The No. 1 Market Rule in the Republic...

What are you not supposed to be without when the music stops?

Dear Fellow Expat:

As a trader an investor, you likely learned everything you needed in your first day of school.

When you were a kindergarten student, you learned to follow patterns.

You learned from mistakes. You adapted to surprises, built relationships, embraced repetition, and handled ups and downs.

There’s one lesson they don’t explicitly teach you.

But it was there the entire time.

Were you paying attention?

Momentum, Liquidity, and What Comes Next

The most important rule as an investor and trader remains the same.

Imagine being five years old. The teacher turns on a song.

The music plays.

You and other children walk around a circle of chairs.

But the number of chairs is one less than the number of students circling them.

The music slows… and then it stops.

Everyone tries to find an open seat.

One child is left standing as the music stops.

You might have cried if you lost that game.

But it’s a lot worse when you’re in the financial markets. If you get caught without a chair… or hold…