Tom Bodrovics, a multifaceted entrepreneur and host of Palisades Gold Radio, dives into the world of contrarian investing. He discusses gold and uranium's roles in uncertain economies, emphasizing the need for alternative perspectives on finance. Bodrovics shares insights on Canada's economic challenges, the implications of modern monetary theory, and the importance of vetting banks. Additionally, he reflects on self-sufficiency and the craft of welding, showcasing his eclectic interests and the value of continuous learning.
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insights INSIGHT
Gold as Tangible Insurance
Gold acts as a financial insurance and reflects inflation over time as a tangible asset.
It offers optionality and protection against digital or systemic failures like hacks or EMPs.
insights INSIGHT
Contrarian Investing's Long View
Contrarian investing focuses on long-term perspectives beyond short-term catalysts.
The constant printing by central banks pushes investors up the risk ladder seeking yield.
insights INSIGHT
MMT Delays Collapse But Corrodes Morality
Modern Monetary Theory (MMT) effectively delays economic crashes by extensive currency printing.
This delays reckoning but erodes societal morality by removing the value of hard work and currency.
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The book examines the roles of central bankers Benjamin Strong Jr., Montagu Norman, Émile Moreau, and Hjalmar Schacht in the lead-up to the Great Depression. It highlights their adherence to the gold standard and the consequences of their decisions, which significantly contributed to the economic catastrophe. The narrative also draws parallels between past and present economic challenges and emphasizes the importance of flexible monetary policies, as advocated by John Maynard Keynes.
The fearful rise of markets
The fearful rise of markets
John Authers
Atlas Shrugged
Ayn Rand
Published in 1957, 'Atlas Shrugged' is Ayn Rand's magnum opus and her longest novel. The story is set in a dystopian United States where increasingly burdensome laws and regulations strangle innovation and productivity. The plot follows Dagny Taggart, a railroad executive, and Hank Rearden, a steel magnate, as they struggle against 'looters' who exploit their work. A mysterious figure named John Galt leads a strike of productive individuals, persuading them to abandon their companies and disappear. The novel culminates with Galt's three-hour radio speech explaining his philosophy of Objectivism, which emphasizes rational self-interest, individual rights, and the importance of the human mind. The book explores themes of capitalism, property rights, and the failures of governmental coercion, presenting a provocative vision of a society in collapse and the potential for a new capitalist society based on Galt's principles.
The art of thinking clearly
Rolf Dobelli
In this book, Rolf Dobelli examines the faulty reasoning that leads to repeated mistakes by individuals, businesses, and nations. It is a comprehensive guide to recognizing and avoiding cognitive biases, presented in 99 short chapters. The book does not offer a recipe for happiness but rather a well-considered treatise on avoiding self-induced unhappiness through better decision-making. It uses simple, real-world examples to illustrate common errors of judgment and provides practical advice on how to avoid them[3][4][5].
America's great depression
Murray Rothbard
In this book, Murray N. Rothbard challenges conventional wisdom by arguing that the Great Depression was caused by government intervention and the Federal Reserve's monetary policies, rather than by market failures. He explains the Austrian theory of the business cycle and details how the inflationary policies of the 1920s, combined with the interventionist policies of the Herbert Hoover administration, exacerbated the economic crisis. The book also discusses the long-term impacts of the Great Depression on economic policies and societal structures, including the establishment of regulatory bodies and safety nets[1][2][4].
The World for Sale
Money, Power, and the Traders Who Barter the Earth's Resources
Javier Blas
Jack Farchy
The World for Sale exposes one of the least scrutinized corners of the world economy: the billionaire commodity traders. The book tells the story of how these swashbuckling businessmen became crucial in global markets, enabling a significant expansion in international trade and connecting resource-rich countries with the world's financial centers. It also delves into how some traders acquired political power and influenced global events despite western regulations and sanctions.
Gabriel Custodiet speaks with Tom Bodrovics, the host of Palisades Gold Radio and The Competent Man Podcast and a thoughtful voice on how to think about investing from a contrary perspective. They discuss gold, uranium, modern monetary theory, the economic problems of Canada, welding, how to vet a bank, and setting up a self-sufficient trailer.
TIMELINE 00:00 – Introduction 1:40 – Favorite guests from Palisades Gold Radio 4:00 – Views on gold 10:00 – Fundamentals of contrarian investing 17:30 – Appreciation for Modern Monetary Theory (MMT)? 28:50 – Economic problems in Canada 39:10 – Bullish case for uranium 43:50 – Shadowbanning experiences 48:00 – The craft of welding 1:00:24 – What is a competent man? 1:07:30 – How to vet a bank 1:14:00 – Setting up a self-sufficient trailer 1:18:45 – Tom Bodrovic’s top books on understanding the world 1:22:55 – Final thoughts
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