Clip from John Mauldin's 25November Outside the Box newsletter.
Richard Russell, RIP
I was saddened this week to learn that my friend Richard Russell had passed away over the weekend. He was 91. Dick was an icon of the investment analyst industry. He launched his Dow Theory Letter in 1958 and had writen the letter continuously ever since. He became famous for his uncanny calls of the twists and turns in the market. Early in the last decade he moved onto the Internet and began to write a daily commentary, which had a wide and loyal following. The expanded space gave him the opportunity to share his life with us. And what a life he had.
A World War II combat bombardier, jazz enthusiast, raconteur; he could sit and tell stories of his old Brooklyn neighborhood for hours. He recently noted the passing of his last high school buddy, as one by one the old fighters from World War II are disappearing.
The Dow Theory Letter is the oldest investment service written continuously by one person. He mentored so many of us. I always enjoyed going to La Jolla and reaching out to Dick (and his wife Faye), and we would have an early dinner somewhere. Even in his mid-80s he felt compelled to get up early to study the markets so that he could write, which meant early to bed.)
I organized a tribute dinner for Dick about six years ago in San Diego. My original thought had been to get together as many of the investment writers who began in the ’80s and ’90s as possible and simply honor one of our own, before he passed on and it was too late. Somehow, the evening morphed into a rather fabulous and elaborate banquet for some 400 people from all over the world.
One of the more amazing aspects of the event was Richard sitting at the head table with all three of his wives and their four kids, and then working the room like the Godfather of the industry that he was. Everyone was laughing and having a great time. Along with all the personal tributes from the attendees, Mark Skousen presented him with a book called Fifty Years on Wall Street, which included tributes from his readers and many compatriots in the business.
Dick was a true believer in gold and diamonds, as well as dividend-paying stocks. The diamonds were part of his Jewish heritage – he often told me that you can put them in a small bag and take them anywhere.
During his response that evening, he talked about the country, the markets, and the future. Although the following aren’t exactly his words on that occasion, they are his words, and they do reflect what he said:
The end of capitalism will be due to the
unbelievable amount of debt that is currently being created. This will create
monster inflation that will destroy every currency. The only currency that
cannot be destroyed is gold. When investors realize this, we’ll have the makings
of the greatest bull market in gold ever seen.
He sadly didn’t live to see that great gold bull market that he so passionately believed in. Those of you who would like to read a note from his family can click here. You can read the tributes from the book we did at this link.
As I get ready to start baking cakes and otherwise preparing for the big gathering tomorrow, there are so many things I’m thankful for. One of them is you and the generous gift of your time and attention to my musings, which has given me a life far beyond what I could have imagined 15 or 20 years ago. Perhaps, like my writing hero Richard Russell, I will still be writing to you when I’m 90. And you will still be reading.
Have a great week and don’t forget, calories don’t count on Thanksgiving!
Your getting his chef hat on analyst,
John Mauldin, Editor
Outside the Box
JohnMauldin@2000wave.com
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