Cheap Oil Will Lead to New Enemies?
by Tim Cruelworld
12 March 2015

Greecing the Skids 
by Tim Cruelworld
1 March 2015 

Golden Thoughts 
by Tim Cruelworld
1 March 2015 

The New World Order 
by Tim Cruelworld
3 February 2015
Doug Casey*
on Cliff Küle's very own
$ Dollar $ Debauchery $
Alison Holditch interviews Doug Casey* on the U.S. economy, the evolution of the global financial crisis, the potential for a global currency crisis or hyperinflation, capital controls & financial repression .. how can investors protect themselves in this challenging & volatile environment .. video interview to Argentina .. 16 minutes

Grant Williams*
on Cliff Küle's very own
Conducted from the Boardroom at Friedberg Mercantile Group, Cliff Küle's Dollar Debauchery show .. Alison Holditch interviews Grant Williams*. He is the author of Things That Make You Go Hmmm .. a monthly investment letter that we never miss bringing to you. We frequently have given it 5*, which means it is a 'must read'. Some of his presentations have been priceless.  Besides discussing the disconnect between the trading of actual gold vs. paper certificates that claim to represent gold, there is discussion on the 'Keynesian Endpoint' .. how total credit is growing much faster than GDP, what the cause of the disconnect is, what the implications are to the economy & to investors .. how massive debt is weighing down on the global economy .. why money printing is not creating more wealth .. 50 minutes

Richard Duncan*
on Cliff Küle's very own
Alison Holditch interviews Richard Duncan* on the economy & markets .. discussion on Duncan's theory of creditism, how it relates to the economy & to the financial markets .. covers the historical basis of the link between the explosion in credit/debt & the time when the U.S.$ was taken off the gold standard .. Duncan explains his view of how credit growth drives economic growth & how liquidity determines the direction of the financial markets - this can be used as an indicator to predict the direction of the financial markets .. in this regard, Duncan shares his thoughts on where we are now in the credit growth & trend in liquidity for this year & in the future .. what effect will a China slowdown or credit bubble bursting have on the global economy & markets? .. find out all this in this must listen, also see the accompanying slides below .. Duncan offers a 50% discount to viewers on his new Macro Watch video/newsletter - see details on slide 2 below .. 37 minutes below

Exclusive Presentation by 
Richard Duncan*
on Cliff Küle's very own

Set of slides that helped to form the basis of our discussion, presented by Richard Duncan .. Richard offers a 50% discount to readers/listeners - see slide 2 below - to his Macro Watch video/newsletter. 
From Capitalism to Creditism Feb 27 2014 PDF

Nomi Prins*
on Cliff Küle's very own
Cliff Küle's Krystle Ferdinand interviews former Goldman Sachs Managing Director Nomi Prins on her new book All The Presidents' Bankers .. discussion on relationships some U.S. Presidents have had with key bankers over the past century & the impact this has had on U.S. domestic & foreign policy .. also how Federal Reserve policy since the onset of the financial crisis benefits big banks, not average Americans .. the money from quantitative easing is not making its way into the real economy .. the Federal Reserve was not created to help people find jobs, it was created as a backstop for the banks in case they make risky bets that go wrong(?) 15 minutes

From Our Archives:

