—but human behaviour itself is utterly predictable and governments' actions even more so.

Read Latest Edition Now

What you always wanted to know about investing, but that you didn’t know to ask

Get Jared Dillian's The 10th Man

Free in your inbox every Thursday

By opting in you are also consenting to receive Mauldin Economics' marketing emails. You can opt-out from these at any time. Privacy Policy

Get in Touch

PO Box 192495,
Dallas, Texas 75219

Toll-free: (877) 631-6311
Local: (602) 626-3100

Copyright © 2022 Mauldin Economics, LLC. All rights reserved.
The 10th Man

Wait! Don't leave without...

Jared Dillian's The 10th Man

Instinct and financial experience combined by a former Wall Street trader and served in one of the industry's most original, entertaining, contrarian voices. Get this free newsletter in your inbox every Thursday!

By opting in you are also consenting to receive Mauldin Economics' marketing emails. You can opt-out from these at any time. Privacy Policy