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TIME IS RUNNING OUT

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Economic, social and political capital is shifting. The speed of this transition is being accelerated by
the lockdowns and by the sweeping neo-Marxist “woke” cultural revolution that is happening now.

In this special report we look to history to help explain where we are, what risks lie ahead and
what it means for our both our physical wellbeing and, naturally, our capital.

I provide many links to articles, and videos and would encourage you to use this report as a
reference point. Feel free to read it in pieces if it suits you better but ideally to take in all the
reference material even if that means it takes some days or weeks depending on your available
time. I feel that this is such an important point in time that it’s absolutely necessary to understand
as much as possible. And in light of that, you are free to share this report with all those you care
about. Before you dismiss anything in this report I urge you to take a deep breath and simply
consider the evidence and then assess the probabilities. If I’m wrong there’ll be nothing to worry
about and no harm done. But if I’m even half right, then any actions you may take as a consequence
could be positively life changing, literally.

Onward...

There are two types of people in the world right now.

1) Those who are worried about what is happening, and

2) Those who don’t understand history.

I’ve noticed my colleagues in the financial space, fund managers, analysts you name it, have been
silent on the unrest sweeping the Western world. They’ve paid attention to it only insofar as to put
forward their opinion on what the central banks may or may not do, or discussing what impact
rioting and looting will have on the economy while preferring to “play it safe” and refrain from
discussing the underlying trends.

These trends are sadly increasingly taboo. Discuss them at your own risk. A risk of being
deplatformed, shamed, and vilified. This is the new religion of “woke”. It is ​Marxist in nature and
coming faster than you can possibly imagine.

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An anecdotal example. A colleague of mine who I appreciate a lot, and who is only looking out for
the best outcome for me summed it up. ​“Chris it’s not worth your career, or the business you’ve built
to venture there, just stick to the finance side of things, don't risk getting into the other stuff”​.

And it made me think about it. At no other time in my career has anyone suggested that when
analysing the global macro environment it would be wise to neglect and ignore what is taking place
right here and now. Macro investing has always had a strong political element to it. Sometimes it is
rather benign and other times it is the ONLY thing that matters. It seems absolutely absurd right
now when it matters so much, to turn a blind eye and pretend as if it isn’t happening… and yet the
entire financial community… and many others, are doing just that. I know why.. .deep down, we all
do.

The silence that exists is not exclusive to the asset management and financial services industry.
Academia, and the corporate world are all being silenced and self censorship is rampant. It is an
accurate reflection of where Western society, as a whole, is today. Too afraid to speak out for fear
of losing our jobs, having our careers destroyed, our businesses and persons being banned on
social media platforms, and having our lives ruined simply by stating things which a decade ago
would have seemed obvious, and garnered no interest, and while they’re evidently still true, it is
the truth that no longer matters as the stampeding herd don’t want truth but only the dogma of
woke.

I’ll get into this culture war in this report, where it’s likely headed and the economic, social
ramifications, and then we’ll look into where the brightness in the world exists so that we can
position ourselves accordingly. But time is running out, and the decisions made today will, I
believe, be amongst the most important in our lifetimes.

Western civilisation is engaged in a cultural war. The stakes are extraordinarily high and if those
that advocate the values of liberal democracy, continue to cede ground to postmodernist & radical
left narratives then basic freedoms, already dangerously eroded will disappear - and quickly. The
social fabric of society is being torn apart and the ramifications run deep.

As a macro focussed asset manager and investment professional who admittedly often doesn’t
give a shit what others think, the idea that we here at ​Insider, or our asset management firm
Glenorchy Capital should turn a blind eye to the elephant in the room - simply because it’s
contentious - would both be an absolute abdication of our duties to you our clients, and both
morally and ethically wrong. I am unprepared to do that.

Now, with that out of the way, let me ask you a few questions.

● When the Bolsheviks seized power in 1917, was that an economic event worth
understanding?

● When the “Great leap forward” and subsequent cultural revolution began in 1966, was this
an important global economic event worth understanding?

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● Would it have been worthwhile identifying beforehand the potential of Pol Pot’s Khmer
Rouge which led one of the most genocidal maniacal movements intent on socially
engineering a classless society?

● Bulgaria, Romania, Yugoslavia, Mozambique, and so many more… would it have been
worth seeing the risks coming?

Jeezuz what a bloody obvious question Chris. I know!

CYCLES OF HISTORY-EASILY MISSED

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Why didn't people see the first or second world wars coming?

Why did millions upon millions not see the Bolsheviks coming or Mao’s cultural revolution, or Pol
Pot’s murderous campaign?

The answers are in part due to the fact that humans suffer from:

1. Not reading history

2. The notion that we know things our forebears didn’t. For example, people will say… “oh if I
was a German in 1940 I would have seen Hitler coming and got out of the way.” Really? No,
you’re saying that because you now know the outcome and who won.

3. Ideals being adopted that are misunderstood by those adopting them. Just as a young
teenager can be coerced into taking drugs at a party when the visibility of the dangers of
the drug aren’t yet to be seen, so too are Marxist ideals presented as some utopian idea.
They are not understood or seen for what they actually are - murderous.

We never think it’ll happen again, or to us in our lifetimes. Things that happen with some regularity
(like the seasons) are easy enough for us to understand. Things such as the business cycle are easy
to understand. Every adult has had some experience with it. Things such as the credit cycle - which
lasts roughly 30 years - are harder to understand, because the frequency of them is far less. Hence
the long term debt supercycle always catches folks by surprise, because nobody alive at the time
remembers it.

Marxist Thinking

Consistent in all Maxist ideology is one theme that runs through everything. Marxists believe that
the world consists not of employers and employees, not of one person trading with another

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voluntarily, or one collective (such as a company) trading with another ​but of an oppressor and an
oppressed​. There is no win-win relationship, only oppression with a binary outcome depending on
which side of the transaction one party lands. Marxism does the very opposite of what Western
democracies have been built on. It makes​ the collective ​more important than​ the individual​.

This may sound trivial. It is not.

When the individual is prioritised, the individual has the ability to form groups and enter and leave
any group without having their personal rights lost. ​When the group is the highest form then you
can do the most unimaginably abhorrent things to the individual​… in the name of the group.
Always​ in the name of the group.

It’s a nihilistic way to view humanity, and is the author of many of the worst atrocities and
genocidal behaviour ever committed.

It is unfortunately here now. I’ve been warning about it for several years, though to be honest I
thought we’d have much more time up our sleeves, and I had harbored a hope that we’d simply go
into some sort of slow bleed, where socialism finally dies with a bond market crash and an
evaporation of all the social policies that exist. Painful yes, but necessary. Not however something
that would descend into outright mayhem. What we’re seeing now is beyond what were my very
worst set of fears coming true.