Federal Reserve Beneficiaries:
JP Morgan, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, Morgan Stanley
Federal Reserve Goals:
To Provide Those Controlling Banks
With A Backstop In Case Of Bad Bets
Journalist Nomi Prins is writing a new book, All the Presidents' Bankers, analyzing the relationships of U.S. Presidents to key bankers over the past century & the impact of this on domestic & foreign policy .. she writes an essay based on this developing book - link below - explaining how the Federal Reserve monetary policy since the onset of the financial crisis is benefiting the big banks, not Main Street: "Since the Fed began its unprecedented zero-interest rate and multi-trillion dollar bond-buying policies - the real beneficiaries have been the Big Six banks: JPM Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley .. No matter how many articles and politicians claim the Fed is buying Treasury and mortgage-backed securities (MBS) to help the a) economy or b) unemployed, it isn’t true." .. she emphasizes the Federal Reserve was not created to help people find jobs: "It was created to provide bankers a backstop to the pitfalls of risky bets gone wrong .." She is convinced that if the big banks begin imploding on a derivatives meltdown or toxic assets, the Federal Reserve will come to the rescue: ".. which it can’t afford to do, the Fed would simply enter QE-Turbo Mode."
LINK HERE to the essay
FROM OUR ARCHIVES .. WORTH REPEATING: [Cliff Comment: The underlying motivation for the FED to create $85 Billion per month from thin air?: It is a 'back door bailout' for the banks that control the Federal Reserve. If they were forced to use 'mark to market' accounting, they would be insolvent. They earn profits on the issue of QE money & it helps support the value of the assets on their balance sheets. The privately controlled Federal Reserve wants to keep the 'contract' they received in 1913 - to hold a monopoly on issuing money in the U.S. Hardly anyone will discuss how the Federal Reserve Act & today's Federal Reserve Notes violate the U.S. Constitution. The Federal Reserve needs to create 'thin air' money in the hope that asset prices rise & the economy revives. Otherwise, people might notice how badly the Fed's bank system has fouled up the economy. If all the American people understood how the 'deal' works, the Fed could stand to lose its very existence. After all, the Federal Reserve is not the U.S. government & for all we know, controlling shareholders might not even be U.S. citizens. See archived Henry Ford's comments on this issue here   also please see here]
from slightly older archives  
U.S. Banks Can't Survive
Without Federal Reserve Support
Nomi Prins discusses the myth that somehow the Federal Reserve's quantitative easing is helping to create jobs - what is really going on is the banks are reaping the most from this Federal Reserve stimulus .. "The banks can’t survive without the Fed support, period. The Fed will not discontinue its program of helping these banks because the levels of problems are still the same." .. what will happen in the next banking crisis? Prins thinks depositors could lose money because the FDIC would not be able to contain a mega fallout: "They’re creating a facade of stability until it falls apart." .. 20 minutes

John Rubino
He makes the point that every American should understand, but somehow keeps ignoring: The Federal Reserve is not part of the government or 'the people'. It is owned by the big banks it 'regulates' - when the Federal Reserve criticizes the Too Big To Fail Banks .. it is a "staged conflict". Cliff Kule asks: How long can the deception keep going? 
Alison Holditch interviews John Rubino of .. discussion on his new co-authored book The Money Bubble .. the message & advice in the book .. the question is not whether the fiat currency money bubble will collapse, but what form the collapse will take .. Discusses how the money bubble formed, what role the Federal Reserve & other central banks have in driving this bubble .. what investments make sense for protection when this money bubble bursts .. inflation vs. deflation debate .. Rubino shares his thoughts on the global economy including Japan & Europe, & the emerging pension crisis across America. 32 minutes

Andrew Huszar*
Explains "I'm Sorry America" &
"Greatest Backdoor Bailout Of All Time"
[Can We Rate Our Own Work A 5*?]
In our very own show, a Cliff Küle exclusive, Venable Park Investment Counsel's Danielle Park interviews former Federal Reserve official Andrew Huszar .. We would like to suggest that this may be the most in-depth & comprehensive interview yet of Andrew Huszar .. the one Federal Reserve insider who has been willing to stand up & speak truth to power .. to apologize to the American people for participating in a multi trillion $$$ policy that is not honestly designed for their benefit. He thoughtfully asks America to consider the very same issues which we have been trying so hard to encourage. Your feedback on his thoughts & how to get this debate to go "mainstream" would be welcome. 40 minutes

David Morgan
Krystle Ferdinand interviews well known precious metals expert David Morgan .. Morgan discusses what tools, economic theories & financial forecasting analysis he employs to analyze the precious metals market .. also discusses why western central banks are selling or leasing gold .. at what levels & to what extent this is happening & the role fractional gold lending plays in depressing the price of gold .. also mentions studies that show precious metals prices may do better in deflation than inflation. This fits well into the point we've made, the Keynesian response to deflation? Print inflationary volumes of money! 20 minutes

Weekend Special
Doug French - Austrian Economics: 
Radical Fringe to Mainstream
From the Austrian Scholars Conference hosted by Mises Institute Canada ( .. 37 minutes

In Case You Missed It:

