One of the Greatest Mistakes in History

Note: Before we get into our review of yesterdays’ speakers, an apology. Thankfully, the gremlins seem to have stayed away from the technology. Unfortunately, they found their way into my emails to you. In my first email to you yesterday I said Harry was talking at 1:25 p.m. (EST). That was wrong. We’re in Nashville, so we’re on Central Time. And then the second email I sent yesterday had the wrong subject line, which must have been just as confusing. Nothing like keeping you on your toes! Hopefully, the Gremlins are done messing with me. Now, on to this morning’s email…

Yesterday was certainly exhilarating!

Day One of our fifth annual Irrational Economic Summit was an unprecedented success… thanks not only to the four incredible speakers who took to the stage in the afternoon, but also to all the attendees here at the Nashville Airport Marriott and those watching via LIVE Stream.

Remember, whether you’re on the ground with us here in Nashville or watching from the comfort of your own home (or office), keep the conversation going. Ask questions and engage with us and your peers on our Facebook page or via Twitter.

You can email me at economyandmarkets@dentresearch.com

You’ll find our Facebook page here.

And our Twitter handle is @economymarkets.

For any social media interaction, use #iesnashville.

During the breaks, I flitted around the room like a social butterfly (unfortunately there was nothing graceful about it) to hear what guests thought and felt about the conference so far. Here’s what I heard…

“Both Harry and Brendon presented interesting concepts and ideas of where we can look for opportunities in the chaos.”

  • Amy Stifter

“So far the conference is very good. I’ve been coming to the Irrational Economic Summit for three years now. I’m a network member, so I can read about much of the information they share here, but I come to meet the people. It’s a psychological uplift for me more than it is an economic or investment one.”

  • Barry Segal

“Harry’s information is powerful and there’s so much of it, but he talks so fast. I kept wanting to ask him to go back a few slides so I can take a better look!”

  • Pierre King

Clearly, LIVE Stream has the advantage of allowing you to see the archives so you can go back and listen again and again. Still, the experience on the ground is different –more fulfilling. Hopefully you’ll be able to join us next year.

Now, let’s look at some of the highlights from what Harry, Brendan, Michael, and Stephen shared with attendees and viewers on Day One of the Irrational Economic Summit.

After Rodney’s introduction and the speakers each walked across the stage to say “hi,” Harry Dent took to the podium to talk about how you can turn the greatest political and financial upheaval in modern history to your advantage.

As he mentioned on Tuesday, his new book will be out on November 15! It’s called Zero Hour: Turn the Greatest Political and Financial Crisis in Modern History to Your Advantage. And, as he promised, he gave attendees and LIVE Stream viewers a sneak preview of the most important points of the book.

He started with a forecast: “With what lies ahead, I predict that those who come to conference in Austin next year will wish they’d come to this conference!”

Then he went on the talk about some of his key insights, one of the most important of which is that three revolutionary cycles are converging for the first time since the late 1700s, when we saw the emergence of democracy and free-market capitalism, the steam engine, and the Industrial Revolution.

Harry’s been warning about a 250-year cycle for many years, but fellow speaker Andrew Pancholi has two additional cycles that reinforce this even more. (Andy will talk at 4:10 p.m. Central on Friday.)

The implications of these cycles are critical during the next few years and for decades to follow. There is a massive social and political revolution underway, and it’s just beginning. In January 1933, Hitler promised to make Germany great again. In January 2017, Trump promised to “Make America Great Again.”

Harry was clear that he isn’t comparing the two, but he did emphasize that both leaders rose on the back of populist movements that changed the world.

For me, the highlight of Harry’s talk today was his sunspots discussion. As he said, “Sunspot cycles is the best thing I’ve found since 1988. It targets downturns and crashes and averages about 10 years, although the cycles can stretch from eight to 14 years! And the research shows that every recession since 1850 correlated with sunspot downturns 88% of the time. That’s no coincidence.”

Then he shared this chart…

Very telling.

In short, Harry’s recommendation is to get out sooner rather than later. It’s what Baron Rothschild credits for his success.

But he doesn’t believe you should run for cover. Instead, there are opportunities out there to take advantage of now… and even after the crash has started.

That’s why we have Adam O’Dell and Rodney Johnson and Charles Sizemore and John Del Vecchio and Lance Gaitan on the Dent Research team. It’s also why we brought together the speakers we have for this conference.

Brendan Kennedy, CEO of Privateer Holdings, shared one such opportunity when he took the stage after Harry.

His goal: to explain how to invest in legal cannabis.

His message: Do it carefully… But do it!