The cult like fanatics have been with us for some time… growing in power, vehemence, intolerance
and insistence. They have taken many initiatives under their wing. These include climate change,
education, the NHS, gay rights, trans rights, the European Union, open borders, multiculturalism,
the ESG movement, and now ANTIFA and the Black Lives Matter movements.

Most recently ​coronavirus and the lockdown became sacrosanct. That was until rioting in the
name of racism became more important. The hypocrisy is breathtaking and brazen. You will notice
with all of the above​ the group is heralded as more important than the individual.

Take 12 minutes to listen to the most ​eloquent description of what we’re up against I’ve found.
Professor Jordan Peterson.

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BLM

The Black Lives Matter movement is NOT about black lives. Black Lives Matter is a Marxist
revolutionary movement aimed at transforming the United States into a communist dystopia.

BLM states that it wants to abolish the nuclear family, heteronormativity, the police, prisons and
capitalism itself. BLM leaders have threatened to “burn down the system” if their demands are not
met. They are also openly training militias. BLM and groups associated with it are demanding a
moratorium on rent, mortgages and utilities, and ​reparations​ for a long list of grievances.

Now before you dismiss these social justice warriors as a minority group with no real power,
consider Pew Research Center ​found that more than two-thirds of Americans are in support of the
BLM movement.

BLM's founders openly ​admit to being Marxist ideologues. Their self-confessed mentors ​include
former members of the Weather Underground, a radical “leftwing” terrorist group that sought to
bring a communist revolution to the United States in the 1960s and 1970s. BLM is openly ​friendly
with and a supporter of Venezuelan dictator Nicolas Maduro, whose socialist policies have
brought absolute and total economic collapse and grinding poverty to its citizens. Those that saw
what was coming left long ago, others who couldn’t have believed the extent of the hell to come
hung on only to have their ability to leave taken away. You can’t leave if they’ve blocked the
borders and if stolen your wealth while destroying your ability to earn a living. This is always done
in the name of the cause/movement… always. Remember: ​group identity over individual identity​.

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THE MOST SUCCESSFUL POLITICAL FUNDRAISING CAMPAIGN IN RECENT HISTORY?

Black Lives Matter has now raised well over $100MM in donations ostensibly to “fight racism”.

This is the website for BLM donations: please note the donations are being processed by
‘ActBlue.com’. ​Here is the website for ActBlue.com. If you scroll down, you will come to the
following two statements:

1. Powering Democratic candidates, committees, parties, organizations, and c4s around the
country.

2. ActBlue is an invaluable tool not only to the DCCC (i.e., the Democratic Congressional
Campaign Committee), but to the whole party.

BLM is, in fact, a fund raising arm for the Democrats.

In order to understand their objectives let's look at what they themselves state as their objectives.

Here are 10 demands direct from BLM leader Chanelle Helm. I warn you they’re both inarticulate
as well as ill thought.

1. White people, if you don’t have any descendants, will your property to a black or brown family.
Preferably one that lives in generational poverty
2. White people, if you’re inheriting property you intend to sell upon acceptance, give it to a black or
brown family. You’re bound to make that money in some other white privileged way.
3. If you’re a developer or realty owner of multi-family housing, build a sustainable complex in a
black or brown blighted neighborhood and let black and brown people live in it for free.
4. White people, if you can afford to downsize, give up the home you’re in to a black or brown family.
5. White people, if any of the people you intend to leave your property to are racists assholes,
change your will and and will your property to a black or brown family.
6. White people, re-budget your monthly so you can donate to black funds for land purchasing.
7. White people, especially white woman (because this is yaw specialty - Nosy Jenny and meddling
Kathy), get a racist fired. Yaw know what what the fuck they been saying. You are complicit when
you ignore them. Get your boss fired because they’re racist too.
8. This should all be easy but all those sheetless Klan, Nazis and other lil penis white men will be
returning to work. Get they ass fired. Call the police, even they look suspicious.
9. If any white person at your work, or as you enter in spaces and you overhear a white person
praising the actions from yesterday first get a pic. Get their name and more info. Hell find out
where they work - get them fired. But certainly address them, and if you need to, you got hands -
use them.
10. White people commit to fighting white supremacy where and how you can (this doesn’t mean
taking up knitting, unless you’re making scarves for black and brown kids in need) and funding
black and brown people in their work.

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You’ll notice that as absurd as these demands are, an appalling number of them are being
instituted right now. Furthermore, this sort of thinking has been making its way into the Western
education system for ​decades​ now. We shouldn’t be surprised to see it burst onto the front page.

ACADEMIA FAlLS
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Western civilization was grounded in science. The ability to hold a view/thesis and to test it in
order to either validate or invalidate the thesis.

The Western democratic world is under attack by the extreme left and the important thing to
understand is that facts don't matter to an ideology.

It is one reason why we’re seeing ​calls to defund STEM​. STEM being science, technology,
engineering, and mathematics. Why? Anything that goes against their beliefs is hated and
attacked. In an argument with a petulant child, the child doesn’t want to - and isn’t prepared to -
find out whatever the truth is.

They only want what they ​want​.

This is where Western civilization was so powerful, since it allowed for a system whereby despite
biases or beliefs, ideas could be tested and either validated... or invalidated. It led to the greatest
and most spectacular wealth creation ever in history.

This method… the objective, proof driven, evidence based process, conflicts with this new
religion… and as such it must be abolished.

Leaving it standing as a pillar of reason and authority would be akin to walking away from the
petulant screaming child refusing to give in to its hysterical demands. Naturally, this will bring on a
fit of rage. The problem is this; we have petulant children that were never allowed to take
responsibility and grow up. They’ve been coddled and “protected” from anything that could
possibly hurt them.

Tree climbing? Nope - too dangerous.

Having winners and losers in sport? Nope can’t have that. Everyone gets a trophy.

Say something they disagree with? Nope can’t have that either. You’re a monster.

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The problem is these children now hold positions of power. They’re adults. Not grown ups, mind...
but simply petulant, undeserving, arrogant, nihilistic, vengeful children in adult bodies, and in
positions of power. It is an unholy cocktail and we’re now in a storm that isn’t going away.

This has been a long time in coming, and has been warned about by many intellectuals including
myself on the ​free blog​.

If you’ve not yet seen it, I strongly recommend the ​documentary on Bret Weinstein and Evergreen
University. Bret is a biologist and evolutionary theorist who came under attack by the radical left
when refusing to “obey” students demands for a “people of colour only” day at the University.

Here is Bret warning us all​, after Evergreen college succumbed to the New Woke Religion. He
warns us that the troubles in 2017 at Evergreen would NOT stay on campus. He was of course
correct.