Interviews Doug French
Esteemed & Long time President of the Ludwig von Mises Institute 
Now with Casey Research, Doug French presented at the recent Austrian Scholars Conference in Toronto (which we attended). French studied his economics under the great Murray Rothbard. He sat down & spoke to Monique Rawlins (a University of Toronto economics student) .. giving the Austrian Economics view .. explaining the causes of the global financial crisis & solutions to get out of the quagmire .. French says: "There is no possible way U.S. debt can be repaid" - government (& its Federal Reserve partner) will try to inflate their way out of the debt by printing lots of money & depreciating the value of the currency to make it easier to repay the debt .. French emphasizes that the so-called 99% should direct their discontent, not so much at Wall St per se, but at the Federal Reserve & the government .. where 'Wall St' gets its power. He warns that 'Fed' & Government policies will cause wealth inequality & massive debt .. money printing benefits those who get the money first - the financial sector & governments, not Main Street .. The common people get to pay the debt & pay higher prices for food & other essentials .. 20 minutes

Mises Institute Canada's
Redmond Weissenberger
Monique Rawlins interviews Redmond Weissenberger, the head of the Mises Institute in Canada ( .. he discusses the Austrian School of Economics & the activities of the Mises Institute .. 23 minutes

Jeff Rubin
Michella Ducut interviews Jeff Rubin .. Economist & Author knows a great deal about the energy sector. He has interesting insights on the shale revolution & some unintended consequences of the environmental movement. Do not miss what he says about agriculture & water (it jives with what we've been saying) 22 minutes

From Our Archives:
Jeff Rubin explains why Americans are not benefiting from the current energy renaissance .. why are Americans still paying $3.30 per gallon - U.S. oil production is up 2 million barrels per day since 2011, you would think gasoline prices would be down to like $2.00 per gallon .. what's happening is this: since 1975, U.S. federal law has banned raw crude from being exported in the interests of national security .. so how to get around this law, well simply make refined products such as gasoline or diesel, then you can export the stuff overseas .. American refineries are free to export as much refined product as they can sell .. "Refineries in the U.S. are shipping record amounts of gasoline around the world, exporting the fruits of the country’s shale revolution to some of the same countries that not long ago were relied upon for crude supply. Tankers full of gasoline and diesel fuel – made from shale oil pulled out of places such as North Dakota and Texas – are being shipped to the Middle East, South America (including Venezuela), Nigeria, and the rest of West Africa." .. so much for so-called U.S. energy independence.

2013 Interviews



Cliff Küle Interviews are for education & information only & should not be considered as a solicitation to purchase or sell any securities. The investments & strategies discussed on the program each involve their own unique risk factors which are not discussed. Neither Cliff Küle's Notes, nor any of its related companies, shall be liable for any losses arising out of any material in this program. Invest at your own risk.  
2012-2013 ©Cliff Küle’s Notes


Why Our Focus On The U.S. $?
& Not So Much On Other Currencies That Are Also In Dire Condition?
Since the Bretton Woods Agreement of 1944 the western world has built their financial system around the U.S.$ as "the world reserve currency". There is more to this than the $ just being 'the big kahuna'. We will try to make that clear over the course of time & a variety of the presentations that we post. Admired Adviser, Jim Rickards*, summarizes it nicely when he describes his outstanding book: The Death of Money is about the demise of the dollar. The dollar is the linchpin. If it fails, the entire system fails with it, since the dollar and the system are one and the same.”

We have been reading various investment advisers & economists for decades. When you see a star beside a name [thus: ----*], it indicates that person is someone we want to follow. The logic is to save valuable time for you & for us. Focus on understanding the ideas of those who have proven to have the best & most prescient insights in the past. The * notation requires proven performance for years & through various 'cycles'.
The previous system [Admired Advisers (money managers), Economists & Observers] was too cumbersome. Advisers can be admired for their proven investment track record (like Friedberg, Grantham, Gross) or for their 'pearls of wisdom' (like the classic papers from Richard Russell) or great charts & presentations (eg Holmes & Martenson). Each has some unique value which we will try to communicate to you.
A partial list of advisers that we feel deserve our valuable time for one reason or another:
Richard Duncan
David Einhorn
Mohamed El-Erian
Marc Faber
Al Friedberg
James Grant
Bill Gross 
Jeremy Grantham
Jeff Gundlach
Frank Holmes
Paul Tudor Jones
Chris Martenson
John Mauldin
Jim Rickards 
Barry Ritholtz
Jim Rogers
David Rosenberg
Richard Russell 
Mish Shedlock
Hans-Werner Sinn
Eric Sprott
George Soros
Andy Xie
Felix Zulauf

Time Saving Notations Explained:
* = Exceptional Analyst/Economist/Money Manager;

A posting with 5* is exceptional, please read it;
3*= mediocre 1*=Garbage;
JFF=just for fun; OOB=outside our box;
NNOO=not necessarily our opinion (we post opposing views, sometimes we emphasize it);
[ ] = Cliff comments;
LARGE LINKS=higher recommended viewing than small links

In the past we used the following notations, which are no longer continued:
AA = Admired Adviser;
AE = Admired Economist;
AO = Admired Observer;
DA = Dreadful Adviser.


