214: Mastering the Crash: Elliott Wave and Strategic Wealth Mindsets | Conquer the Crash by Robert Prechter, Elliott Wave

Jason Hartman discusses the fundamental reasons for business and personal failure, specifically identifying fear, poor mindset, lack of connections, and deficient systems. Hartman emphasizes that individuals must view themselves as the CEOs of their own lives to navigate economic crises effectively. The guest, Steve Hochberg from Elliott Wave International, explains the Elliott Wave Principle, a theory suggesting that financial markets are driven by predictable patterns of crowd psychology rather than external news. Hochberg argues that the 2020 market crash was a mathematical inevitability caused by a shift from extreme optimism to pessimism rather than being solely due to the pandemic. The discussion concludes by exploring how these psychological shifts impact real estate, predicting a migration away from high-density urban areas toward more stable, linear markets.

 

Key Takeaways:

2:30 From a discussion: the four primary reasons a company fails

4:00 Number one, FEAR - Faults, education, appearing, real

5:15 Number two, mindset

9:00 Number three, lack of connections

11:30 Number four, Lacking systems and process

15:20 What is going on in the financial world?

17:00 Unfolding the Elliott Wave Principle 

18:20 "Late 2019, the U.S. economy had some very strong economic numbers, the social mood was very elevated, but there were some underlying problems going on"

19:20 The yield curve: the three month U.S. Treasury bill yield minus the ten year U.S. Treasury note, had inverted, which was a key indicator in the last months of 2019. 

23:00 Cyclical vs linear markets, post-pandemic

28:00 Do recessions cause cautious businessmen or do cautious businessmen cause recessions? 

30:00 An Elliot Wave is a hierarchical fractal, it has self-similar patterns at all degrees of the scale

30:45 Why do you prefer the DOW over the S&P?

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