“This isn’t about free speech, and this only tangentially about college campuses. This is
about a breakdown in the basic logic of civilization, and it’s spreading. College campuses
may be the first dramatic battle, but of course this is going to find its way into the courts.
It’s already found its way into the tech sector. It’s going to find its way to the highest level
of governments if we’re not careful, and it actually does jeopardize the ability of
civilization to continue functioning.”
- Bret Weinstein, in part 3 of Mike Nayna’s documentary on Evergreen.

In the eyes of the Marxists, anything that can be considered to be a product of or foundational to
Western civilization must be destroyed. Nothing will be left standing, if they get their way.

This is where the “cancel culture” comes in. If you can’t refute with logic and evidence then the
only arrow left in your quiver is to scream louder than your opposition.

Highlighting the lengths they will go to while sticking with academia, math has been deemed racist.

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You may laugh, but the fact is that this is actually ​taught in Universities across the Western world,
and in the US and Canada in particular. There have now been too many examples so I’ll just leave
you with one (you can research yourself if you wish).

Science has been replaced by pseudo science. When facts and evidence don’t support your
viewpoints, you fudge them. And when you can’t be arsed fudging them anymore, you simply label
the tools as racist.

The #DefundSTEM movement is the latest and most aggressive attack in this respect. If you look
at who is succeeding in STEM it is overwhelmingly Asians. This is why we have the Harvard vs
Asian debacle and it is why the calls for anti racism typically do not extend to Asians.

Asians, you see, don’t identify as victims.

By destroying reason and logic you’re only left with ideology and you can’t argue with ideology
anymore than you can argue with a dog. This is what they're after.

Some weeks back I strongly suggested reading a number of books from our ​recommended reading
list​. One of which is 1984 by George Orwell.

This particular quote from the book is revealing.

Freedom is the freedom to say that two plus two make four. If that is granted, all else
follows.

As one of your fellow Insider members and hedge fund manager Lyall Tailor remarked:

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“I've been waiting for the day social constructionists, who believe objective truth is a
uniquely Western value, would try to argue 2+2=4 is cultural. It's arrived.

If you have two apples and then find another two apples, only a white supremacist would
believe you now have four.

It is symptomatic of the well-accepted ideological paradigm among social 'science'

academia that reality is socially constructed & reflects dominant culture.

This ideology is not fringe or without consequence. It is a bedrock of a lot of the 'diversity
training' on 'systemic racism' we are currently seeing rolled out across many companies &
institutions. They argue individualism, objectivity, etc are racist, white supremacist
values.”

Well said Lyall.

What we’re witnessing is the product of what the Universities have been teaching for decades
now. That racism and sexism are prevalent in all areas of society, and society itself is an oppressive
white male patriarchal construct which enslaves minorities.

It is pseudo-intellectual garbage but - and this is the important bit - you can’t argue the point.

Evidence and facts themselves are not allowed to be presented because they, like mathematics,
are a product of this oppression. They are seen as tools used by the oppressive class to continue
their oppression, and as such they must be destroyed… and no, it’s no use trying to ask how the hell
they will build a bridge without using maths. It’s futile. Feelings over facts.

Madness? Of course and not unlike the doctrine Maoist China indulged in, or that of Pol Pot’s
Cambodia.

Which brings me to…

SHAMING - CANCEL CULTURE

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Professor, Evolutionary Behavioral Scientist, and author ​Gad Saad recently stated the following
which sums up my thinking rather well.

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“It seems untenable that in a free society, the only people who can now truly express their
freedom of speech are those who are forevermore to be unemployed. If you are currently
employed by any entity, you can no longer express the most BANAL of opinions that is
contrary to the expected narrative as your employer can fire you for holding the wrong
views. If you are unemployed but plan on being employed in the future, you better not say
anything that some future employer might find objectionable, so you will keep quiet. Of
course, via outrage archaeology, anything that you might have said in the past can be dug
up and used against you. If you are self-employed, you cannot express any opinions
because if it goes against the PC orthodoxy, you might be cancelled via mass boycotting.

Hence, it is LITERALLY the case that we are creating an environment where everyone
(even the most courageous amongst us) are being beaten down into silence. I am truly
tired. I'm losing hope and this is saying a lot as few people have my dogged love for
freedom and my unshakeable optimism.”

This is of course a tried and tested method of Marxists throughout history. Whether we look at
China’s cultural revolution.

Or the Bolsheviks and subsequent Gulags.

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Or any of the myriad other Marxist hellwholes, the path is the same.

Right now cancel culture is happening faster than we can keep track. Students of Russian history
will find it familiar that today accusers are beginning to appear alongside the accused and there is
a pressure placed on the accused to denounce others. History repeating.

Journalist Mat Taibbi ​describes​ it:

It feels liberating to say after years of tiptoeing around the fact, but the American left has
lost its mind. It’s become a cowardly mob of upper-class social media addicts, Twitter
Robespierres who move from discipline to discipline torching reputations and jobs with
breathtaking casualness. The leaders of this new movement are replacing traditional
liberal beliefs about tolerance, free inquiry, and even racial harmony with ideas so toxic
and unattractive that they eschew debate, moving straight to shaming, threats, and
intimidation. They are counting on the guilt-ridden, self-flagellating nature of traditional
American progressives, who will not stand up for themselves, and will walk to the Razor
voluntarily. They’ve conned organization after organization into empowering panels to
search out thoughtcrime, and it’s established now that anything can be an offense, from a
UCLA professor placed under investigation for ​reading Martin Luther King’s “Letter from
a Birmingham Jail” out loud to a data scientist ​fired* from a research firm for — get this —
retweeting an academic study ​suggesting nonviolent protests may be more politically
effective​ than violent ones!

You will note that the terminology being used such as “white privilege” ties into this extremely
tightly. Privilege is a sin. Who decides whether privilege exists? Why the mob, of course. And sins,
you will note, ​must be repented for. So the step from demonizing an ethnic group to denouncing

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them is swift but equally swift - and this is what’s coming - is the next step and history indicates
that step involves a purge.

Acclaimed Harvard Professor Steven Pinker recently had the mob come at him attempting to
force Harvard to fire him. His crime? Revealing the ​evidence proving that cops don’t shoot black
people disproportionately. The mob, like that petulant child, can’t argue the facts because the
facts are not on their side and so instead they scream and rage. They take the man, not the ball.

Even when this is explained using simple reason and logic, it’s hard to change the brainwashed
mind, as this interview between ​Dave Rubin and Larry Elder​ demonstrates.

And we have already moved from the stage where the mob attacks based on something said,
gestured, or… and this is now increasingly the tactic.. .when ​nothing​ at all is said.

Silence on the behalf of the targeted class is not tolerated.

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There have now been more instances than I can list (and at some point I have to finish getting
these thoughts down for you) of self censorship. We know it. We are all much more careful with
who we speak to and what we say. Freedom is being lost. And we’ve moved so rapidly to the next
step which goes beyond self censorship. This is where folks are expected to denounce others. They
are pressured to do so.

