How about some reader mail?
‘To all the contributors,
‘I would enjoy your newsletter more if you just got to the point. Keep it simple and to the point. Please say what you have to say and nothing more.
Was Moby Dick too long? Did Crime and Punishment prattle on? If our job was to report the news, a simple, non-thinking, succinct style would be perfect. But it takes time and words to figure things out. In our paid newsletters, we’re more direct. But if the length of the DR bothers you, you should know we don’t take your time for granted. We write each day with the idea that it’s the letter we’d want to receive too, one that didn’t take up too much time but gave us something useful to think about.
‘I have been a subscriber to the DR and its associated reports for quite a few years now but I find that I am feeling tired with the continuously pessimistic tone that I am confronted with every day. What with the political bullshit we have to put up with, the depressing murder and mayhem within the world and the endemic corruption that permeates the business scene, an additional dose of bad news every day becomes hard to handle.
‘I have discussed this with a couple of subscribers who feel the same way. I know that you are presenting the world as you see it and what you see is probably right. I write this only because I appreciate the effort that goes into the whole production but I must state that I don’t open the Report every day anymore and I have cut back my subscriptions because I don’t feel like reading the inevitably depressing content.
‘I only write this as feedback but I wouldn’t be surprised if many others have the same feelings. Maybe if you could glean something positive in the world in which we live, I would not look at your letter with a sense of foreboding before I decide whether or not to click on it. I realise we are only hanging on by our fingernails but maybe I don’t need to be reminded of it every day.
‘Regards Phil L.’
To quote an old line, ‘the situation is hopeless, but not serious.’ Cheer up Phil. If we didn’t think the world was worth living in, we’d never get out of bed each morning. The truth is, the world probably always seems like it’s on the cusp of crisis. If you asked people 100 or 1000 years ago they’d probably complain about the same things: corrupt government, rising prices, and the loud, smelly, unsightly neighbours.
We’ll take your sentiment on board though. We’re generally a cheerful lot here at the DR and we don’t want to give the impression that there’s nothing you can do. The best thing you can do — and this goes for any situation — is to make a quality effort and leave the results to chance, fate, or the gods.
Controlling your effort — which you can do — is better than trying to control the result — which you can’t do. Financially, you can make sure you’re in a position to help the people you love and care about, should they need it. Most of the world’s problems are beyond our control. But we can choose how to spend our time and money.
Speaking of which, money is just one kind of wealth, and not even the most important kind. But having it does give you some flexibility in dealing with problems that are otherwise beyond your control. Our goal is help you keep what you already have and make some more along the way. Finding out what makes you happy or carefree is, of course, entirely personal and beyond the scope of this publication (or our Australian Financial Services License).
Here is a letter we received in response to the following advertisement:
$53,000 in 7 days
Following Murray Dawes’ advice Slipstream Trader subscriber Rohan entered three trades on July 6th, 2012.
Says Rohan: ‘I exited the trades over the following 7 days and was all out by 13.7.12 for a profit of $53k
‘While I enjoy reading your free newsletters less than when I first started receiving them, I take offence to such a deceiving/misleading advertisement that makes a claim like the above.
‘Yes, this is a so-called reader’s claim, but how much capital did he put up to make such a profit??? Must have been a lot. When you advertise like that, you’re manipulating the value of trades as the same way the zombies in governments manipulate numbers to make themselves look good. In my opinion this is sucker-inducing advertising. I’d love to know what the ACCC thinks of the ad.
‘Yes — I have subscribed to your services like Small Caps and Diggers and trialled a couple of others. I made profits and losses, but every time I see one of your ads for your paid services like the one above- it makes me cringe and hope people aren’t seduced by numbers or time frames like that.
‘I’m sure you’ll just yawn at this letter, but like you do in your newsletters, sometimes you just want to get some things off your chest.
We’ve read your letter three times now and can’t find what part of the ad you find misleading or deceiving. The purpose of the ad is to show prospective readers that current subscribers can and do make money. Does everyone make money all the time? Of course not. Does everyone always make big money? Of course not. Will you get our best ideas each time we publish, and is it possible to make money when we’re right? Yes you will and you bet it is.
We try to make our public track records as transparent as possible without revealing all the active and open positions that current subscribers have paid for. If you’re like most readers, you want to know if you would have made or lost money following our recommendations. And if you’re like most readers, you want to know why it would be worth it for you to take a subscription.
In any event, we couldn’t hide anything even if we wanted to. Our free emails go out to tens of thousands of readers each day. Everything we say is scrutinised by customers and regulators alike. Once you’re on-board to any of our services, the track record is there in black and white.
And of course, results in the stock market aren’t subjective and have nothing to do with advertising preferences. You either make money or lose it. As a publishing business whose only source of revenue is the money you pay when you subscribe, we’re always fully accountable to our readers. In fact, our business depends on it.
If readers felt our advertising our claims were misleading or deceptive, we’d have trouble attracting new readers or keeping the ones we have. It would be bad for business because it would be bad for the customer. But as far as we know, we have some of the lowest refund rates and highest retention rates in the industry. If you don’t like the advertising, don’t read it. And if the free e-mail is no longer useful to you, unsubscribe. You’ll save us both some trouble.
‘Max and I (Anne) really found your White Paper helpful, enlightening, well-written, clear and concise. THANK YOU for all the time and trouble that you put into it.
‘We especially appreciate the likely effect of a ‘violent downturn in China’s economy’ and its effect on Australia.
‘We can be prepared for it.
‘Will you be writing another instalment later? In any case, you will, no doubt, be keeping us informed along the way.
‘We gather from everything you at Daily Reckoning, Money Morning, Wealth Wire and Newsmax are saying, the big (Global) crash will be coming fairly soon. If it does not happen by the end of this year, we expect it to happen in the first six months of next year. We are preparing accordingly.
‘God bless you all,
‘Max and Anne W.
(Dr and Mrs)’
We’ll let Greg answer this one himself on Thursday. But thanks very much for your kind note. Glad to be of help.
‘Dear Daily Reckoning:
‘Some may get their morning coffee first thing when they wake up, but I read the current instalment of ‘The Daily Reckoning’. Things are critical out there these days, but you always give me something to chuckle about while at the same time teaching some key Austrian principle through use of endless, truthful, and current examples.
‘Economics at best is a very dry, boring, science that I avoided at all costs when in college. I wish The Daily Reckoning had been my text in Economics class. I might have actually learned something about economics — and enjoyed it at the same time!
‘I especially enjoyed Joel Bowman’s — Hurricane Sandy for Stimulus. I am a home-schooling mom who is currently teaching my junior in high school about the ‘Broken Window Fallacy’. You guys always provide plenty of fodder for my lessons.
‘Thanks ever so much.
You’re welcome Carol!
‘There is nothing I look forward to so much is the ‘Daily’. Everyone must have a special moment in their day, shouldn’t they?
Glad we could be part of a special moment in your day Mike. Just don’t tell your wife!
for The Daily Reckoning Australia
From the Archives…
A Deflationary Conclusion to China’s Bubble
2-11-2012 – Greg Canavan
When ‘Nanny State’ Deficits Becomes Unviable
1-11-2012 – Marc Faber
Why Economists Are Jackasses
31-10-2012 – Bill Bonner
Riding out the Storm
30-10-2012 – Dan Denning
What We Couldn’t Say on CNBC About Economic Stimulus and Other Things
29-10-2012 – Bill Bonner