Jim Deeds joins the McAlvany Weekly Commentary this week to discuss: “Prepare For The Highly Leveraged Chain Reaction” China buys oil from Russia & Iran in “Golden Yuan” Thanks for the loan: U.S. borrows $8,172 per working person to pay for “recovery” Asia devouring up the gold the west is willing to sell.
Jim Deeds: “Prepare For The Highly Leveraged Chain Reaction” – McAlvany Commentary
Welcome to the McAlvany weekly commentary. I'm Kevin Orrick along with David McAlvany. Before we get to our guest today Dave I was just checking this morning before I came into work on an astronaut that now is in his 80s. That's one of my favorite astronauts. He's flown he actually was back with the Apollo program. He worked all the way through the shuttle program. NASA forced him to retire. What I loved about him was he stayed engaged. This was a medical doctor. He was a glider pilot he was a jet pilot. He learned new things all the time stayed actively engaged. He fixed the Hubble when they put the wrong lens in it. His name is Story Musgrave and I turned to his philosophy and here's what he said. He said learn new things. Stay engaged apply with everything that you can and then keep moving. Move on to the next thing. And I think of our guest today Jim deeds we've known him for years your dad knew him before you were born. They were stockbroker's in Denver and a regular guest here on the commentary.
What a blessing to have him on today and the nature of relationship as we understand it is just that that we can be colleagues and also share that relationship of mentor mentee. We can learn from anyone and we have learned through the decades we've with the relationship with the Deeds family. This goes back 40 years or more. And so we will continue to learn and grow in our understanding and pressing forward in trying to figure out the world as it is and how we should be responding to it.
Jim as a lifelong learner and I love that about him talking about staying engaged he does remind me of Story Musgrave the astronaut but even more so. He has a need to teach. You know he'll call you. He'll call me and he wants to just share what he's learned and he wants to share it with somebody who cares. What a blessing to have him on today.
Jim you've spent I think it's fair to say decades in the investment markets and with an eye to the economy and the impact into the financial markets particular asset classes. I think if you really helpful just to kind of give us a 10 cent tour of where you started where you're at and kind get just a bit of your history and background.
Good is David I think it's amazing because when I look back and even think about it for a minute it's just been an amazing trip in my lifetime and I spent a lot of. And I guess that's what you're doing any work that you do if it's fun and if it's new and it's on top of that you can earn a living. What else could you ask for. I would go back and do this very quickly just so that you'd see I wasn't driving on cab last week when I was doing I graduated from University of Colorado back in 1956. I took architectural engineering and business management so I had a two degree course which actually I was up there six years the last two years I was married I managed the married couples dormitory and my wife was teaching. So believe it or not I started investing in the stock market back in 1954 55. So this has been a long long trip from that point on. Life went really quick and I'll give it to you when I graduated. Went to work for Shell Oil Out in California for about four months or five months had an ROTC commission of the Air Force One Air Force for a couple of years down in Memphis Tennessee got a good idea what that was. Came back to Denver and got work in sales sales engineering working with architects. The next concrete people and builders and it was a need time that went on for eight years. That was back to about 1967. And in those eight years Demaree was booming so it was a fun place to be. It was a fun job and actually a pretty nice way to earn a living. But all that time was investing on the side and loved it so much that I went in and said I'm going to leave architecture engineering and sales. I want to be a stockbroker. So in 1968 67 excuse me I went to work for a dealer and they opened an office in Denver and that was the start of my investment career. It was really amazing. And of course since then I was a broker from 68 through 72 managed money from 72 to 74.