Dan’s Blog

The Lost Message

Dan Calandro - Sunday, January 31, 2016

Friday, January 29, 2016, was anticipated to be a big day from the very beginning. That’s the day investors would get a first look at Gross Domestic Product (GDP) figures for the 4th quarter of 2015; they were to be released at 8.30am.

In anticipation of the GDP release stocks were sensing bad news. All major market indicators were down another 1% through the first four days of trading. But a funny thing happened on the way to Friday morning. While America slept the Bank of Japan made a surprise cut in interest rates – forcing them into negative territory (something they said they wouldn’t do). 

Negative interest rates work in reverse of normal interest rates. Normal interest rates pay depositors for keeping their money in banks. Negative interest rates charge depositors for keeping their money in banks.

The Bank of Japan now joins the European Union, Sweden, Denmark, and Switzerland, in their effort to charge institutional banks for deposits kept at their central banks. Negative interest rates are a central banking effort to coerce banks into lending – this, of course, in hopes of spurring economic activity and growth, and boosting inflation (prices rise in environments with increasing demand). 

Two things are certain: Negative interest rates are a sign of major economic weakness and extremely poor Market conditions; and, central banks are utterly incapable of compelling economic activity in depressed operating environments.

To think central planning is a cure to economic woes is a socialist concept – and that’s the problem with today’s markets.

Bernie Sanders is giving Hillary Clinton all she can handle in the Democrat nomination process for president. Sanders is a self-described “democratic socialist.” Many people don’t know what that label means, and in truth, it really doesn’t matter. Sanders is a communist.

How do I know?

First, if a politician calls himself a socialist then he is a communist because all politicians lie.

Second, Sanders is a proponent of a 90% federal income tax on the rich. According to Obama’s definition, “rich” is defined as anyone earning over $250,000 per year. If a rich person pays 90% federal income tax, and pays 7% state income tax (as where I live) and a 4% local tax (as where I live) then a rich person is not free, they are dependent on the state.

That's not socialism, Bernie. It’s communism.

But semantics aside, both are rooted in a big government, central planning ideal. Such a stance purports that only government can solve market problems, fulfill needs, and deliver performance.

That is where the trouble lies.

On Friday of last week U.S. Gross Domestic Product, the broadest measure of economic activity, was reported to be an abysmal .7% in 2015’s holiday fourth quarter. That's terrible, and consistent with the awful trend that has been a persistent theme in Obama’s, and every other, big government economy.

Yet the stock market surged on Friday, advancing 400 points, or 2.5% on the day. Stocks had been down 1% in the prior four days sensing that bad news was coming -- but good news for Wall Street arrived unexpectedly from the Far East. Japan was going to print more money, buy more junk bonds, and force interest rates into negative territory.

Only corrupt markets would applaud those developments.

If zero percent interest rates could not produce anything better than a 1% growth rate then why should anyone expect a -.25% interest rate to be any better?

Easy money is a drug that Wall Street is addicted to. It only helps big banks and institutional investors; and has little to no effect on economies.

Banks won’t lend and businesses and consumers won’t borrow at significant levels until Market conditions change. More big government policies, including monetary games like quantitative easing and negative interest rates, can’t and won’t do it.—And Wall Street knows it. But they don’t care, because they’re the ones that benefit from easy money policies.

See the problem here? Big governments implement policies that benefit large institutions, not individuals.

Investors invest to make money that they can keep.

The solutions to the ills that face world economies today are not quasi-socialist or communist policies. Instead, the solutions reside in free market principles – incentivize success and independence, not dependence through central planning.

Small government policies benefit individuals and individual investors – the main drivers of economic vitality.

To correct economic woes world governments need to throw out all the bogus regulations that are paralyzing free enterprise, terminate all big government programs that strip away individual freedom and foster dependence, empower the individual by drastically reducing income taxes for persons and enterprise, and dramatically reduce central government debt and deficit. These policies will work, as they always do, and would return the economy to a pro-growth position.

But no, we never hear such tried-and-true solutions offered by world leaders or would-be leaders in any Party – not even from Republicans – and it is so aggravating.

The problem in America today is that the Democrat Party is communist and the Republican Party is socialist. Both Parties are big government control freaks. How else could Republicans sound so stupid so often of the time while on the de facto winning side of the argument – free-markets, free-enterprise, and maximum individual Liberty?

