The Importance of Madness in Investing

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I was at the Barron Investment Conference in November. Elon Musk showed up because the Barron mutual funds have a big position, one of the biggest in Tesla. So he said, after being interviewed, well, we'll take questions from the audience and out of 5000 people I was selected probably because I was the only guy with the hat on. And so I asked him, why should I invest in Tesla, which is already down 40% from its high and it's still selling at 70 times value and not paying any interest? Wouldn't it be better if I bought Mercedes Benz that is selling for six times earnings and yielding 9% and they produce EVs and they're going to give you some competition

Shermer and Skousen discuss: whether economics is politicized • Adam Smith and what he really said • how the economy really works • fiat money vs. gold standard money • inflation and what to do about it • experimental economics • regulation on capitalism • what the Fed does (or should do) • Modern Monetary Theory • bitcoin/cryptocurrency • monopolies, duopolies, and market capture • antitrust, trustbusting • What’s wrong with free market capitalism? • money, happiness, and meaningfulness.

Mark Skousen is a Presidential Fellow and the Doti-Spogli Endowed Chair of Free Enterprise at Chapman University. He has a BA, MA, and Ph.D. in economics (George Washington University, 1977). In 2018, Mr. Steve Forbes awarded him the Triple Crown in Economics for his work in theory, history, and education. He has taught economics, business and finance at Columbia Business School and Columbia University. He has worked for the government (CIA), non-profits (president of FEE, the Foundation for Economic Education), and been a consultant to IBM and other Fortune 500 companies. He is the author of over 25 books, including The Making of Modern Economics and The Maxims of Wall Street. He has been editor in chief of an award-winning investment newsletter, Forecasts & Strategies, since 1980. He has written for the Wall Street Journal and Forbes magazine. He produces “FreedomFest, the world’s largest gathering of free minds,” every July in Las Vegas and other cities. He and his wife have five children and eight grandchildren, and have lived in three countries and visited 77. Influenced by his work The Structure of Production(NYU Press, 1990), the federal government began publishing a broader, more accurate measure of the economy, Gross Output (GO), every quarter along with GDP. It is the first macro statistic of the economy to be published quarterly since GDP was invented in the 1940s. His books can be found at skousenbooks.com. His website is markskousen.com.