A2A with Greg Mannarino

26

Today's webinar guest was independent trader, author and analyst Greg Mannarino. This was a very interesting and wide-ranging discussion so I encourage you to give it a listen.

Over the course of this call, Greg addresses a variety of subjects, including:

  • the recent, sharp rise in The Pig and the likelihood that we've seen the top
  • the possibility of a Greek exit from the euro
  • how he feels about storing metal offshore and potential taxation issues
  • his current feelings regarding crude and the energy sector
  • some of his favorite trade recommendations at present
  • the likelihood that The Fed will raise short-term rates this summer, as many are expecting

As mentioned above, this was a very informative call. When you're finished, you should be sure to download Greg's FREE e-book. You can do so by clicking here: https://www.lulu.com/spotlight/thegameisrigged

And you should also be sure to check out Greg's YouTube channel (https://www.youtube.com/user/GregVegas5909) and his site (https://traderschoice.net/).

TF

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Barfly
Apr 17, 2015 - 7:31am

Barfly's Grow Rich by Stacking #2

In part 1, I imagined I was a young millenial, starting from zero with a job at an evil coffee company. The only caveat is that I still have all my knowledge. In part 1, I talked about how I would achieve living below my means, establishing a cash cushion, avoid debt, and minimize spending to acquire some necessities like a car. In this part, I'm going to explore even more ways to save money and acquire more resources, and attempt to give a time frame and milestone to some financial goals.

Standard disclaimer. Due your own due dilligence. Verify everything I tell you here for yourself. Everyone's situation is different and you should seek professional advice for yours if it is warranted.

So, lets talk about spending habits. My goal is to plow everything I can into my stack like I mean it. That means that I'm going to minimize spending and save every way I possibly can and turn every resource I can on the ends of spending less and saving more. So, I'm going to buy everything I can on the cheap. That means hunting garage sales for things I want/need. Do I want to play video games? I look at garage sales for used game systems, maybe not the latest and greatest, but entertainment nonetheless. Books? Same thing. Movies, music, electronics, tvs, it's all out there, used, but usually good. There's also furniture, kitchen appliances, or just about anything else you need for creature comfort. I also would shop extensively at the dollar stores. Anything that I could pick up there and avoid paying more for would save me money. Even if it breaks, it's only a dollar. I also shop thrift stores. I wouldn't ever go to the mall, big chain retail stores, or high end boutiques or grocery stores. My goal is to cut into every bigbusiness profit margin that I can. I would hardly ever buy anything new.

If my evil coffee bar had soon to expire coffee or other stock that was going to go bad and was offered at a discount, I'd buy it and try to sell it for close to full price as quickly as I could. If they gave away food at the end of the day, I'd grab it. I'd try to network with other people that worked at restaurants that might do the same, and I'd swap. This doesn't mean that I never eat out or buy anything fresh, it just means that I would minimize that and make it treat for myself. If I wanted to get drunk, I'd spend the $7 on frozen grape juice concentrate (no preservatives), ten pounds of sugar and a $.50 package of decent wine yeast and make myself five gallons of ghetto wine. It ain't the Napa Valley or the South of France, but it has it where it counts. I could do the same with beer.

If I could find extra work on the side, I'd take it. I'd work for student movers or cleaning gutters or doing yard work or working staff at events. Most of every dollar that I earned, I would plow into stacking. The rest I'd spend on rewarding myself in some reasonable fashion for working hard. I'd also recycle. I'd save my aluminum soda cans and sell them to the scrap metal dealer for $.50 a pound. Anything else that came in a container that I could get a rebate on, I'd save it and trade it back in. No possible source of money would go to waste.

Now, so far, I've gotten to the point of providing for my creature comforts, my transportation, I've accumulated six months of cash reserve and I'm stacking like a mad man. I'm probably two or so years into this program at this point. I might have accumulated a few hundred ounces of silver at this point (which would be hidden somewhere safe and about which I'd be keeping my mouth shut. I'd even keep it in a safety deposit box if I had nowhere else, the tradeoffs being better than the risk, depending on the circumstances.) I might even be in classes of some sort, I'm hoping ones that teach me a reasonable skill set where I can see an immediate path to getting a higher paying job, but that's another story.

At this point, I want to start thinking about why I'm stacking. The goal here is to accumulate real wealth, and real property, and real ownership. I'm still paying rent and splitting it with other people, I'm still in a shitty job, and I still drive a beat up piece of crap car. I want something better, but I don't want to go into debt to get it. But, I might spring for a cheap desktop computer and an internet connection at this point, all with an eye toward leveraging my knowledge and experiences toward making more money.