And that’s why Trump has so much velocity in today’s political arena. People are pissed off at the establishment and want someone to tear it apart every which way – and many believe Trump is just the person to do it. To hell with the Parties, his supporters’ feel, Trump is for the people.

One more thing...no market can reach its full potential unless it is safe and secure. The only way to do that is to defeat radical Islam. This, too, can be done – but it must be approached with clarity and determination, from a position that can win.

Some on the left believe the greatest recruiting tool of radical Islam is calling the movement exactly what it is; others believe it could be stern policies such as the immigration stance put forth by Donald Trump. But neither is true.

The greatest recruiting tool Islamic Fascists have today is battlefield victory.

ISIS must suffer crushing, consecutive, and persistent defeats on the battlefield or nothing said will ever change their momentum.

The reason international terrorism looks to be winning the war on words and philosophy against the West is the same reason Bernie Sanders has so much mojo in America. Their opposition cannot clearly articulate the advantageous message of Liberty – because they don’t believe in it.

Again, Democrat, Republican, or establishment leaders in the European Union or Asia, are all advocates of big government, central planning, and social engineering edicts dictated by the ruling class.

Such a political position puts people in a quandary of picking which government to be ruled, or oppressed, by. Radical Islam portrays their governing position as strict Moslem doctrine. Much of the West puts forth a secular governing posture, a position many Moslems view as sinful.

In an attempt to oversimplify the very complex root of conflict over there, consider that Sunni’s believe that their leaders can be elected by a consensus of their community and Shiite’s believe leadership must be direct descendants of Muhammad. In other words, they will never agree to live peacefully under the other’s diktat. Knowing this, and witnessing the experiences of the last ten years, its’ clear that the West needs to adjust its position.

For instance, once the initial military engagement ended in Iraq the people of that country were forced by the U.S. to construct a new unity government and constitution. But the factions there didn’t want to unite, and that was the beginning of the insurgent turmoil there. Both sides, Sunni and Shiite, will always feel oppressed while living under the other’s rule. The sooner the West places this well-known fact into its equation the better off the world will be.

The issue over there is complex to say the least, and no solution would be easy and without bloodshed. But that’s not the point here. The point is to position the West in a better situation than it currently is – a place where it could possibly succeed instead of being doomed to a certain failure. After all, it is that failure that has allowed ISIS to gain such momentum.

To put it another way, the West automatically creates two enemies and a power vacuum when it forces two factions (Sunni and Shiite) to unite when they don’t want to.  It’s damn near impossible to succeed in such a position.

Instead the West should be positioning their stance as pro-freedom – that the people living in places like Syria and Iraq are free to choose how they live, worship, and work – territory-by-territory. The outcome will include Sunni areas, Shiite areas, and Kurdish areas, no doubt. And the map may change – but it should be the people living in those places that make those decisions.

How else can SUNNI’s be engaged to take up arms against ISIS (a Sunni group) unless those SUNNI’s know they are fighting for a piece of their land where they define its operating culture without external influence?

The West should empower and support those SUNNI’s in their fight for their right to territorial freedom. Then maybe, just maybe, success wouldn’t be so elusive.

Every major war ever fought has been over land and ideology, and freedom has won every one of them.

And no economy has ever failed because it was too free.

It’s a scary world when freedom is the lost message. 

This explains why markets are so corrupt, chaotic, and ass-backwards; and it also explains why stock markets go positive when economic news is negative.

Stay tuned…

The road to financial independence.

A Long Messy Road

Dan Calandro - Monday, January 18, 2016

Stocks continued their downward slide again last week, as all major stock market indicators ended down another 2%. This is the second time in just a few short months that stocks have made a sharp downward move into the 15,000’s – and again, the scuttlebutt is about China and the price of oil.

Every time the stock market goes into one of these funks some real absurdity hits the airwaves. For instance, I heard a well-known TV personality say that the drop in oil was “bad for the stock market but good for the economy” and then went on to explain how the drop in oil and gasoline has the effect of a huge tax cut to consumers, which helps the economy.

Really?

What about if consumers save that money? How does that help the economy?

And don’t companies that make products using petroleum based components and packaging save money just like consumers do?—And don’t they also save money by transporting those goods to markets with lower gasoline and diesel prices?—And wouldn’t that help, not hinder, profits and byproduct stock market valuations?

