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WNU Commentary
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WNU Editor: Did a presentation/discussion with a group of money managers this afternoon. They are independent from each other, and they are clients that I have known for years. They contract me to know my insights/views/and predictions, which I am always more than happy to give.
This group is also very special to me. They are friends that I have known for years. One of them manages $600 million in Montreal. Another handles a fund of about $1 billion in Toronto. Two are from New York city. One of them handles a few billion, and the other one is a director at UBS who handles God only knows how much money. The fifth and last person is a friend of the family (on the Russian side) who handles money from eastern Europeans. He lives and operates from Miami. I have no idea on how much he handles.
With the exception of UBS (she is an independent conservative), the other four are politically very liberal/progressive. Contrary to what Hollywood and the news media like to portray. Most people who have a lot of wealth and/or manage wealth are very progressive. So in my presentation/skype meeting today I was expecting one unhappy participant, and four very happy participants.
I was wrong.
There was no happiness or unhappiness.
All five were worried
It got worst when one of my participants interrupted our discussion to tell us that AP was making it official for Joe Biden. That he is now the President-elect.
There was no joy.
No happiness.
No cheer.
The meeting ended soon after that.
After everyone signed off I reflected on what had just happened. Joe Biden got 5 million+ more votes than President Trump. He has a mandate. I accept that. My priority now is how to protect what I have, and to position myself (if possible) on profiting from the decisions that the Biden administration will now try to implement.
It is what I told everyone today. There are reasons to be concern. But life goes on.
But the worried response from my friends surprised me. And when people who handle a lot of money are worried. We should all become worried.
Update 19:55 EST: I am waiting for soon to be President Biden to address the nation. I am surprised by the small crowds. This is a big moment. There should be more. The biggest crowd is in Washington DC on NBC right now. They are doing a close-up to hide the fact that there are only a few hundred people there. They are not fooling me.
Makes me wonder.
How did a person who stayed most of the time in his home get 75 million+ Americans to vote for him to be President of the United States?
I have my reasons why, and I will be posting my list in the coming days.
Update 20:25 EST: Biden's address was to happen at 20:00 EST. No reasons on why the delay. Is he talking to President Trump? Is he prepping himself to give a speech? Talking to supporters on the phone? No one is saying anything.
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