We see absurd hyperbole every day here at Stock Gumshoe, with promises of stocks that double or massive “free income” from various “top secret” trading strategies or… well, you know the drill, you get most of those same emails.
So after swimming in this sea of hype for almost a decade, I sometimes forget just how crazy it can be… but this “promise” is almost unbelievably misleading.
Here’s how Byron King teases the ridiculous potential of “JFK’s Super Currency” in his effort to sell subscriptions to Outstanding Investments (which has trailed the market, on average, for five years but beaten it over ten years, largely thanks to a focus on hard assets and commodities):
“At the very least, over the next 12 months I expect this ‘Secret Currency’ to multiply your money 10-times over.
“But this new Kennedy Revolution is absolutely unprecedented. And it’s starting to gather steam right now.
“People are not waiting for the Fed to demolish the dollar with its trillion-dollar money printing. They’re seeking to destroy the Fed instead and take their hard-earned money back.
“My point is, JFK’s Secret Currency could skyrocket 2,000%, 3,000%, or more.
“Of course as with any investment nothing is 100% safe, nothing is 100% guaranteed, but when it comes to an investment like this its upside potential has virtually no limits.”
Multiply your money ten times over “at the very least?” He may expect that, if he’s not in complete control of his faculties, but saying that as a financial pundit to a few million of your closest friends strikes me as frighteningly irresponsible.
All that is from the last version of this ad that ran in the Summer of 2014, they’ve done a little tinkering with it since then, changing “JFK’s Secret Currency” to “JFK’s Super Currency” and editing a few other parts, but the general idea is the same as it was last Summer. Most of what follows is from the original ad and our original answers, we’ll toss in some new tidbits where they’ve changed (if they have), and will append the original comments and discussion from the first time around so you can see that history.
You should never, ever, ever, ever “expect” anything to go up 1,000% in a year, if for no other reason than because that expectation would mean you’re left with little room to think rationally about risk or a reasonable portfolio diversification. It might happen once in a blue moon, with luck and speculation and a little bit of skill, but man, the idea that you can predict it and be correct even a small percentage of the time is goofy.
John Paulson, in one of the biggest and most successful bets in modern history, posted gains of 300-600% in some of his funds with his large short bet against subprime mortgages, and he undoubtedly had investments in those funds that did far better than that, but that’s by being on exactly the right side of the biggest market crash in our memory at almost exactly the right time… he’s famous because this doesn’t happen very often, so are we to expect that your $49 subscription to Byron King’s Outstanding Investments is getting you access to the Oracle of Agora?
It’s probably not illegal and may not even be evil, since they rightly note that nothing is guaranteed, and they don’t know what your financial situation is, and they are journalists sharing their opinion and analysis, not financial advisors telling you what to do… but still. Those paragraphs jump out more than most.
And, frankly, they make me want to find out what this “secret currency” is. If not so we can make 1,000% gains, then at least so we can defuse some of that hype… and see if it’s worth considering if you go in with expectations that are more rational.
So what is “JFK’s Secret Currency?”
Well, King does compare it to one of those “currencies” that went up by 1000% or more…
“It has all the potential of Bitcoin in its early stages…
“But, unlike Bitcoin, it has REAL VALUE.
“It’s a safer, more secretive and potentially more lucrative alternative.
“It’s not some fly-by-night technology trend.
“It’s not vulnerable to hackers.
“It has a proven track record of building wealth… and it works even during a power outage.Are you getting our free Daily Update
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“That’s why JFK’s Secret Currency could prove even more successful than Bitcoin….”
I led off today with the absurd prediction made by Byron King, but the real attention-getter for readers at the top of the ad is the implication that President John F. Kennedy was killed because he was on his way to instituting this “secret currency” …
“It was June 4, 1963… perhaps the most important day in recent American history…
“Although hardly anyone even remembers it.
“Just five months before his untimely death, President John F. Kennedy made a stunning announcement…
“A watershed moment that could have changed the course of America forever…
“He re-extended the right to print a currency, backed by hard assets, to the U.S. Treasury.
“This single act would have re-invented the dollar.
“It could have guaranteed a balanced budget and economic prosperity for future generations.
“And it could have prevented America’s 50-year downfall from greatness.
“But President Kennedy’s radical plan never came to be.
“Because on November 22, while visiting Dallas, Texas, gunmen fired on the presidential motorcade.”
So what’s he talking about? Executive Order 11110, which he says “some people” believe led directly to JFK’s assassination.
It’s hard to pick one conspiracy theory about the JFK assassination that’s goofier than the rest, and