Volatile markets are like full moons on Friday the 13th – they bring out all the crazies and make the apparently intelligent seem somewhat obtuse. 

As is the case with China, the drop in oil prices is not the problem but instead a symbol of the problem at large. The reason for the falling value of oil is weak global demand and excess world supply. Indeed the slowdown in China is helping push oil prices lower, but that isn’t the whole story. Europe has been weak and getting weaker for a long time. The U.S. economy has been up and down like its stock market reflects. The rest of Asia, like Japan, has been unable to right their ship since the ’08 crash. And just like those markets, the weakness in oil didn’t transpire over night. It has been in a tailspin for years.

There’s no reason to make this more complicated than it has to be: Wal-Mart is closing 269 stores for poor performance – and most of them are in America. Perhaps it’s easy to shrug off Macys and Gap closing hundreds of stores – but Wal-Mart? Heck, you know things are bad when Wal-Mart is reeling.

And to beat the proverbial dead horse – Shouldn’t the two-plus-year drop in gasoline prices have helped Wal-Mart customers?  

There is little doubt that Wal-Mart has been slow to adapt to the changing dynamics of an on-line world, but retail sales fell .1% in the holiday month of December ‘15. That’s not just a company problem; it’s also a systemic problem. To put it plainly, consumers just aren’t spending the savings reaped from falling energy prices. The reason for that is simple: consumers are not optimistic about their future, their employment situation, and their financial status. If they were the economic trend would be much stronger, plain and simple.

Instead the stock market is reacting negatively to the Market incongruity of high valuations and tepid economic growth – a condition that has lingered for way too long. The only difference now is that institutional investors have woken up and smelled the coffee – for the second time in just a few months. See below.


This next week will be very interesting for the stock market and the kind of signal institutional investors send – because it is they who are responsible for much of the market’s volatility. 

For example, in a Wall Street Journal article entitled, Is the Market Right that the Fed is Wrong, the author presents a few “expert” opinions to make his case. First up is Ben Inker, billed as the “co-head of asset allocation at GMO, a money-management firm co-founded by Jeremy Grantham.” Maybe those names should mean something, but they don’t to me. I never heard of them nor could I pick either one of them out of a line-up. But I digress…

Inker rationalizes his bet, “The market is saying the economy is slowing quite considerably. If the market is right, [Fed officials] almost certainly won’t raise rates as much as they said during the December meeting.”

Okay, so he thinks the stock market is saying the economy is slowing. Great. Welcome to reality.

Inker goes on…“We’ve got this situation where the stock market has become fascinated with what the Federal Reserve does and really thinks the Federal Reserve is there to help the stock market. It could be that the Federal Reserve would like that relationship to change.”

Well the Fed should want that relationship to change – helping the stock market is not their job! But again I digress...

What Inker’s disjointed words are saying is exactly right. The economy is weak and weakening, and the Fed has inflated stock valuations with easy money policies like QE and low interest rates -- and Wall Street loves it. A reverse in Fed policy will deflate the stock market unless the economy can lift valuations – which it can’t. Higher interest rates will help America and hurt stock prices -- which Wall Street hates. 

So what will the Fed do – help America or Wall Street banks?

Inker isn't sure.

But it is Inker’s positioning that is perhaps the most interesting piece of his excerpts. Inker, a hedge fund guy, clearly wants the Fed to continue easy money. After all, that makes his job easier, and bonuses healthier. But he can’t be so self-serving in his presentation, so he purports that “the market” disagrees with the Fed’s view that the economy is getting stronger, which was part of the basis the Fed used to raise rates in December. Certainly little ole' Inker can’t tell the Fed what to do – but certainly the Fed must listen to a higher authority like “the market,” right?

Investors should understand that the majority of Wall Street wants easy money to continue. It has made their life easier, and very rewarding. They never want it to end. So they sell stocks in large blocks and drive prices down to show their displeasure of it ending. And when things turn into a real mess every broker under the sun will need a scapegoat – and that’s when they throw the Fed under the bus.

Don’t believe me? Here’s a prelude of what to expect in yet another excerpt from that very same Wall Street Journal article…

“The market does appear to now be pushing the Fed” away from raising rates, said Joseph LaVorgna, chief U.S. economist at Deutsche Bank AG. “History says the market will win out because it has the ability to cause the damage that the Fed and others desperately want to avoid, which is a recession.”

