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david the next bear market's going to be the worst in my lifetime we had a big bear market in 2008 because of too much debt since 2008 the debt everywhere has skyrocketed all over the world all over the world so it's going to be a huge bear market next time around i'm trying to scare people i just want people to do their homework figure out what's going on and be prepared be sure you invest only in stocks that you know a lot about but i would also suggest you start learning about other things because in the world economy there are interest rates bonds there are commodities because we all need cotton and sugar and iron uh there's not just i mean there's bonds or socks there's commodities there's a lot of stuff going on there's property please it's not easy i wish this were easy oh david i wish this was easy to get rich but you and jeff both know it's not easy getting rich that's right that's right yeah i make plenty of mistakes i make many mistakes we could do a weekly show about my mistakes so don't think i know what i'm doing but i will say there's a lot of pessimism around right now huge amounts of pessimism that often leads to a big rally if something happens such as peace in ukraine or who knows what it could lead to a huge rally in my view that would be the last rally and i hope i am not so short yet i have not sold yet but if that happens then i would probably start selling and selling short well i wish you were that easy jeff we just all print money all day long you know the bank of japan guy goes to work and he says he prints his word unlimited amounts of money if that's all it's going to take hooray hooray hooray won't it be wonderful none of us ever have to work again we never have to work we just have to print money it's not that easy and it's not going to be that easy this time around if they do just spread money inflation is going to get very very serious the currency markets are going to cave in and interest rates are going to go through the roof yes there will be times when interest rates will go down the central banks around the world have that much power but they cannot control it forever and david the more money you print eventually people like me say wait a minute i've been to this rodeo before this is not my first rodeo i know how this is going to end and we know that in the end interest rates are going to go through the roof if they could continue to print huge amounts of money and we have big inflation i know how this will end you don't have to believe me look it up it's pretty simple well first of all jeff people should only invest in what they themselves know a lot about they shouldn't listen to me or anybody else stay with what you know if you want to be successful if you listen to me and something works you don't know what to do you don't know why you bought it if it goes down you don't know what to do because you don't know why you bought it so please stay with what you know i am convinced we're going to have a very serious recession in the foreseeable future and if we do you better know what you're doing because it's going to be bad
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