In short, I'd start a second hand e-bay business. Remember all those garage sales I hunt? Well, it turns out people put things in those sales sometimes that have value to collectors. If I could find things like that cheap, I'd pick them up and sell them on e-bay. Toys, movies, cds, game consoles, used electronics, whatever I could pick up for pennies and sell for dollars, I'd put it in my auction. My goal here would be to make a profit in the neighborhood of $1,000 per month. That would probably be a level that wouldn't require an inordinate amount of time on a weekly basis that could fit in around everything else I've got going on.

What's my goal? I want to stack the equivalent of 200 ounces of gold. If I can stack one a month, that might take me as long as a decade. Why? Because that's a decent middle of the road house in a good neighborhood in the US any time in the last 200 years. But, what if I didn't want to stack for 10 years? I could probably stack 50 ounces in three or four years, and that would buy me a small, older house in maybe a not so great but still livable neighborhood. If I'm lucky, I could find a forclosed house in a good neighborhood for that. It may need a little work, but, I'd own it outright. And, I wouldn't be paying rent anymore. And, if I had a good friend, I might be able to rent them a room in it. And now, it's paying for itself from the perspective of insurance and taxes and I'm living rent free. Not to mention, I probably have a garden space and maybe a garage workshop. Even in a bad neighborhood, my security situation is probably much better than living in a cheap apartment sharing rent. And I can keep on keepin on and keep stacking that next 100 ounces so that I can pay for that next house, and rent the little one out.

But consider, 6 or so years after I start working, with a good dose of hustle and thriftyness, I've stacked my way to owning a small house outright. I'm keeping all my purchasing power and I'm not paying anybody interest on anything. I'd be 25-27, and well on my way to financial independence by the time I'm 40. In the next part, I'll talk about using the credit system against itself.

Safety Dan
Apr 16, 2015 - 11:59pm

Guess Who Is #193 In Countries Comparison For Net Trade in 2014

COUNTRY COMPARISON :: CURRENT ACCOUNT BALANCE

Current account balance compares a country's net trade in goods and services, plus net earnings, and net transfer payments to and from the rest of the world during the period specified. These figures are calculated on an exchange rate basis.

https://www.cia.gov/library/publications/the-world-factbook/rankorder/21...

192 UNITED KINGDOM -$117,900,000,000 2014 EST.

193 UNITED STATES -$385,800,000,000 2014 EST.

Balance of trade - Wikipedia, the free encyclopedia

Mr. Fillmore
Apr 16, 2015 - 11:58pm

Stuff That Works

I thought you "turdites" would like this:

https://www.youtube.com/watch?v=ZLqmBPIOsychttps://www.youtube.com/watch...

Love, Life and Music;

Danforth Coxwell
Apr 16, 2015 - 11:18pm

Fwiw......

That is simply not fair! LOL

Apr 16, 2015 - 11:04pm

Fwiw

Just today, I've confirmed our next two A2A guests. Very excited.

I'll announce the next one on Monday.

Osiris
Apr 16, 2015 - 9:34pm

Had to stop after 4 minutes

Had to stop after 4 minutes 30 seconds in. Greg is too much. Paused for a break. Then Greg is long XLF calls and XLE.

Hello! Moving on...

Key Economic Events Week of 8/10

8/10 10:00 ET Job openings
8/11 8:30 ET Producer Price Idx
8/12 8:30 ET Consumer Price Idx
8/13 8:30 ET Initial jobless claims
8/13 8:30 ET Import Price Idx
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Unit Labor Costs
8/14 8:30 ET Cap Ute and Ind Prod
8/14 10:00 ET Business Inventories

47ArGentum
Apr 16, 2015 - 9:11pm

The Big Shot is no joke! I

The Big Shot is no joke! I did it a few years ago and that's as scared as I've ever been. It feels like a cross between skydiving and a bungee shot. Now that I think about it, it's probably more like a fighter jet ejection seat. Fun but scary as hell. :)

Nick Elway
Apr 16, 2015 - 7:44pm

Stratosphere roller coaster

Stratosphere roller coaster is an anticlimax. Nice views and a little swirly ride.

Sounds like I'd better try the big shot next visit..

Joseph Warren
Apr 16, 2015 - 6:55pm

Cycle Theory

During the 1930s Great Depression a number of bankers and academics got together to supposedly try to explain the causes of the depression. They came up with theories about all kinds of 'cycles'. Keynes later came up with the term 'animal spirits' to help 'explain' the actions of businessmen and other economic players. - - Of course, they weren't particularily interested in exposing how the bankers own expansion of money and credit had fueled the various bubbles that eventually came crashing down on everyone's head. Sound familiar ? - Austrian economist von Mises explained the true cause of the Great Depression - central banker/government actions. He was attacked and/or ignored. Ask a college economics or business student if they have heard of von Mises and you'll like get a puzzled look. Gotta divert attention from such information in the government 'schools'.

november4AIJ
Apr 16, 2015 - 6:06pm

mr rosen

Rosen has been predicting a massive gold run for years. Nothing new. Never right yet. One day, in the next 5, 10, or 20 years he will be right. I'm not holding my breath. I've never known an Elliot Wave interpreter to predict anything correctly. But that pretty much goes for all of them....excepting Turd, who is about the first T&A analyst I've ever found to to actually make sense of the charts. And I've been at this about 50 years.

