Joe armstrong thesis

The pre-industrial age, too, even if in a more imprecise, rough and ‘natural’ manner, was aware of political strategies allied to medical culture, whether to lessen the pangs of hunger or to limit the turmoil in the streets. Certainly we could laugh at interventions which are so mild as to appear almost surreal, amateurish or improvised; but we must not forget that both in theory and in practice the ‘treatment of the poor man’, cared for with sedatives and hallucinogenic drugs, corresponded to a thought-out medico-political design. [13]
~ Piero Camporesi

Armstrong’s practice of comparing the performance of an asset that just completed a bull market to one that just started a bull market is not useful.
Armstrong always uses the example of the bull market for financial assets beginning in 1980 to rationalize why you should not own gold. He is correct that 1980 was the time to switch to the new bull market in stocks. Gold had just finished it’s bull market during the inflationary 1970s and stocks were cheap. So of course the rested new bull market of stocks will outperform the old bull market in gold post 1980. Using Armstrong type reasoning you could use the 1970s a reason why you shouldn’t buy stocks and should buy gold because gold did better in the 1970s.

Joe armstrong thesis

joe armstrong thesis


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