  • In 1969, only 12% of American’s believed cannabis should be legal. Now it’s a very different situation, with more than 93% of Americans agreeing it should be legalized for medical purposes, 61% conceding it should be legal recreationally, and 70% thinking states should have the right to set their own cannabis laws.
  • Every year in the U.S., $30 billion to $50 billion worth of pot is cultivated. That’s more than corn, which comes in at $23 billion.
  • Research and development underway right now is making legalized medicinal cannabis even more important. Studies are looking at the impact of vaporized pot for helping sufferers of COPD (chronic obstructive pulmonary disease) to breathe more easily. It’s helping victims of post-traumatic stress sleep better at night and deal with their condition. Cancer patients undergoing chemotherapy are also using it to cope with nausea and vomiting. And it’s reducing seizures for children with epilepsy.

Attendees had dozens of questions when Brendan was done. They wanted to know about the dangers to children of ingesting pot and how banks are overcoming the challenge of handling money acquired through the cannabis industry and where to invest now!

Interestingly, Brendan explained that if you have four shot glasses on a table – one containing ingestible cannabis, one bourbon, one sugar, and one aspirin – of all of those for the child, the least dangerous is the pot. Sure, the kid would feel horrible for 24 hours, and you’d need to take him or her to the hospital, but the other items could kill him. Cannabis, in over 5,000 years of use, has no recorded deaths by overdose!

If you want to know where Brendan suggested you invest now, sign up for the LIVE Stream, which includes the archives and presentations from each speaker.

Next up, at 4:15 p.m. Central, was Michael Terpin, founder and CEO of Transform Group. Michael is Harry’s go-to bitcoin expert. He also lives in Puerto Rico, where Harry met him.

Michael was unable to be in Nashville with us – he was in Bordeaux, France – but he recorded via Skype to talk about bitcoin, blockchain, and initial coin offerings, and then we called him to answer attendee questions. He, too, had tons of questions to answer from the crowd, which the speakers really appreciate.

His message was about how to invest in what’s forecast to soon be a $5 trillion asset class. This is scary for many people, but what few people know is that there will only ever be 21 million bitcoins. We know a certain amount was burned by a group called Counterparty, who wanted to create a coin of their own. But the currency is limited in size by its own algorithm.

The thing is, as Michael said, oil was controversial and volatile when it was first being brought to market because it was flammable and difficult to extract. Cars were controversial because they were dangerous. In fact, the first cars had to have someone walking in front waiving a flag to warn a car was coming. Even personal computers were unbelievable. No one could understand why you’d want to take a computer home after working on one all day.

His point: You just never know with disruptive technology.

For more details from his talk, including what the first product was that was bought using bitcoin and why cryptocurrency is really the equivalent of digital gold, watch the archives available via the LIVE Stream.

Finally, our keynote speaker this year – Stephen Sandford, author of The Gravity Well – took the stage to talk about the final frontier and how close the opportunities really are.

This talk really struck a chord with the audience. There’s just something so captivating about space, and most attendees still remember Neil Armstrong’s first step on the moon and the Challenger disaster.

He started with a story…

A hundred years before Columbus sailed, the Chinese launched the greatest fleet the world had seen. It consisted of 300 ships and 28,000 sailors, marines, businessmen, you name it.

The largest ship had four decks above the water. It could have held Columbus’s Santa Maria inside it.

The Chinese ruled the seas, from Korea to Africa.

But then, after seven great voyages, they pivoted and turned inward. Their fleet shrank. Pirates took over the Indian Ocean. China’s economy stagnated for the next 500 years.

They had great short-term reasons for turning back. Ships and crews cost money. And they had other priorities. One of those was to build the Great Wall. But the main reason was that they were done. They’d done what they set out to do, which was to impress their enemies and allies.

What if, instead, they’d kept exploring? What if they’d developed better technologies? What if they’d beaten Columbus to the New World?

The Chinese made one of the greatest mistakes in history. They set a goal with nothing beyond that. And America has made the same mistake. Luckily, it’s not too late for us to rectify it.

While he was doing a book signing, I caught up with Stephen and asked him what his number one message is for conference attendees and viewers. He replied…

“I want this community to understand the benefits of an audacious space program and to inspire them to invest in the space economy.”

When I pulled Harry aside to ask what was the highlight of today from him, he said, “I learned more about blockchain and bitcoin technology in one hour from Michael Terpin that I did reading an entire book from the respected Don Tapscott. You’ve gotta listen to Michael’s presentation again and take notes!”

(You can hear Michael’s presentation via the LIVE Stream, which will contain archives of this entire event.)

That wraps up the review of our Thursday afternoon. Tell me, if you’re here in Nashville with us or watching via LIVE Stream, what was your highlight from yesterday? Let us know on Facebook or Twitter using #iesnashville. Or email me at economyandmarkets@dentresearch.com.

I’ll be back later today with a review of this morning’s speakers, which include Rodney Johnson, Raoul Pal, Adam O’Dell, Mark Gordon, and Lacy Hunt.

Reporting live from the Irrational Economic Summit 2017,

Teresa

P.S. One comment we got today on the LIVE Stream chat summed up today’s conference beautifully. The viewer simply said, “Enlightening.” 

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Categories: Economy