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Key Economic Events Week of 8/10

8/10 10:00 ET Job openings
8/11 8:30 ET Producer Price Idx
8/12 8:30 ET Consumer Price Idx
8/13 8:30 ET Initial jobless claims
8/13 8:30 ET Import Price Idx
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Unit Labor Costs
8/14 8:30 ET Cap Ute and Ind Prod
8/14 10:00 ET Business Inventories

Key Economic Events Week of 8/3

8/3 9:45 ET Markit Manu PMI July
8/3 10:00 ET ISM Manu PMI July
8/3 10:00 ET Construction Spending
8/4 10:00 ET Factory Orders
8/5 8:15 ET ADP employment July
8/5 9:45 ET Markit Service PMI
8/5 10:00 ET ISM Service PMI
8/6 8:30 ET Initial jobless claims
8/7 8:30 ET BLSBS for July
8/7 10:00 ET Wholesale Inventories

Key Economic Events Week of 7/27

7/27 8:30 ET Durable Goods
7/28 9:00 ET Case-Shiller home prices
7/29 8:30 ET Advance trade in goods
7/29 2:00 ET FOMC Fedlines
7/29 2:30 ET CGP presser
7/30 8:30 ET Q2 GDP first guess
7/31 8:30 ET Personal Income and Spending
7/31 8:30 ET Core inflation
7/31 9:45 ET Chicago PMI

Key Economic Events Week of 7/20

7/21 8:30 ET Chicago Fed
7/21 2:00 ET Senate vote on Judy Shelton
7/22 10:00 ET Existing home sales
7/23 8:30 ET Jobless claims
7/23 10:00 ET Leading Economic Indicators
7/24 9:45 ET Markit flash PMIs for July

Key Economic Events Week of 7/13

7/13 11:30 ET Goon Williams speech
7/13 1:00 ET Goon Kaplan speech
7/14 8:30 ET CPI for June
7/14 2:30 ET Goon Bullard speech
7/15 8:30 ET Empire State and Import Price Idx
7/15 9:15 ET Cap Ute and Ind Prod
7/16 8:30 ET Retail Sales and Philly Fed
7/16 11:00 ET Goon Williams again
7/17 8:30 ET Housing Starts and Permits

Key Economic Events Week of 7/6

7/6 9:45 ET Markit Service PMI
7/6 10:00 ET ISM Service PMI
7/7 10:00 ET Job openings
7/9 8:30 ET Initial jobless claims
7/9 10:00 ET Wholesale inventories
7/10 8:30 ET PPI for June

Key Economic Events Week of 6/29

6/30 9:00 ET Case-Shiller home prices
6/30 9:45 ET Chicago PMI
6/30 10:00 ET Consumer Confidence
6/30 12:30 ET CGP and SSHW to Capitol Hill
7/1 8:15 ET ADP Employment
7/1 9:45 ET Markit Manu PMI
7/1 10:00 ET ISM Manu PMI
7/1 2:00 ET June FOMC minutes
7/2 8:30 ET BLSBS
7/2 10:00 ET Factory Orders

Key Economic Events Week of 6/22

6/22 8:30 ET Chicago Fed
6/22 10:00 ET Existing home sales
6/23 9:45 ET Markit flash PMIs for June
6/23 10:00 ET New home sales
6/25 8:30 ET Q1 GDP final guess
6/25 8:30 ET Durable Goods
6/26 8:30 ET Pers Inc and Spending
6/26 8:30 ET Core inflation

Key Economic Events Week of 6/15

6/16 8:30 ET Retail Sales
6/16 8:30 ET Cap Ute and Ind Prod
6/16 10:00 ET Chief Goon Powell US Senate
6/16 4:00 pm ET Goon Chlamydia speech
6/17 8:30 ET Housing Starts
6/17 12:00 ET Chief Goon Powell US House
6/18 8:30 ET Initial Jobless Claims
6/18 8:30 ET Philly Fed
6/19 8:30 ET Current Account Deficit
6/19 1:00 pm ET CGP and Mester conference

Key Economic Events Week of 6/8

6/9 10:00 ET Job openings
6/9 10:00 ET Wholesale inventories
6/10 8:30 ET CPI for May
6/10 2:00 ET FOMC Fedlines
6/10 2:30 ET CGP presser
6/11 8:30 ET Initial jobless claims
6/11 8:30 ET PPI for May
6/12 8:30 ET Import price index
6/12 10:00 ET Consumer sentiment

Forum Discussion

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randomness