NOTE ON LINKS: Links to videos (and to audio) might not work well. 8 am to 5pm (EST) has heavy bandwidth use. Other hours usually work better. Also, the more powerful your computer, the greater the chances of a good link. Please email us if problems recur.

Some BIOs on some of our Admired Advisers:

Kyle Bass founded hedge fund Hayman Capital in Dallas, Texas, in 2006. He made millions betting against the sub-prime mortgage bond market - and now he’s betting on the collapse of whole countries in Europe. He is known for his pessimistic views on the global economy and for accurate bets on different asset classes.

Since beginning his career as an equities analyst in Hong Kong in 1986, Richard Duncan has served as global head of investment strategy at ABN AMRO Asset Management in London, worked as a financial sector specialist for the World Bank in Washington D.C., and headed equity research departments for James Capel Securities and Salomon Brothers in Bangkok. He also worked as a consultant for the IMF in Thailand during the Asia Crisis. He is now chief economist at Blackhorse Asset Management in Singapore. Richard Duncan is the author of numerous books including his most recent The New Depression: The Breakdown of the Paper Money Economy, and The Dollar Crisis: Causes, Consequences, Cures, an international bestseller that predicted the current global economic disaster with extraordinary accuracy.

Mohamed A. El-Erian was recently CEO and co-Chief Investment Officer of the global investment company PIMCO, with approximately $1.8 trillion in assets under management. He previously worked at the International Monetary Fund and the Harvard Management Company, the entity that manages Harvard University's endowment. He was named one of Foreign Policy's Top 100 Global Thinkers in 2009,2010, and 2011. His book When Markets Collide was the Financial Times/Goldman Sachs Book of the Year and was named a best book of 2008 by the Economist.

Dr. Marc Faber, born February 28, 1946, is an investment analyst and entrepreneur. Faber has a reputation for being a "Contrarian" investor and has been called "Doctor Doom" for a number of years. Faber is a regular speaker on the investment circuit, often quoted in the financial press for his non-conformist viewpoint and alternative investment philosophies.

Dr. Albert Friedberg is the CEO and President of Friedberg Mercantile Group, a Toronto-based commodities and investment management firm he founded in 1971. He served as Chairman of the Toronto Futures Exchange from March 1985 to June 1988. Dr. Friedberg was educated at Johns Hopkins University and Columbia University, where he received an M.B.A. in International Banking.

William Hunt "Bill" Gross is an American financial manager and author. He co-founded Pacific Investment Management. Gross also runs PIMCO's $270.0 billion Total Return Fund. In a survey conducted by Pensions and Investments magazine in 1993, he was recognized by his peers as the most influential authority on the bond market in the U.S. He has 43 years of investment experience and holds an MBA from the Anderson School of Management at the University of California, Los Angeles. He received his undergraduate degree from Duke University.

Frank Holmes is CEO and chief investment officer at U.S. Global Investors Inc., which manages a diversified family of mutual funds and hedge funds specializing in natural resources, emerging markets and infrastructure. The company's funds have earned many awards and honors during Holmes' tenure, including more than two dozen Lipper Fund Awards and certificates. Holmes co-authored The Goldwatcher: Demystifying Gold Investing (2008). Holmes is a former president and chairman of the Toronto Society of the Investment Dealers Association, and he served on the Toronto Stock Exchange's Listing Committee. A regular contributor to investor-education websites and a much-sought-after keynote speaker at national and international investment conferences, he is also a regular commentator on the financial television networks and has been profiled by Fortune, Barron's, The Financial Times and other publications.

Paul Tudor Jones II, is the founder of Tudor Investment Corporation, which is the management company for his various private investment partnerships, also referred to as hedge funds. He founded his diversified investment management company, Tudor Investment Corporation, in 1980. The company currently has more than $10 billion in assets under management (AUM). It follows a global macro trading and fundamental equity investing strategy. It invests across developed and emerging markets and in venture capital, currencies, and commodities. It also applies an event-driven approach and technical trading. Jones' broad and opportunistic approach to investing has earned him the title of the macro trader.