And you know what happens?

When folks are called to action they will (even if they don’t mean it) profess and pledge to the
cause, caving to the pressure from an intolerant and violent mob. This gathers momentum with
each individual too afraid to speak out against the sweeping intolerant cancerous nightmare. They
know what the repercussions will be. They do in fact look around quietly, hoping that someone
stronger will stand up and stop the insanity. But nobody does... and so they begin justifying their
action in their own mind. It is the only way to live with guilt. Real guilt, not some ridiculous “class
guilt” for being white or for the fact that white people that you never knew once had slaves that
were black.

This is how totalitarian regimes seize power. Open your eyes. We’re in the midst of it right now.

Trust me when I say this. They will NOT stop until they have what they want… all of it… or until
they are stopped, and that will only happen with blunt and overwhelming force.

That means bloodshed.

Any intellectual dissent is being met with censorship, persecution via what is now a corporate
sponsored Marxist revolution. History indicates that the next inevitable step is far more severe.

Dr Jordan Peterson (again) explains the rationale behind how you go from where we are today...to
the next step which is horrific violence.

“​When victimhood leads to genocide​”

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And just in case you think I’m being overly dramatic.... The general violence has of course led to
deaths but what I’m talking about is an ideology that specifically will ​murder for their cause. On
July 5th a young mother of 24 (Jessica Whitaker) ​was shot dead after telling BLM protesters that
“all lives matter”​. Note; she never said that black lives don’t matter, or that Russian lives matter, or
Polish lives matter or anything, which of course should in any rational world be perfectly
reasonable. She said that “all” lives matter, and for this she was murdered. This won’t be the first,
nor the last.

Here is US democrat ​congresswoman Illar Omar calling for the ​“dismantling” of the US economy
and political systems.

In other words no more democracy, and no more capitalism.

And further to genocidal outcomes. Consider once again what the founders of BLM ardently
believe. Yusra Khogali is one of Canada’s BLM’s founders. She stated recently that “white people
are genetic defects”.

In 2015 she tweeted...

“Plz Allah give me strength to not cuss/kill these men and white folks out here today. Plz
plz plz.”

Khogali insists that white people are ​“recessive genetic defects” who should be ​“wiped out,” ​and that
“whiteness is not humxness,” and ​“white skin is sub-humxn”. This she all put out for display in facebook
posts.

Interestingly, all of this was well within Facebook's guidelines (?)

So what happened to her for these abhorrent calls for genocide of white people? Well the
Canadian government ​awarded​ her the “Young Woman in Leaderships Award” in 2018.

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The issue friends, is this:

Your governments are spineless, virtue signaling, self loathing, useful idiots in the
clutches of something they either wholly endorse or simply don’t understand. Expecting
them to stand up for you and enforce the laws of the country you live in and which they
run is, sadly, at this point dangerously foolish.

That you cannot imagine the worst doesn’t change the probabilities, it only exists due to your
collective experiences being widely divergent from what’s coming.

We believe the next 5 - 10 years will be extraordinarily chaotic. We also believe we can make a
shit load of money. Certainly we are more confident than ever in our allocations, but, and this is
the problem, ​if you’re not set up to protect yourself and your capital from the coming theft -
because they WILL come to take it all from you, then what good will it do?

INDOCTRINATION & “REDISTRIBUTION”

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I left South Africa over 20 years ago now for good for many reasons. One of those was I could see
with my own eyes and wasn’t naive to history and the other came down to a chance meeting. Let
me explain.

In 2003 in a chance meeting I met a middle aged German asset manager on a hike up Table
Mountain. At least 2 decades older than I was, successful and extremely generous with his time
and knowledge. We spent the entire day together and then had dinner that night. Needless to say,
he was very engaging and smart. He mentioned to me (and this only really struck home years later)
that if you want to know where a society is most likely headed, you don’t pay attention to what the
legal, economic or social system is today. Those can all be changed. What you need to figure out is
what the zeitgeist in the Universities is.

What are they being taught? What do they believe?

This is because these kids within the next two decades will be the ones in positions of power. They
will be management of companies, they will be the judges, the jury’s, the political class.

Western democracies have, for nearly two decades now, been teaching increasingly Marxists
ideology. We are now paying the price for this cancerous indoctrination. Furthermore, history
indicates it is near impossible to change their thinking. This ties in with ​Strauss & Howe’s 4th
Turning​.

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The lockdowns disproportionately affect low and middle class people. This is why it was so easy for
celebrities and government officials to be cavalier about things and to say - hey this is a ​good thing!
Just stay home. Indeed I’ve seen it in my own industry. Being a money manager I really don’t need
to leave my home office and my analysts, traders and entire team are all the same. Work goes on.
For most people, this is not the case.

What the lockdowns have created is an ever widening gap between the wealthy and the poor.

Expect this to accelerate demands for a “redistribution of wealth”. “Eat the rich” will become a
chanting call. And this is where Marxism becomes such a siren call to the disenchanted, which
brings me to…

Capital formation

Now the one thing that you must understand about capitalism is this.

One of its foundations is freedom of speech.

Without the freedom to say what you think, you have no freedom to think. Sharing of thoughts,
opinions, data and seeking out the truth of what it all means is crucial to relationships, happiness
and life. Now imagine being afraid to do that.

Everything stops.

This is so very important I can’t stress it enough. If I could, I’d do so standing on a rooftop waving
my hands with spittle flying. Please understand this assault taking place across the Western world.
Right now there is wealth… because it has been built, but wealth is, and always has, been in human
ingenuity, what we refer to as ​human capital​. This is what Marxists don’t understand. They see the
big houses and cars… the “stuff” and think that’s wealth. It’s not. But this is what they’ll come after.

It is actually worse than that. They won’t be content simply with theft, anymore than Moa’s red
guards were satisfied with destroying the jobs of intellectuals. They instead wanted to see them
bleed and die. So they beat them to death.

Consider the following statement from british labour MP Naz Shah, in response to the Muslim
grooming gangs in the UK which the UK police refused to prosecute due to fears of being labeled
racist. The perpetrators were muslim gangs.

When asked about white children raped by muslims, she replied that they ​“​must shut their mouths
for the good of diversity​”. Now I’m sure you find that shocking. I don’t. It’s appalling, but not
shocking. There are all sorts of psychopaths out there. What is both appalling AND shocking is that
almost ​nothing was said about this outrageous statement. And the only media outlets prepared
to report on the topic were labeled “Nazi far right extremist” news outlets who spread “hate

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speech”. You don’t need me to tell you what would happen if we simply lifted the words white and
replaced them with muslim or black. And to be clear, we should treat all races equally.

So Western civilization is quite literally committing suicide.