How about that? This clown LaVorgna puts forth the notion that a stock market correction can actually create a recession. Really??? How does it do that?

That is a cart-pulling-the-horse perspective.

Recessions cause stock market corrections, not the other way around. Price corrections can happen at any time and without a recession present – and they can be severe. It all depends on the amount of inflation  present in the stock market at that particular time.

LaVorgna's comment above foreshadows a Wall Street position of blaming the next major recession on the Federal Reserve's monetary policy -- triggered by a tightening of money that caused a major stock market correction which in turn then created a recession. That's ass-backwards thinking.

Boy it's frightening how much bad information is out there. 

How about this perspective, again from the same article…

“Much of the pervasive gloom hanging over the U.S. outlook is unwarranted,” Barclays Chief Economist Michael Gapen argued…noting that U.S. labor markets, which have been a reliable indicator of future economic growth, show no sign of weakness.

Really, Mikey? Have you taken a peek at the 40 year low labor participation rate? I’d consider that a slight indication.

When you read this stuff it’s easy to understand the volatility in the stock market. People in high places in the establishment have no clue what’s going on and could care less about reality. They spew any stupid piece of rhetoric to advance their portfolio’s agenda. For instance, I’d lay a wager that Gapen is betting against bonds, hence his need for higher interest rates. So he makes a stupid comment like the one above to substantiate his position. The same is true with Inker, who is obviously long stocks and short on bonds – that’s why he wants more easy money and low interest rates.

That’s another example why you can’t trust anything these knuckleheads (brokers and money managers) say. Their narrative is tied to what financial products they are trying to sell at the current moment. Absurdity inserted as needed.

The stock market is seriously over-valued. It should price correct before recession sets in. And then it should correct more when recession presents itself. And yes, Fed policy has been atrocious. But higher interest rates won't be the cause of the next recession. It'd be silly to think so. The problem now, and has been for a long time, is weak global demand.

This is going to be a long messy road.

Stay tuned…

 The road to financial independence.

When the Stars are Aligned

Dan Calandro - Saturday, January 09, 2016

The investment markets moved backwards like a rocket in the first week of 2016, prompting even the casual follower to consider: Is this a sign of things to come?

All major stock market indicators lost six percent in the week, and yields lost 7%. Gold gained 4%. See below.


Metaphor aside, the week’s activity sure looks like a sign to me.

Ironically, the week’s fallout mirrors the correction that occurred in August 2015 (stocks -6%, yields -7%, and gold +4%). And if you listen to the mass media we’re supposed to again believe that this week’s move was driven solely by China. (see, START SPREADING THE NEWS, for more info)

China is not the problem but instead a symbol of the problem at large. Since the ’08 crash almost every government on earth printed too much money, took on too much debt, and pissed it all away. The effort produced little more than weak-underlying economies that were over-leveraged. 

Yet the global remedy became more monetary shell games -- print even more, spend even more, and use the rest to inflate the stock market to put forth the facade that things have turned around and are now okay. To pay for it government raised taxes and manipulated interest and exchange rates to “help” exports remain price competitive.

Saudi Arabia is the most recent case in point. They are looking to break their longstanding peg to the U.S. dollar (to further devalue their currency) and initiate a domestic tax on gasoline to pay for central government spending programs. You know things are bad when Saudi Arabia has to tax its own people for, of all things, gasoline.

At some point institutional investors take reality into account -- and that’s when markets correct.

Yet so many people still point to how “well” America is doing compared to the rest of the world, as if that is some kind of safeguard to another meltdown. And it should be doing better. America has the best operating model in the universe -- even though the last two administrations have greatly altered that course. But just because it has a superior ideal doesn’t also mean that America is infallible, or immune to the global disease. After all, it was America who showed the world how to play the monetary shell game it invented, and how to inflate things to fleece markets and constituencies alike.

Truth be told, the global economy has never been solid since the housing market collapsed. That’s because strength in the Obama economy has never been driven by the consumer (the largest GDP component), which is the reason growth has been unreliable, weak and uneven. The reason for this is simple: labor participation is persistently low and wage growth is anemic -- two characteristics that greatly hinder economic vigor and sustainability.

Instead, those ills are masked by the “feel good” part of this economy -- lofty stock market valuations, which were driven by make believe demand created by quantitative easing (QE).

