Thoughts from the Frontline

Highly acclaimed free weekly investment and economic newsletter

"If you're not reading John Mauldin, you should be."

&8212;G. Gilder

John Mauldin is a renowned financial expert, a New York Times best-selling author, and a pioneering online commentator. Each week, over 1 million readers turn to Mauldin for his penetrating view on Wall Street, global markets, and economic history.

Join our 1 million readers today!

Start My Free Subscription

Reader Comments

"You are the most thought provoking, balanced and direct analyst I know of. I'm sure glad I read you several years ago and started following you."


"You really do have a fine ability to explain technical matters in an understandable way a very rare gift indeed!"


"I enjoy your letters more than anything I receive from my other email. I just enjoy the intellectual, friendly banter."


"Everyone I've referred to your newsletter loves it. You should take this show on the road."


"Your weekly e-letters are the most important investment document I receive each week."


"My wife and I have been reading your report since 2000. We have enjoyed reading every report. Thank you for being so honest, candid, and open with your readers."


"I just wanted to let you know how much I appreciate your letter. I look forward to it every week. There are not many blogs or investment letters I trust but yours is one. I also like the fact that you are regular guy, a bright one, yes, but one I can identify with."


"During this volatile and unpredictable stock market, John provides some brilliant insights about what is really going on in the economy, both nationally—and globally. Every investor should receive this FREE weekly E-Letter."


The readers comments are specifically in reference to Thoughts From the Frontline e-letter published by InvestorsInsight Publishing, Inc. These comments in no way are testimonials or comments on the investment advisory firm Millennium Wave Advisors, LLC. For privacy policy reasons initials have been used for each reader's comment.

Latest Issue

Promises, Promises, Pension Promises

July 24, 2016

You made me promises, promises
You knew you’d never keep
Promises, promises
Why do I believe?

Naked Eyes (1983)

It’s election year in the US, so once again we see politicians promising the moon. That’s what happens in a democracy. Regardless of party or office, all politicians make promises in order to get elected. This is their nature. Dogs bark, birds sing, politicians promise.

In the investment business, we’re taught not to make promises because they create liability. Lawyers and compliance officers review documents for “promissory” language. Instead of “This fund will give you a profit,” firms say things that generally sound like “This will give you the opportunity to profit,” thereby avoiding lawsuits and regulatory action when profit proves elusive.

With the Republican convention just concluded and the Democratic convention just ahead, with the presidential candidates making promises by the dozens, let’s imagine what a presidential promise would sound like if it had to comply with the same rules that investment advisors and brokers must adhere to. It would go something like this:

If you elect me as president, I will (insert promise), assuming of course that I can get both houses of Congress to agree, which means of course that I must persuade enough of the opposition Senators to bring my total up to 60 votes in the Senate, assuming that none of my own party votes against me. And that also assumes we can find the money to fulfill this promise, which is unlikely...

Read Full Newsletter

Connect With Mauldin