What it means, is that economically the ability to form capital, or at least the incentive to form
capital, is quite literally being destroyed. Not only does everything stop, but it can actually go into
reverse… certainly that’s what will take place as the Marxists begin their “redistribution” policies
in order to bring “equality”.

Redistribution will come in the form of taxes, outright grabs for control - think joint equity
ownership of your business with a coalition of “minority groups” taking some percentage
ownership of your business, in the name of “equity”. Don’t think it will happen? Watch.

We know who the targets are.

The ​Smithsonian Museum​ highlights it for us in their coverage of “whiteness”.

“Since white people in America hold most of the political, institutional, and economic
power, they receive advantages that nonwhite groups do not. These benefits and
advantages, of varying degrees, are known as white privilege. For many white people, this
can be hard to hear, understand, or accept - but it is true. If you are white in America, you
have benefited from the color of your skin.”

So there you have it directly from the National Museum of African American History and Culture.

Below I’ve taken the liberty of screenshotting their presentation on “white culture”. Something
deemed a sin and in need of “fixing”.

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These Bolsheviks are intent on destroying everything related to Western civilization, and they’ll
justify it however they want. ​Please be aware that this is not theory​, it isn’t wild conspiracy nut
mumbo jumbo. It is here and it is happening NOW!

TAKEAWAYS & PRACTICAL SOLUTIONS

____________________________________________________________________________

Civil Unrest

We spoke about the rising risk of this coming across the West for over 2 years now. Well we never
considered COVID lockdowns in that analysis. So let’s do so briefly.

Much of the world is basically closed for business, leaving citizens short on cash, unemployed and
running out of options. Restrictions continue to be implemented, the likes of which only North
Koreans have been accustomed to. It’s only a matter of time before these issues explode with
violent crime and civil unrest. This is not a US centric issue.

US Elections

If Trump wins: The left will lose their shit. With mounting violence and mayhem Trump will invoke
the insurrection act and bring in the military. And people won’t hate it. In fact they'll beg for it.
Why? Because they will feel like they are under attack. And they are. But they’ll beg for and get… .a
police state.

If Biden wins: The country will go Marxist so fast it’ll make your head spin. Universal Basic Income,
a new “green initiative” hell bent on disregarding science and economics which will send the

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country into a deep spiralling depression while those in power ignorantly and arrogantly pursue
their objectives despite mounting evidence that they’re destructive.

● Shut down major energy hubs in the name of “saving the climate”? Sure why not.
● Enforce rules on hiring “disadvantaged” people whatever new category they can dream up
(it’ll be an entire business of graft seeking)? Sounds good.
● Jail anyone that utters “hate speech” which is increasingly defined as whatever the woke
mob decides it should be? Absolutely.
● Tax those with “white privilege”? Hell yeah.

Sounds nutty right. Look around you, and tell me I’m wrong.

Reparations & Authoritarianism

This idea of repentance is not a terrible one if, for example, ​you did something wrong​. Something
that aggressed on some other person then addressing that problem is the right thing to do. That is
what the justice system is largely about. I steal your cabbages, and I am made to pay a fine and
return them… or some such punishment.

The idea that anyone should be held accountable for the deeds of not only our forefathers but
forefathers of random people who you share only the same skin colour with is ​fucking insane​.

We return quickly to the unmitigated disaster that was the middle ages, if we punish anyone for
things done by someone else. My ancestors, your ancestors, have all done bad things. That is true
of every single person on this planet (bar none). And yet that’s what is being suggested. And just a
gentle reminder. The dark ages lasted an incredible 400 years.

The examples are many and have been growing in both intensity as well as volume. The calls for
white people to pay “people of colour”. What is notable is that “people of colour” do NOT include
Asians. Indeed, Asians are lumped in with white people. This is because they don’t adhere to
victimhood as a means to get what they want. It is why they are overly represented in the
universities and businesses. They are, as a whole, successful and as such are themselves
demonized. You see, acknowledging that Asians don’t receive any “privilege” while outperforming
pretty much any other ethnic group, excepting maybe Jews, completely destroys the narrative and
so instead they’re demonized and magically lose their “colour”.

And so reparations it is. From whites in particular (which includes Asians) to blacks.

Something else about reparations that is often missed but crucially important. The reparations
that Germany was made to pay after losing the first world war, laid the economic and political
foundations for the Weimar republic and that laid the foundations upon which the Nazi party took
power. Economic decline (which we are 100% in now) has always been a key ingredient in
authoritarianism rising.

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If you have wealth and you’re “white”, the hooting panting mob will label you as “privileged'' and
that'll be enough to “redistribute” your wealth.

If you have wealth and you’re black, in time you’ll be outed as a “sympathiser” and they’ll come for
you too.

Many virtue signaling CEOs and celebrities are trying to “get ahead” of the trend by signaling that
they’re “with the movement”.

Firstly… they’re cowards, and secondly... that wont work.

Case in point. Two major british firms (​Lloyds of London and Green King​) and have promised to
pay “reparations” for slavery. Slavery conducted in the 1800s. They’re simply useful idiots. Top of
the useful idiots is Jeff Bezos who has been a massive supporter of both lockdowns as well as Black
lives matter. Why? Well both of these movements have done more to completely annihilate his
competition (retail shopping) than anything one could have dreamed of. If you have the stomach
for it, just go read the Washington Post.

There will likely be some “retribution” tax or “reparations” tax. If you’re not in the chosen ethnic
group you’ll be targeted. That it’s insane and racist itself won’t matter.

Higher taxes… especially if you’re “white”.

As my friend Dylan Grice recently remarked in a piece ​“It’s coming! It’s coming! MMT (or
something) is coming .

“To some (like me), MMT and its cousins are merely the latest metastasis of a branch of
theoretical economics long-since gone rogue (ie macroeconomics). To others, it is the
obvious solution for a world economy in desperate need of reflation, public infrastructure
investment, lessened inequality and virtually anything else a politician might feel like
adding to his or her wish-list. I think the ‘others’ will win. The drumbeat is growing louder.
Its accompanying chant “Give MMT a chance!” will ultimately be heard. Policy regime
change”

I think Dylan hit the nail on the head. MMT together with UBI (Universal Basic Income) are on the
cards. This is true in Western Europe as well as the US though this may be delayed in the US
depending on the upcoming elections.

UBI is so catastrophically bad an idea, I don’t know where to start on it. When you take away
people's incentive to get up and work and thus have a purpose in life, you absolutely destroy what
it is to be human. To expect that this ends in any positive way is moronic. The economic
destruction this will bring is difficult to comprehend not to mention the destruction of the social
fabric of society.

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What it will bring is shortages, most importantly in food. This is yet another reason to be bullish on
agriculture.

