Looking after irreplaceable savings. Chief Investment Strategist, Edelweiss Holdings plc
Joined December 2017
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Michael Weeks retweeted
Great thoughts about #TRUST by the one and only Tony Deden:
"Trust cannot be manufactured. It must be earned. It emerges slowly—through consistency, clarity, and moral courage. And it vanishes quickly—through duplicity, evasion, or shallow opportunism.
And above all, we must reward trust—deliberately and visibly. Not just in outcomes, but in process. In an age when short-term performance is often mistaken for integrity, we must remember that character compounds more slowly, but far more enduringly.
When uncertainty rises and institutions falter, it is trust—not trendlines—that preserves continuity. It is trust that enables action without perfect knowledge and cooperation without constant supervision. In that sense, trust is not a luxury. It is a form of capital. And in the end, it may be the only one that truly endures.
Trust is perhaps the fundamental First Principle."
Michael Weeks retweeted
After 20 years of research and 19 editions of In Gold We Trust, this might be the most elegant case for gold I've come across.
Michael Weeks of Edelweiss nails it — not by arguing what gold promises, but by cataloguing what gold spares you from:
No duration risk. No credit risk. No liquidity risk. No dependence on cheap energy, cheap credit, or cheap trade. No balance sheets to blow up. No cash flows to dwindle. No management to misallocate capital.
Gold demands no counterparty's faith — only a safe place to store it.
This "via negativa" approach to portfolio construction resonates deeply with our philosophy.
It rests on a simple recognition: the risks you eliminate by holding gold may matter far more than the returns you project without it.
We're working around the clock on the 20th anniversary edition of In Gold We Trust Stay tuned. This one's going to be special.
#Gold #InGoldWeTrust #IGWT2026 #SoundMoney #ViaNegativa @ttmygh @IGWTreport #Edelweiss
Michael Weeks retweeted
Sound advice from Tony Deden:
"Governments and politicians lie. The press lies. Treating official narratives as solid ground, especially in war, is a mistake. In wartime, truth is obscured by design."
Michael Weeks retweeted
New Post: I list what I think are the traits of an ideal industry (eg pricing power, recurring revenue, economically agnostic), and offer a case study of such an industry.
Enjoy!
fortunefinancialadvisors.com…
Michael Weeks retweeted
👇Gold is a "crowded trade" that almost noone owns.
Nice article in the New Statesman about how little investment there's been in gold:
newstatesman.com/politics/bu…
Michael Weeks retweeted
“It is so easy to be wrong – and to persist in being wrong – when the costs of being wrong are paid by others.”
- Thomas Sowell
Michael Weeks retweeted
On gold bugs, a corollary:
If you can’t buy shares when times are easy, you won’t buy shares when times are hard.
Michael Weeks retweeted
When should I sell?
Ask an economist, an investor, and a business owner this question and you will get three different answers: a theory, a formula, and a decision.
The theory is universal and true, but not practical.
The formula is universal and practical, but not true.
The decision is true and practical, but not universal.
My answer is simple: You sell when it makes sense.
Not a theory. Not a formula. Always a judgment call, based entirely on experience and circumstance.
Michael Weeks retweeted
"Inflationism, however, is not an isolated phenomenon. It is only one piece in the total framework of politico-economic and socio-philosophical ideas of our time.
Just as the sound money policy of gold standard advocates went hand in hand with liberalism, free trade, capitalism and peace, so is inflationism part and parcel of imperialism, militarism, protectionism, statism and socialism."
Ludwig von Mises
Michael Weeks retweeted
I have a sneaking suspicion that, after years of hard work, we inevitably reach the same conclusions that smarter and wiser investment practicioners made clear 50 years ago.
That’s the nature of investment work.
We operate in different circumstances, and make different applications, but all the investment wisdom we need is already out there.
Our challenge is simply keeping our heads on straight - and recognizing the difference between wisdom and mere convention.
Michael Weeks retweeted
Hayek compares inflation to taking drugs
Both are “immediately pleasant” but cause “much greater harm that will be felt only later”
Michael Weeks retweeted
"What we’re watching is not just a rally, but a repricing of trust itself. Gold isn’t yielding, innovating, or compounding. It’s simply absorbing the market’s collective disbelief in paper promises. ...it’s a referendum on the system."
thedarksideoftheboom.substac…
Michael Weeks retweeted
"So knowledge grows by subtraction much more than by addition—given that what we know today might turn out to be wrong but what we know to be wrong cannot turn out to be right, at least not easily." - Nassim Nicholas Taleb
Michael Weeks retweeted
"The main difference between government bailouts and smoking is that in some rare cases the statement “this is my last cigarette” holds true." - Nassim Nicholas Taleb in The Bed of Procrustes amazon.com/gp/product/198481…
Michael Weeks retweeted
“I hope nations are becoming wiser, and are every day more convinced that the prosperity of one country is not promoted by the distress of another.”
- David Ricardo
Michael Weeks retweeted
"All models are wrong, many are useful, some are deadly." - Nassim Nicholas Taleb
Michael Weeks retweeted
What exactly does the S&P 500 measure - other than the ex-post opportunity cost of not investing in the S&P 500?
If I go to the farmers market and carefully average the price of corn, beef and honey - what does this number really mean? And how useful is it if I don’t buy beef?
If the S&P includes businesses that aren’t suitable for me, then what does it really tell me? The opportunity cost of some other guy’s strategy? Who cares.
Measuring aggregates always leads to confusion.
Michael Weeks retweeted
“A spreadsheet doesn't tell you what's going on three levels below the numbers. It doesn't tell you what assumptions were made, or the sensitivity around those assumptions, or what trend lines were excluded, or what risks were ignored. And yet we believe the numbers as if they were generated by the divine - these are the false gods of Excel.”
- Mark Bertolini, ex CEO Aetna
Michael Weeks retweeted
Even if the 'right' CPI number came down like mana from heaven and landed in the BLS inbox every month -- Powell, Trump & Co. still wouldn't know what to do with it.
The problem isn't data quality. The problem is trying to manage a fragile economy from the top down.
Your wallet already knows the real inflation rate - and your local watering hole already knows the real unemployment rate.
The real economy doesn't need to be told anything. It already knows.
Our job to listen, and act accordingly.