Monday , 2 October 2023

Ian Campbell Comments on the World vs. Market Reality Disconnect & the "Nerds on Wall Street"

 The world is on the verge of becoming a cauldron of Disorder [y]et the market is orderly for now and people refuse to fully acknowledge it. This inability to compartmentalize the “world reality” from the “market reality” is costing investors money. The world isn’t likely to end well in the not too distant future but for now the market is doing just fine. Words: 610

Ian R. Campbell of comments on the above words of Joe Duarte, (, a widely read analyst and writer of a daily Market IQ column said to be read by thousands of investors, information seekers, intelligence aficionados, and professionals around the world, in his latest Economic & Resource Stocks Commentary (subscription required). (Lorimer Wilson, editor of (Your Key to Making Money!), has edited his comments below for length and clarity. This paragraph must be included in any article re-posting to avoid copyright infringement.)

Duarte posted his article* on March 19 under the title Disconnect: The World Is a Disaster but the Market Seems Just Fine with the sub-title Investors Who Can Separate “World Reality” From “Market Reality” Will Do Just Fine

Campbell’s comments are as follows:

  • I have recently written that, I too, see a serious disconnect between what is happening in the Eurozone, America, and elsewhere economically, and what seems to be the relentless upward trend in the American equity markets. I don’t get it and I am not sure from reading Duarte’s article that he gets it either – and I don’t read him professing to.
  • Duarte does not speak in this article to market timing. I think it possible to make money in this market if one is able to time the market and trade on that timing. [That being said, I for one know I can’t ‘time the markets’.
  • Duarte does not mention High Frequency Algorithmic Trading. I continue to think these are trading markets dominated by algorithmic trading, and hence I believe dangerous ones.

I suggest you read Duarte’s article, reflect on my comments, think seriously for yourself, and discuss your conclusions on all of this with your investment advisor.

 Additional Comments:

If you have not done so, [may I suggest] you read ‘Nerds on Wall Street’ written by David Leinweber. Available on Amazon and Kobo, it is a humorously written book that enables a quick review of the development of the computer by someone who experienced a lot of that history first-hand. Far more importantly, it enables one to quickly grasp the development of algorithmic trading, and understand something about it. If you participate in the financial markets either directly or indirectly through investment advisors or money managers I suggest this book is a must-read. I increasingly believe no one should participate in the equity markets unless they have some understanding of algorithmic trading, and how it is influencing and will influence the financial markets at all levels going forward.

* (Reading time 5 minutes.)

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Other Comments/Critiques by Ian Campbell:

1. Campbell: Balanced Opinions Regarding Gold & Silver are Paramount – Here’s Why


If you hold, or are considering holding, physical gold or silver or both, [it is imperative that you] read as many ‘balanced opinions’ as you possibly can with respect to ownership of each. [Here’s why]. Words: 337

2. Campbell’s Critique of Meredith Whitney’s Municipal Default Claims


Meredith Whitney has resurfaced on the subject of U.S. Municipal defaults stating that a “tidal wave” of defaults in the municipal bond market is still building and will eventually hit the United States [although her views are at odds with those of] Moody’s Investors Service [who only see] a small but growing number of defaults. [Here is a critique of her latest views.]

3. Campbell’s Critiques on Fiat Currency, Washington Gridlock, Business Journalism and Career Choices


Hundreds of articles are posted every week but their content is almost never challeged. Campbell does just that. He conveys his comments, concerns and criticisms in a concise conversation, concluding his critiques with either his concurrence or contrary point of view. He invariably ends each critique with a question or two for you to mull over until his next insightful and thought-provoking commentaries. Put your thinking cap on and give them a read. Words: 1722

Editor’s Note: The above commentaries have been has edited ([ ]), abridged (…), and reformatted (including titles, some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. The commentaries’ views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article.