Murder/Genocide

I don’t want to be alarmist and those who know me, know I’m not that sort of guy. That said we are
tracking historical examples extraordinarily closely. To ignore the possibility of this would be
unwise.

In the past we’ve had people shot in the back of the head, buried alive in mass graves, gassed and in
the case of the Gulags made to work until dropping dead.

How would such a thing be conducted in modern times?

I hate to say it but some mandated vaccine would accomplish the task very efficiently. I realise this
sounds whacky and outlandish, however consider that the Chinese Communist Party is ​already
doing this​ with China’s Muslim Uigher population.

Rather than murdering them en masse, they have instituted a sterilization program. It’s been
extraordinarily effective too.

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You can read all about it ​here​.

A major issue with commiting genocide in any form is in the fact that victims will run to safety or
fight for their lives. Far easier would be to get them to willingly walk to slaughter. Today we have a
set of conditions that would allow for this to take place with ease. Provided the victims aren't fully
aware of what they’re taking, they will in fact flock to taking something that’s not what they think
it is. There is ​precedent​ for this too.

“In 1993, WHO announced a “birth-control vaccine” for “family planning”. Published
research shows that by 1976 WHO researchers had conjugated tetanus toxoid (TT) with
human chorionic gonadotropin (hCG) producing a “birth-control” vaccine. Conjugating
TT with hCG causes pregnancy hormones to be attacked by the immune system.
Expected results are abortions in females already pregnant and/or infertility in recipients
not yet impregnated. Repeated inoculations prolong infertility. Currently WHO
researchers are working on more potent anti-fertility vaccines using recombinant DNA.
WHO publications show a long-range purpose to reduce population growth in unstable
“less developed countries”. By November 1993 Catholic publications appeared saying an
abortifacient vaccine was being used as a tetanus prophylactic. In November 2014, the
Catholic Church asserted that such a program was underway in Kenya. Three
independent Nairobi accredited biochemistry laboratories tested samples from vials of
the WHO tetanus vaccine being used in March 2014 and found hCG where none should
be present. In October 2014, 6 additional vials were obtained by Catholic doctors and
were tested in 6 accredited laboratories. Again, hCG was found in half the samples.
Subsequently, Nairobi’s AgriQ Quest laboratory, in two sets of analyses, again found hCG
in the same vaccine vials that tested positive earlier but found no hCG in 52 samples
alleged by the WHO to be vials of the vaccine used in the Kenya campaign 40 with the

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same identifying batch numbers as the vials that tested positive for hCG. Given that hCG
was found in at least half the WHO vaccine samples known by the doctors involved in
administering the vaccines to have been used in Kenya, our opinion is that the Kenya
“anti-tetanus” campaign was reasonably called into question by the Kenya Catholic
Doctors Association as a front for population growth reduction.”

Even writing about this feels surreal and weird to be frank. One reason I do so is I’d ask you to
consider what you've been witnessing happening in just the last few months alone. Things which, if
you’d been told would be happening this time last year you’d likely have dismissed outright as
ludicrous.

What happens if you fail to comply?

Well they’ll shut you out of the system. Try getting a bank loan without proof of your vaccine.
Sorry can’t help you. Try getting insurance. Sorry you pose a health risk. Try getting on a flight.
You’re a danger no travel for you. Try moving into any “public space” and you’ll be arrested for
“endangering the public”. They’re already doing it with the use of masks. Why not the next step?

One thing that history teaches us is this. If you instill the fear of God into people they will willingly
give up their freedoms for “security”.

What else?

Real Estate

In the US, Britain and Western European countries, inner city real estate is going to be
problematic. Commercial real estate even more so. The migratory push out of expensive inner city
living will only accelerate the already suffering commercial retail real estate which has been dealt
a mortal blow by the government lockdowns. When lockdowns hit people expected to stay home
for a couple of weeks and then return to normal. If lockdowns had lasted that long I’m sure that’s
what would have happened.

I watched it from home here with my kids and their schooling. The first week was a clusterfuck of
incompetence and mayhem. Teachers were trying to figure out - presumably - how to use a
computer, certainly I can imagine many googling “teaching apps” and then we had this blizzard of
incompatible software being used. It was a mess. I had for instance 2 calls with teachers where I
could see what they were trying to do, and knew it wouldn’t work (only because I’d used the
software before and could see that what they were wanting from it wasn’t going to work. You
can’t, for example, give 25 kids in a class a shared doc in the cloud for them all to work on. In any
event, by week two it was a bit better, and so it went. By the time week 6 rolled around pretty
much all the kinks had been ironed out and my kids themselves were finding that working from
home was actually pretty good. They could get a lot done on their own, with help here and there
digitally.

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Now the same story just got played, not only in schools across the world but in businesses. Many
of those businesses are NOT going back to the way things were before. Two things: 1) they figured
out how to work remotely much more efficiently - because they had to. And 2) their revenues just
got impacted, and that expensive office space looks like an expensive bauble that’s not required
and unaffordable due to impacted cash flows.

This is clearly not just a commercial real estate problem. If you’re employed at a firm in a major
metropolitan area and you now are working from home on a regular basis then what sense does it
make to live in a tiny expensive apartment or home when you can easily move to either a suburb or
rural area where you can trade your 3 bedroom apartment for 10 acres, a horse and a 6 bedroom
home. This has been accelerated by the violence and rioting.

That the police are defunded and have no real authority left in the United States and Britain to a
lesser extent, will mean that living in urban areas while unemployment skyrockets will be a terrible
idea. Those who have the means will head out of the cities.

This will create a feedback loop. Cities receive the majority of their income from property taxes.
Cities, especially those that have been championing the protests such as New York, Chicago and
Seattle will simply raise taxes (because they’re run by Democrats). This will cause more people to
leave driving down property values meaning the total tax take will continue falling. They will
rapidly become crime ridden, dangerous places and because the police have been stirpped of their
power and are now too afraid to step in and police - for fear of being denounced by the new
religion, crime gangs will fill the power vacuum. If you own any real estate in major US cities the
time to get out was yesterday. It will not be “coming back”.

This brings me to the government bond markets. Government's tax revenues were in collapse
mode after then shutting down the economy. The rise of the Marxists and subsequent rioting have
dealt another blow to these revenues, and the coming civil war will absolutely destroy income
taxes.

This is what funds the bond markets.

Right now macro asset managers are not paying attention to this (too political, remember? and
nobody wants to talk about this for fear of being canceled by some moron and and the social
justice mob) and as such are looking at a moribund economy and saying… “aha! that’s
deflationary”.

Wrong.

Bond markets are on the wobbliest legs ever, and when they fall over the resulting shift of capital
is going to be truly breathtaking.

US government Debt to GDP

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GDP is collapsing under the lockdowns instituted by the government.

Continued civil unrest puts more pressure on GDP and hence tax take.

Check out continued US unemployment claims.

