Russell, the dean of the investment newsletter industry, turns 79 on Tuesday. He has been publishing his Dow Theory Letters every three weeks since 1958, 45 years ago. No other newsletter editor who is publishing today can say that. Russell celebrated his birthday early by selling all his bonds this past Tuesday -- "every last one."
Why did Russell do it?
Because "the U.S. is heading for maybe the greatest financial mess in world history. The U.S. is far too extended financially, militarily and socially in the way of entitlements that we can't afford."
Won't our income drop if we sell our bonds and are forced to invest the proceeds at today's dirt-cheap interest rates?
It sure will, but Russell says that we had better get used to getting by on less. "That's going to happen anyway, so you might as well get some practice at it now."
This Russell guy sure is a barrel of laughs, isn't he?
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