I have been reading Fred Hickey for, well, it seems like forever. He jumped from high tech to gold as an emphasis in 2002, and this letter has some, um, real nuggets here and there. He is a very savvy observer. "Sometimes I wish I could be oblivious to our current situation, especially when I watch the idiots on Bubblevision (CNBC) enthusiastically debate the relative merits of equally overvalued momentum stocks (Should I switch out of Apple into Google or Amazon.com?). But then I snap out of the funk as I realize my focus has to be on what I can control – not what I cannot. I'm writing this very sobering piece because it's important to understand the reality of today and not to get lost in the various escapist pursuits that so many of our countrymen appear to be lost in."