This has been a smoke and mirrors economy from the very beginning. And for those who don’t remember the real beginning of this crap game, it was a government program called TARP, which was launched during the “financial crisis” in 2008. That’s when easy money became in vogue.

In WHAT’S SCARING THE FED, many of the reasons the fractional raise in core interest rates took so much effort and deliberation were covered. But perhaps the most obvious issue wasn’t mentioned in that particular blog -- the critical matter of unwinding QE.

The Federal Reserve printed trillions of dollars of new money over the last several years and handed it to the Wall Street establishment. Conventional wisdom dictates that the Fed will someday have to remove a large portion of that money -- and that’s the real trick.

To do so the Fed can’t simply reverse the transaction it used to inject the new cash into the system (e.g. toxic assets for cash) because they don’t want banks to become more risky in the face of global crisis and recession (which would happen if toxic assets were transferred back to banks.) Instead, the Fed will have to sell U.S. Treasury securities to banks to remove the currency from bank balance sheets. In order to turn those securities back into cash, banks will have to sell those securities on the open market. And if there is insufficient demand for them market interest rates will move higher (to attract buyers) and banks will receive less cash for the securities that they just purchased from the Fed (because bond values fall when yields rise).

And this is how things will get away from the Fed.

Of course, they think they have it figured out. The Fed intends to unwind QE during the next crash, when the world is a mess and all major capital investors and governments around the world are looking for safety -- a.k.a. U.S. Treasury securities. They’re betting that it will be this increase in demand that will keep interest rates from getting away from them.

But there will be too much pressure behind their finger in the dike.

A spike in U.S. interest rates will shock the world. Emerging markets will take a dive and fragile governments (like Greece) will be pushed over the edge. World currencies will plummet, and the Euro will most likely collapse. American banks will again be stressed, as stock values and bond portfolios spiral out of control. And before you know it, boom! 

As mentioned in SURVIVING THE NEXT CRASH, major corrections generally occur at the end of presidencies when the chief executive has less control over fiscal and monetary policies. But it’s also usually because stock markets have risen so dramatically and unwarranted that valuations must be flushed out, and seemingly do so to clean the slate for the next presidential administration.

Let us not forget that the markets are way overdue for a good purging; the S&P 500 has averaged 19% gain per year since Obama took office. Nominal GDP has advanced just 3% per year under a new and expanded definition of market activity. Stock market strength via the 15-51 Indicator has gained 353%, or 51% per year, during the same time. That’s a crazy amount of inflation compared to GDP growth. Take a look below.


A friend said to me the other day, “Hey Dan, the stock market hasn’t gotten off to a start this bad since 1929.”

I replied, “Yeah, and it’ll probably end the same way too.”

Markets correct all the time, and sometimes the stars are aligned for a volatile year and one big APROPOS ENDING.

Expect it, plan for it, and capitalize on it.

Stay tuned…

  The road to financial independence.

Another Year's Gone By: 2015

Dan Calandro - Saturday, January 02, 2016

Stock market strength was humming along when December began; the 15-51 Indicator was up 9.5% for the year and at an all-time high (113,993). But then Janet Yellen raised interest rates and Santa Claus failed to deliver a rally. Though the 15-51 Indicator posted a respectable year-end gain (+6.3%), the other major market indexes ended in a whimper. The Dow Jones Industrial Average ended down -2.3% for the year and the S&P 500 lost a fraction (-.7%). See below.


While the 15-51 indicator performed well overall, performance by industry was all over the map. Of the seven total industries, four posted gains and three posted losses. The best performing industry was Technology (+22%) and the worst was Energy (-14%) --which stands to reason, as oil and gas prices are down some 50% in the past year or so.

But you don’t hear the clamoring to tax the hell out of energy companies now, do you?

According to some it’s okay for oil companies to earn substantially less money during these times but it’s not okay for them to make it up when things turn around. This mindset fails to appreciate the extensive amount of investment energy companies have to make and how risky those investments actually are.

It’s amazing how so many people fail to grasp how long it takes to procure oil, refine into a hundred different blends, and then distribute it throughout the entire country -- all the while navigating the most regulated operating environment in the global marketplace. They think it’s easy, and that it happens overnight -- which is so not the case. It is the painfully long lead-time to profit that makes oil companies so vulnerable to major price/cost fluctuations, both up and down, despite their sophisticated hedging strategies and tactics. And that’s what got them this year.