James G. Rickards is an American lawyer, economist, and investment banker with 35 years of experience working in capital markets on Wall Street. He is a writer and is a regular commentator on finance. Rickards advised clients of an impending financial collapse, of a decline in the dollar and a sharp rise in the price of gold, all years in advance. He believes the United States needs to go back to a gold standard and was one of the first to promote this view. Rickards is the author of The New York Times bestseller Currency Wars, published in 2011.

Jim Rogers, a native of Demopolis, Alabama, is an author, financial commentator and successful international investor. He has been frequently featured in Time, The Washington Post, The New York Times, Barron’s, Forbes, Fortune, The Wall Street Journal, The Financial Times, and most publications dealing with the economy or finance. After attending Yale and Oxford University, Jim Rogers co-founded the Quantum Fund, a global-investment partnership. During the next 10 years, the portfolio gained 4200%, while the S&P 500 rose less than 50%. Rogers then decided to retire – at age 37.

David Rosenberg is Chief Economist & Strategist at Gluskin Sheff. Mr. Rosenberg received both a Bachelor of Arts and Masters of Arts degree in Economics from the University of Toronto. Prior to joining Gluskin Sheff in the spring of 2009, Mr. Rosenberg was Chief North American Economist at Bank of America-Merrill Lynch in New York for seven years, during which he was consistently ranked in the Institutional Investor All-Star analyst rankings. Prior thereto, he was Chief Economist and Strategist for Merrill Lynch Canada, based out of Toronto. In 2012, Mr. Rosenberg was named one of the five most influential Canadians in investing by Financial Post Magazine. He was the only economist recognized for his accurate economic projections in Fortune Magazine’s “Best and Worst of Wall Street 2011”, and was ranked most accurate forecaster for 2011 by MSNBC.

Jeffrey Saut serves as Raymond James’ Chief Investment Strategist. He joined Raymond James in September 1999 as one of the managing directors of research working with the senior managing director Bob Anastasi. Previously, Mr. Saut was managing director of research at Roney & Co., which was acquired by Raymond James & Associates. Prior to that, he was managing director of equity capital markets for Sterne, Agee & Leach, Inc. His responsibilities there included equity research, investment banking, institutional sales, and syndicate. After graduating from St. Andrews in 1971, Mr. Saut began his career on a trading desk in New York City and became the trade desk manager in 1972. In 1973, he joined E.F. Hutton, where he began following equities and writing research. He subsequently worked as a securities analyst for Wheat First Securities, and then Branch Cabell, where he ran the equity research group as director of research and acted as portfolio manager for the firm's affiliate, Exeter Capital Management. In addition, as director of research he built the research and institutional sales departments for the regional brokerage firm Ferris, Baker, Watts, Inc. and subsequently Sterne, Agee & Leach, Inc.

Mike "Mish" Shedlock is an American investment adviser and financial commentator. He operates the blog MISH'S Global Economic Trend Analysis and believes in the Austrian School of economics. Mike Shedlock / Mish is a registered investment adviser representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. On July 10, 2007 Shedlock called the top of the stock market suggesting that "the current trend is exhausted," missing the actual top by 3%.

Dr. Shilling is the President of A. Gary Shilling & Co., Inc. He received his bachelor’s degree in physics, magna cum laude, from Amherst College, where he was also elected to Phi Beta Kappa and Sigma Xi. Earlier, as a high school senior, he ranked 12th in the nation in the Westinghouse Science Talent Search. Dr. Shilling earned his master’s degree and doctorate in economics at Stanford University. While on the West Coast, he served on the staffs of the Federal Reserve Bank of San Francisco and the Bank of America. Dr. Shilling is on the Board of Directors of the American Productivity and Quality Center and the Episcopal Preaching Foundation, Inc., of which he is Chairman; an Advisory Director of Austin Trust Company; and former Chairman of the New Jersey State Revenue Forecasting Advisory Commission. He is a former Director of the American Republic Life Insurance Co. of N.Y., the Henry H. Kessler Foundation, Inc., Aim Packaging and Palm Harbor Homes; a former Chairman and Trustee of the New Jersey Shakespeare Festival; a former director of National Life Insurance Co. (Vermont); a former Trustee of Bates College; and a former Trustee and the Treasurer of the General Theological Seminary (Episcopal). Dr. Shilling was a member of the National Commission on Jobs and Small Business. He also was an informal economic advisor to former President George H. W. Bush and an Executive-in-Residence at the Amos Tuck School of Business Administration, Dartmouth College. He has testified before various Congressional committees, including the Joint Economic Committee and the House Committee on Banking. He is also an avid beekeeper.