Unrest is ​highly correlated with youth unemployment. Clearly we have more than just youth
unemployment to worry about... but you can add it to the list. This is both bullish for gun stocks as
well as bearish for bonds.

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Universities

Same thing.

What sense does it make to have sprawling elaborate buildings and campuses which are incredibly
costly to maintain, when nobody is there as students are taking courses remotely?

Now think about the university towns and the real estate in those towns. The impacts and second
order consequences of this are going to fundamentally change markets in more ways than anyone
is presently considering.

International Ramifications

Cancel culture is absolutely destructive to capital formation. Who wants to start a company in the
West today? Who do you hire... A token black woman? Someone trans? A vegan? a disabled
person? All of those combined? If it all sounds loopy that’s because it ​is​. How the hell do you figure
it all out? None of these things of course have anything to do with what your business actually
does. So no, you simply don’t go ahead. The risks are too great. This is one way capital formation
dies. This is how innovation dies. And while this plagues Western democracies the East fills the
vacuum.

West to East

If you want to know where the capital will shift to, take a look at the countries that are not rallying
to the Black Lives Matter movement. Please realise that what we’re looking at here has nothing to
do with ​actual​ racism.

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This anomaly is borne out in Asia where there are no protests either. The reasons are due to what
I’d term the DNA of any society at any given point in time.

I explained this dynamic and explicitly how it relates to Western and Eastern europe in a blog post
two years ago now. You can read it ​here​.

Hungary’s defiantly non-liberal leader Viktor Orban in a recent interview remarked:

"I also see that law enforcement and police are on the streets and yet there is a wave of
violence. Statues are being toppled, the conditions are deplorable, and there are ​gang
wars on the beautiful streets of small towns in civilized Western European countries,"
Orbán said.

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"I look at the countries of those who are advising us how to conduct our lives properly
and on good governance, proper operation of democracy, and I don't know whether to
laugh or cry.

After the Berlin wall fell, Eastern Europeans sought out a better life in Western Europe. The brain
drain went one way. East to West. But for over a decade now, Eastern Europeans have
increasingly been returning home, preferring their own homelands and culture. Their homelands
have increasingly become wealthier, and frankly more pleasant places to live as living standards
have been consistently rising.

The next step - and this is where the opportunities will lie - is that the brightest Western
Europeans are going to begin moving to Eastern Europe where opportunities are better. The only
catch is that moving between countries is going to be much much more difficult than it has been in
the past.

Asia

I couldn’t find any wonderful chart showing the lack of interest in BLM protests in Asia… largely
because nobody’s interested in popular social justice or climate movements there.

To understand why the East is going to win, consider capital formation.

Capital formation is at the heart of every well functioning economy. In order to form capital, the
underlying conditions need to be present. These are, amongst other things;

● A legal system that protects the interests of participants and provides redress of
grievances such as theft. Notably… NOT grievances based on victimhood or “social justice”.

● An economic system that allows for property ownership. Property being both intellectual
and physical.

As the geopolitical situation in the world becomes ever more tenous and fractured, countries will
reorganise their supply chains, their trade agreements and their military alliances. Asian countries
- who all consider their neighbours redneck scum! - will continue to trade with those neighbouring
countries, strengthening ties both out of necessity and due to shared common goals and deep
understanding of each other's cultures.

Within the next two decades I remain convinced that Asia will become the dominant global
economic region in the world.

Here's the global capital today.

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And here’s the largest derivatives exchanges worldwide.

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What we’ll be seeing is more and more companies re-domiciling themselves in Asia and when it
comes to raising capital, they’ll be doing so in Asia.

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This may sound like an extreme opinion today. I get it.

But this is ​exactly what has already happened in terms of capital and companies doing this in other
countries. My country of birth, South Africa, did this when the BEE (Black Economic
Empowerment) laws were passed, forcing companies to relinquish their ownership structures in
order to achieve “equality”. What happened was many companies redomiciled, stripped out the
assets that were “domestic” and then formed a new company with the non-SA assets in the new
company. Anglo American, Richmont, Biliton, British American Tobacco, Old Mutual, South
African Breweries, and Investec, are just a sampling. There are many more. This has all been tried
and tested before and not just in South Africa. This is what will happen for many companies
currently domiciled and listed on US exchanges.

West to East on Academia

Consumed by a false narrative around Social Justice, the West is hurtling headlong into Marxism.
We are a product of our thinking, and so when our thinking is tortured and distorted then our
outcomes are tortured and distorted. The dark ages were thus named because the thinking was so
tortured. People rarely look at what the causes of any situation are, in the same way they look at
the first order effects of events missing entirely the 2nd order consequences (Lockdowns are a
great example of this as the long list of second order effects of economic destruction, increase in
poverty, increase in suicides, mental health, and so much more).

The trend towards a politically correct world, which is something unique to developed Western
democracies has been gathering momentum for over a decade now. I’ve been pointing it out on
multiple occasions, oftentimes to criticisms. It is now going full retard.

Princeton University, for example, is seeking to ​implement thought police and to ​“punish
insufficiently diverse disciplines”

California State University wants “redress for systemic racism” and has ​demanded free education
for non white students and segregation so that non white students don't have to be around
offensive white people. Hilariously, this is being championed as a move to reduce racism. At this
rate the Onion is going to go out of business.

They’ve even come up with a catch name for how this new utopian world will work. At least in so
far as mathematics is concerned. ETHNOMATHEMATICS. No really. In this new progressive world
2+2=oppression and ‘achievement’ is a white supremacist construct. Both need to be abolished.

According to Tracy Castro-Gill, a Seattle ethnic studies instructor the only way to “​decolonialize”​
the classroom is for teachers to dispense with ​“white sepremacist notions of achievement and
opportunity.”

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The aim here is to “close the opportunity gap”. In other words, force the smart kids to do as poorly
as the thick kids. Bingo then you’ve equality.

“Closing ‘Achievement/Opportunity’ gaps is a Western way of thinking about education.

It’s linear and views students as lacking something and needing to be turned into some
ideal, which is defined by white supremacy.”

People and capital will reward this thinking as they always have. They will run from it. As they run
the government will clamp down on them. Capital controls, physical border controls (yeah now
they have the virus to use as an excuse for that) and physical threats will come naturally. At the
same time those who see it and act on it before it’s too late will go where they’re treated best.
Diaspora reversal.

Consider this; If you’re an entrepreneur faced with the prospects of setting up a company in, say,
California, where by law you have to hire according to some “gender equity” or any of the myriad
“equity” based directives that are coming, as determined by some moron in a cubicle... what do you
do? You realise that after jumping through all their stupid hoops they’ll steal all your profits and
yet you need to feed your family and when you look in your childrens eyes and think of their
future, unless you’re lying to yourself you’ll know what you should do.

