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NW reply to:
Alexander Levitin wrote:
> Mr. Martin A. Armstrong of Princeton Economics was arrested Monday,
> according to AP.
>
> The charges (as I understood it):
>
> 1. Mr. Armstrong sold about $3 billion notes to foreign (mostly Japanize)
> investors with the promise to invest money safely.
> 2. Mr. Armstrong lost about $1 billion through "risky trading".
> 3. Mr. Armstrong commingle the funds with his firm account and issued
> "false statements" to the investors (with the help of some people in the
> Republic Securities).
>
> If the allegations are true (I will keep the "if" as long as I could) it is
> very sad news for people who knew Mr. Armstrong personally. I first meat
> Mr. Armstrong in 1986 through Foundation for Study of Cycles (he is current
> chairman of this foundation) and had opportunity to speak with him through
> the years.
NW: I have been a member of the Foundation for the Study of Cycles since 1976.
I met Dewey, attended almost every seminar, and I was on their International
Advisory Board. I was suspicious of Mr. Armstrong the minute I met him. His
lectures were always way too long, too complicated, and too slick. It was under
his watch that the Foundation started to flounder and is now facing possible
bankruptcy court litigation. I personally hold him largely responsible for the
failure of FSC to continue after 55 years of success..
>
>
> Mr. Armstrong was an inspiration for me: a handsome man of my age,
NW: Oh please! Should we judge someone's character based on their physical
appearance?
> reached
> tremendous success in his very early years, devoted student of market
> history, sharp witty mind, financial advisor for the governments,
> conservative republican.
NW: Or so he said.
> The fate seems smiled at him.
>
> I would not be a judge of temptations he went through (if allegations are
> true), but the one thing I will tell my son to include in his traders
> prayer: always have a money management stop. No meter what, losses of 10%,
> 20%, 25% are "easy" recoverable. Get out, sell everything, take around the
> world cruse, come back and evaluate the situation. You would never be
> pushed to the edge where man's heart enters the twilight zone.
NW: The question here is not one of money management but rather honesty. A
truly honest person's principles are not allowed to be compromised regardless
of the amount of the principle.
>
>
> Very Sad Alex.
NW: I am very sad for the demise of Dewey's and Gertrude Shirk's life long
work, FSC and all the investors who may have been alledgedly bilked. I just
hope this will force whatever is left of the FSC collection to be freed from
Armstrong's hands into someone more trustworthy who will regenerate
FSC as the great research organization it once was.
Cheers,
Norman
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