Everyone was bullish on the American economy when it was January 14, 2025 and the transition had yet to occur. I would love to see a disclosure statement from former director Bill Burns as of March 10, 2025. My guess is some big movement in his portfolio to cash and cash equivalents has taken place.
Euro Pacific Capital is headquartered in Puerto Rico and is a wealth management fund headed by Peter Schiff, noted gold bug who called the real estate crash.
I think you might be making the mistake of assuming a far greater competence than our ruling class had ever displayed.
Pretty sure the oligarchs had the best information during the Great Depression as well.
These aren't people that have earned money through hard choices, hard work, and intelligence - they are power hungry fools who have taken what they have through tax breaks, theft, and coercion.
Ken - I am afraid that this Burns disclosure is not remotely sensational. The proportion of international equities owned by wealthy American individuals (and institutions) is tiny and this has been the case for much of the past 15 years. There is absolutely nothing to see in this disclosure. It basically looks like most US individuals' 401k plans. The REAL story here is that the policy uncertainty created by the new administration is causing a MASSIVE ground shift in asset allocation. Foreigners are ditching US financial assets in order to move cash back home to their own (much cheaper) equity markets. International investors own about 20% of the US equity market (estimates vary between 20% and 40%). US institutions are also increasingly realizing that American Exceptionalism may no longer be the win/win investment strategy it has been since the GFC. Burns' retirement pot is not a story. The much bigger story is that the rest of the world cannot sell US financial assets fast enough. Trump (who spent his entire 1st administration tweeting about the Dow) and his cabinet say that they do not care about the market melting this week. I reckon there is a pain threshold on that "view" and that we are close to it. I wrote about this last week in the free section of my letter. https://www.blindsquirrelmacro.com/p/multi-polarity-accelerates
Resourceful! To consider Burns financial disclosure is ingenious. A person’s budget and financial investment is a theological statement. Yes, Burns stirs up fears as part of his job yet I wonder if he is a mega phone for the major brokerage firms to scare weak investors to sell investments so their wealthy clients can purchase discounted assets.
Soooo.... as someone who has worked in the DOD orbit, you really gotta be careful when investing overseas. I don't intend to discredit the analysis, but one explanation for the reason why a clearance-carrying head of America's premier spy agency is solely invested in America might simply be to appear as squeaky clean as possible with no financial conflicts of interest. If nobody has ever read the questions on an SF-86--do it--it should become clear why I'm saying this: There's MUCH LESS headache involved by simply NOT having those foreign contacts or investments to worry about in the first place. Case in point, most people heading for public office--if they're the slightest bit concerned about getting public office without headache--a directive to your accountant would be "file my taxes as if I was about to start working for the Treasury." Catch my drift here?
That is the thick cube of salt I'd have by my side when thinking through these implications. Where have financial holdings of past CIA directors been invested? That bit of comparative journalism might shed more light on any discrepancies here.
But does he have an advisor? Is this discretionarily-managed? If so, this would reflect the securities’ firm’s advice/ model portfolio. To note, unlike Bessent he holds no gold.
I think it’s speculative as to how many conclusions we can draw from his disclosure.
This is giant nothing burger. He’s invested in a bunch of prominent American companies? So am I and so is practically everyone in the market. Big whoop. You normally have some really great reporting and I’ve been impressed with your sources but this all adds up to “so what?”
Do you think that he has any reason to lie in his disclosure? Im not trying to say he is, but having a positive outlook on the US economy right now is like betting on a heavy underdog
Not any reason that outweighs the legal risks of lying on a legally mandated disclosure. Especially during an administration that is retaliating against biden officials!
Very interesting info but not practical for underfunded elderly people like me, a baby boomer who thought the party was never going to end, didn't read the news or take any thought for my old age, keeping a roof over my head aor getting elder care insurance. I feel very stupid but doing the best I can. The future of my lifetime does not look rosy!
Ok but does he have stock in TSLA because that shit is going to fucking crater (if I have anything to do with it)
Not according to his disclosure!
Great sleuthing on Burns portfolio. GO KLIPPENSTEIN!!
Hey thanks!!
agreed, a very clever angle to pursue
Everyone was bullish on the American economy when it was January 14, 2025 and the transition had yet to occur. I would love to see a disclosure statement from former director Bill Burns as of March 10, 2025. My guess is some big movement in his portfolio to cash and cash equivalents has taken place.