The performance for the other five industries shook out as such: Consumers Staples (+17%), Financials (+11%), Consumer Services (+9%), Industrials (-7%), and Basic (-8%).

Technology stocks in the 15-51 Indicator can be broken down into two classes: Personal (ie: Google) and Industrial (ie: Cummins). These two classes couldn’t have performed more differently in the year. Personal technology gained 38% in 2015 while Industrial technology lost -14%. Remember, the total industry grew at 22% f0r the year. Take a look at the dichotomy illustrated below.


The performance in this industry is a case in point for diversification. It proves that with solid construction you don’t have to be perfect with stock selection to still produce well above-average returns.

The dog in the above allocation was Cummins, which was down a significant 38% for the year. But I’m not worried about Cummins as a worthwhile investment -- even in the face of a wave of downgrades from major brokerage houses. Cummins is a solid company operating in a shoddy economy. Business investment was down significantly in 2015, and that’s a significant portion of Cummins’ business.  

Other 15-51 sectors to note for 2015 are: Healthcare up 17%, Retail added 8%, Consumer lending gained 19%, Automobiles advanced 8%, Apparel gained 30%, and Capital equipment lost -13%.

And if stocks ended the year in a whimper -- gold and bonds ended in a full blown bawling. Gold was down again this year (-11%) and yields increased by 15%. Bonds move in the opposite direction as yields. See below.


The coming year is a big one: the U.S. central bank is tightening money and raising interest rates while the rest of the world is doing the opposite; the fragile global economy continues to soften even though energy prices are at ten year lows; most of the world is at war; and America is gearing up for another hotly contested presidential election where the constituents are more angry at the ruling class than ever before in my lifetime.

Significant change is in the air.

As stated in SURVIVING THE NEXT CRASH, I would be shocked if a major correction didn’t ensue in 2016 or just as Obama leaves office. When that happens, the trends shown below will reverse. 


Gold corrected to the downside shortly after the economy recovered from recession, when at the same time stocks made a bold move to the upside -- bolder than both logic and reason would rightfully dictate. (But hey, that’s what corrections are made of.) Gold and stock values will again crisscross when correction takes flight (stocks down and gold up).

Yields remain at historic lows. The 10 Year T-Note is still only 2.25% and it hasn’t moved since the Fed finally raised rates a couple of weeks ago. If the economy was as strong as the mainstream wants us to believe the 10 Year would have been around 6% for years now. But no, it’s still in the basement.

In fact, yields won’t be able to get that high (6%) under positive economic condition this time around. The world can't handle it. Instead, yields must wait until the aftermath of the next hell -- when a global devaluation of money and debt brings about the mother of all corrections. It will be that adjustment that will force yields to levels not seen since the 70’s and 80's. Fed action will be impotent. 

And for those investors thinking that the stock market isn’t that overvalued -- maybe a little bit, but not that much -- beware! Remember how easy it is to manipulate the market indexes and how much free capital was given to the Wall Street establishment to do just that. Obama’s boom -- the QE boom -- has been used to inflate the stock market balloon so much further than ever before that the next bust has no choice but to be the worst one in history.  

Whatever causes a boom suffers the most during the according correction, like technology did during the Internet boom and housing did during the subprime financial crisis. 

The QE boom is a money and debt boom, so they will suffer the most during the next correction. And the stock market will again go for the ride -- this time downhill.

Those who have read my book know the 15-51 Indicator portfolio as well as I do. They know it is a good portfolio, not a great one. Its purpose, simply, is to indicate the performance of stock market strength, which it reliably does. That’s it.

But the 15-51 Indicator has another key benefit. Because the establishment or mass media does not cover it, the 15-51 Indicator is free from a majority of Wall Street’s manipulative efforts. In other words, they don’t care what the 15-51 Indicator is doing so they don’t purposely manipulate its trajectory. As a result, it provides the best gauge of stock market inflation actually present in the marketplace. See below.


The 15-51 Indicator has gained 380% during the Obama presidency, an average of 55% per year -- when economic growth has never risen to boom-like levels. In fact, GDP growth has been half the rate of the last two economic expansions. In other words, economic growth didn't push stock values up so high, inflation did. 

And you can thank QE and President Obama for that, and what comes next.

Stay tuned…

The road to financial independence.


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