George Soros was born in Budapest, Hungary, in 1930. He graduated in 1952 from the London School of Economics, and obtained an entry-level position with an investment bank. In 1956, Soros emmigrated to the United States, working as a trader and analyst until 1963. During that time, he developed his own theory of markets called 'reflexivity'. In 1967 he helped establish an offshore investment fund; and in 1973 he set up a private investment firm that eventually evolved into the Quantum Fund, one of the first hedge funds, through which he accumulated a vast fortune.

Eric Sprott has more than 40 years of experience in the investment industry. After earning his designation as a chartered accountant, Eric entered the investment industry as a research analyst at Merrill Lynch. In 1981, he founded Sprott Securities (now called Cormark Securities Inc.), which today is one of Canada’s largest independently owned securities firms. In 2001, Eric established Sprott Asset Management Inc. Eric’s investment expertise is well represented in his track record in managing the Sprott Hedge Fund L.P., Sprott Hedge Fund L.P. II, Sprott Bull/Bear RSP Fund, Sprott Offshore Funds, Sprott Canadian Equity Fund, Sprott Silver Equities Class and Sprott Managed Accounts. His extensive list of accolades include: Canadian Investment Awards’ Opportunistic Strategy Hedge Fund Award (Sprott Hedge Fund L.P., 2004); MarHedge’s Best Canada Based Annual Performance Award (Sprott Offshore Fund Ltd., 2006); HFM Week’s Best Long/Short Hedge Fund Globally (Sprott Offshore Fund Ltd., 2008); Winner of Absolute Return’s Hedge Fund of the Year (Sprott Capital LP, 2010). Over the years, Eric has personally been the recipient of numerous awards and honours, including one of Investor Digest’s Canada’s Best Investors (2004); Ernst & Young’s Entrepreneur of the Year (2006); Investment Executive’s Fund Manager of the Year (2007);’s Top Financial Visionary (2011); Terrapinn's Most Influential Hedge Fund Manager (2012); and the 2012 Murray Pezim Award for Perseverance and Success in Financing Mineral Exploration (2013).
More recently, Eric has been elected Fellow of the Institute of Chartered Accountants of Ontario (FCA), a designation reserved for those who demonstrate outstanding career achievements and service to the community and profession. Over the years, Eric has also been recognized for his considerable philanthropic endeavours and community contributions. Eric and his family established the Sprott Foundation in 1988 to address urgent human need, hunger and homelessness. He has provided generous endowments to Carleton University, the Ottawa Hospital Foundation, Daily Bread Food Bank and United Way, among others. More recently, Eric donated $1.4 million to CanFund in support of Canadian athletes for every gold medal won at the 2010 Vancouver Olympics. In April 2011, along with Sprott Inc., Eric sponsored a 24-year old Canadian driver James Hinchcliffe, getting him a seat with the prestigious Newman/Haas Racing. In June 2012, the Sprott Foundation donated $25 million in support of the Department of Surgery at the University Health Network.

Louise Yamada formed an independent research company in 2005 - Louise Yamada Technical Research Advisers, LLC ("LYA") - to provide the same in-depth and thought-provoking research that clients had come to expect during her 25 years at Smith Barney (Citigroup) as a top-ranked "Institutional Investor" technical analyst. As Managing Director and Head of Technical Research for Smith Barney, Louise Yamada was a perennial leader in the Institutional Investor poll, and was the top-ranked market technician in 2001, 2002, 2003 and 2004, before going independent.

Felix W. Zulauf, born 1950, has worked in the financial markets and asset management for almost 40 years. He started his investment career as a trader for a large Swiss Bank and received training in research and portfolio management thereafter with several leading investment banks in New York, Zurich and in Paris. Felix joined Union Bank of Switzerland (UBS), Zurich, in 1977 and held several positions over the years including managing global mutual funds, heading the institutional portfolio management unit and at the same time acting as the global strategist for the UBS Group. After two years with a medium-sized Financial Organization as a member of the executive board, he founded his wholly owned Zulauf Asset Management AG in 1990, allowing him to independently practice his own individual investment philosophy. Felix Zulauf always believed that the world economy and the financial markets move in cycles. That has helped him avoid all the major casualties in the financial markets since the 1973/74 bear market in equities.

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