As Tacitus said 2,000 years ago,

“The more numerous the laws, the more corrupt the society.”

Moving right along...

The City of Seattle which seems to be leading the world in it’s relentless stampede towards a
“woke” utopia, recently summoned its white employees (only white employees) to a special
meeting where they were informed that their skin colour was offensive and unacceptable. The
program is called “​Interrupting Internalized Racial Superiority and Whiteness​”. Workers have
been ordered to undertake the work of “undoing your whiteness”.

If there ever was a way to generate the sort of racial hostility that has led to such abhorrent
outcomes such as genocide ​this,​ my friends, is how it’s done.

On the other hand, for anyone that’s familiar with Asia in general or even Asian diaspora you’ll
likely be familiar with the incredible work ethic and value placed on education. Do you really think
that Asian parents are going to send their beloved children into this den of ineptitude and
incompetence?

The answer is ​no​, not a chance. Study after study has found that not only are ​Asians completely
dominating in Math, Science and Engineering but that the West is falling further and further
behind as the gap widens at an accelerating rate.

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And so while the West commits intellectual suicide focussing on gender studies and other such
hogwash, while simultaneously allowing students to pass math provided the answers are racially
sanctioned… the productivity of the West will go into a steep decline. How can it not? I mean
would you live in a highrise designed and built by one of these students who’s math and
engineering says that 2+2 equals something ​other​ than 4?

So no, the shift of intellectual capital will be abrupt and rapid. What the Marxists don't understand
is that wealth is not “stuff”. It is intellectual capital. Stuff is the result of that intellectual capital
harnessed. ​Take that away and all you have is decay. That’s what is sadly in store.

But on the international playground there is something else to consider.

Power Vacuum

As America grapples with a Marxist revolution and an impending civil war, realise that this creates
a power vacuum in international politics. You can be damn sure that others are watching and
waiting patiently for the opportunities to present themselves. We have already seen The Chinese
Communist Party take advantage of the current crisis created by the Lockdowns and political
turmoil in the US, to take Hong Kong. They have their eyes on Taiwan. But you can expect many
other players to be more aggressive too. Turkey is flexing its muscles looking to reassert itself as a
regional power.

Timelines

The next decade is going to be extraordinarily good for hard assets. The trick is that if you’re in a
Western country the odds are above average that they’ll be seeking to steal all or some of those
profits.

This means you need to be getting ready NOW for this inevitability.

WHAT I’M DOING

____________________________________________________________________________

Two things for now. Not yet implemented but getting the nitty gritty sorted.

Fuckit. 3 things actually. The first is obvious. All you ​Insider members as well as our ​Glenorchy
Capital clients know it. I believe we’re currently as well positioned for the chaos in our portfolio as
we can be. The other two things I’ve been working on somewhat more silently. This is a very brief
intro to them.

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One​. For speculation, cashflow and profit, I'm looking to buy distressed real estate in Dubai over
the next 12 -24 months. Energy is going to be a wonderful investment and the energy complex has
just been seriously concentrated in the Middle East and Russia. The pricing power that’s currently
being built is nothing short of breathtaking. ​Dubai​, while only a minimal exporter of oil at roughly
4% of GDP has always been the Switzerland of the Middle East. This is where the deals get done,
where the rich go to vacation, play and store their wealth. It is the financial hub of the Middle East.
Right now I can buy high end (ridiculously high end, decorated by Versace bullshit high end) real
estate for less than construction cost. Like I said… I’ll have more on this as I was originally going to
just go in with some buddies and buy via a syndicate. I have had a ton of interest from subscribers
since I first mentioned it and so will be putting together a dedicated vehicle to do this.

Two​. For plan B, I’m looking at ​Thailand​. Asia is going to win this, and I think we’ll be there within
the next 10 to 15 years. By that time it will be abundantly clear, though things will be priced
accordingly. This is much faster than I’d previously anticipated. There will be many opportunities.
For now I’m focussing on Thailand which is well positioned as the “Switzerland” of Asia.

This trend has been in place ever since the Asian crisis but will now accelerate. I’ll provide you with
one example and leave further elaboration for another time because let’s face it this report is
getting pretty long as it is.

Applicants on the Thai Elite residence program for the first three months of this year are already
more than 50% of the applications for the entire 2019. This is largely actually from US citizens
already in Thailand looking at the US and thinking to themselves “Whoa no thanks... I want to go
back there like I want a colonoscopy”.

US applications from outside of Thailand have spiked by over 100% when comparing Q1 of 2020
to Q1 of 2019… and in fact comparing Q1 of 2020 to any quarter of 2019.

It's not only our American friends who can see the train coming down the tracks and see Thailand
as an excellent safe haven for entrepreneurs and business. Australians applying to leave the
“Lucky country” in Q1 of this year have increased by a staggering 228% compared to Q1 of 2019,
and there has been a significant uptake from Europeans with British and French applications
increasing by 75% abd 73% respectively.

The fact is Asian nations simply don’t give a shit about any of this neo Marxist virtue signaling
bucket of sick. They will, out of a combination of economic necessity, geographic proximity,
cultural ease and mutual understanding, reinforce trade with neighboring countries, bolstering the
entire region and accelerating their growth. That they all unilaterally still hate each other and
think their respective neigbors are a bunch of retarded backward hacks is a given. Racism between
Asian countries is taken as a given, though nobody is interested in destroying all they've worked
for in order to “right this wrong”.

This is where intellectual capital will increasingly head to. The last century was one where
developing nations of Asia saw their best and brightest head to Western Universities and for many

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the ultimate goal was to leave their homelands for the West… for good. This trend began subsiding
in the early ‘90s and has been slowing ever since. It accelerated again in ‘08 and will now go
supercharged. Not only will it slow, it will now rapidly shift the other way. Smart Westerners will
first begin moving their capital out of harm's way… into Asia and finally their persons. As this takes
place the ease of doing so will naturally decrease (supply and demand).

I want to be ahead of that curve because it’ll be multi-generational, and as much as I hate to say it,
this is where my kids’ future lies.

That for me is more important than anything else.

I’ll leave you with this famous quote. It is unfortunate that it is so appropriate to our time and what
we’re all facing.

"They came first for the Communists, and I didn't speak up because I wasn't a
Communist. Then they came for the Jews, and I didn't speak up because I wasn't a Jew.
Then they came for the trade unionists, and I didn't speak up because I wasn't a trade
unionist. Then they came for the Catholics, and I didn't speak up because I was a
Protestant. Then they came for me, and by that time no one was left to speak up."
- Martin Niemöller (German Lutheran pastor)

As always, thanks for reading and being part of Insider.

Sincerely,

Chris MacIntosh
Founder & Editor In Chief, Capitalist Exploits Independent Investment Research
Founder & Managing Partner, G ​ lenorchy Capital

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