The Trump tax cuts will not benefit many of the people who support them.
Euro Pacific Capital is headquartered in Puerto Rico and is a wealth management fund headed by Peter Schiff, noted gold bug who called the real estate crash.
I think you might be making the mistake of assuming a far greater competence than our ruling class had ever displayed.
Pretty sure the oligarchs had the best information during the Great Depression as well.
These aren't people that have earned money through hard choices, hard work, and intelligence - they are power hungry fools who have taken what they have through tax breaks, theft, and coercion.
Generally agree but Burns is an unusually competent official
Ken - I am afraid that this Burns disclosure is not remotely sensational. The proportion of international equities owned by wealthy American individuals (and institutions) is tiny and this has been the case for much of the past 15 years. There is absolutely nothing to see in this disclosure. It basically looks like most US individuals' 401k plans. The REAL story here is that the policy uncertainty created by the new administration is causing a MASSIVE ground shift in asset allocation. Foreigners are ditching US financial assets in order to move cash back home to their own (much cheaper) equity markets. International investors own about 20% of the US equity market (estimates vary between 20% and 40%). US institutions are also increasingly realizing that American Exceptionalism may no longer be the win/win investment strategy it has been since the GFC. Burns' retirement pot is not a story. The much bigger story is that the rest of the world cannot sell US financial assets fast enough. Trump (who spent his entire 1st administration tweeting about the Dow) and his cabinet say that they do not care about the market melting this week. I reckon there is a pain threshold on that "view" and that we are close to it. I wrote about this last week in the free section of my letter. https://www.blindsquirrelmacro.com/p/multi-polarity-accelerates
It can’t happen here, is a deeply held American belief. The upper middle class is up for a rude awakening, along with all of us.
Resourceful! To consider Burns financial disclosure is ingenious. A person’s budget and financial investment is a theological statement. Yes, Burns stirs up fears as part of his job yet I wonder if he is a mega phone for the major brokerage firms to scare weak investors to sell investments so their wealthy clients can purchase discounted assets.
If he’s investing in Exxon he’s clearly not climate aware.
We’re crossing/have crossed 1.5C warming and are within ten years of 99% for sure hitting catastrophic 2C warming.
This is the factor none of these people get.
Soooo.... as someone who has worked in the DOD orbit, you really gotta be careful when investing overseas. I don't intend to discredit the analysis, but one explanation for the reason why a clearance-carrying head of America's premier spy agency is solely invested in America might simply be to appear as squeaky clean as possible with no financial conflicts of interest. If nobody has ever read the questions on an SF-86--do it--it should become clear why I'm saying this: There's MUCH LESS headache involved by simply NOT having those foreign contacts or investments to worry about in the first place. Case in point, most people heading for public office--if they're the slightest bit concerned about getting public office without headache--a directive to your accountant would be "file my taxes as if I was about to start working for the Treasury." Catch my drift here?
That is the thick cube of salt I'd have by my side when thinking through these implications. Where have financial holdings of past CIA directors been invested? That bit of comparative journalism might shed more light on any discrepancies here.
But does he have an advisor? Is this discretionarily-managed? If so, this would reflect the securities’ firm’s advice/ model portfolio. To note, unlike Bessent he holds no gold.
I think it’s speculative as to how many conclusions we can draw from his disclosure.
This is giant nothing burger. He’s invested in a bunch of prominent American companies? So am I and so is practically everyone in the market. Big whoop. You normally have some really great reporting and I’ve been impressed with your sources but this all adds up to “so what?”
Do you think that he has any reason to lie in his disclosure? Im not trying to say he is, but having a positive outlook on the US economy right now is like betting on a heavy underdog
Not any reason that outweighs the legal risks of lying on a legally mandated disclosure. Especially during an administration that is retaliating against biden officials!
Yeah as soon as I put that I thought about how easy of a target that would make him, that would be dumb lol
Very interesting info but not practical for underfunded elderly people like me, a baby boomer who thought the party was never going to end, didn't read the news or take any thought for my old age, keeping a roof over my head aor getting elder care insurance. I feel very stupid but doing the best I can. The future of my lifetime does not look rosy!
I never thought about it before but is there no requirement for this level of government official to place his/her investments in a blind trust?