Greetings from West Palm Beach!

Merry Christmas from the Dyson Family

My family and I are in Florida spending the holidays with Kate’s family, decorating cookies, making gingerbread houses and watching classic Christmas movies. 

Next week we drive to New York. It should take us a few days. As we always do, we’ll use backroads and sleep in independently-owned motels until we reach the Big Apple. The journey should take us a few days. 

We’ll send you a picture from the road.

Then, we’re going to put our car in storage and return to London. 

In London, I’ll have an office and at least six months of uninterrupted study time, which I’ll use to sift through thousands of potential investment ideas and market trends, and write up my favorites for you.

Things do not look good for the world economy next year. China’s deflating. The tech sector seems to have topped out. And inflation is stirring. Putting these market-based signals together with what we know about the fundamentals of the world’s major economies – half of which appear to be bankrupt – I’m quite happy to be in the “batten down the hatches” camp. So the ideas I’m looking for will focus on safety, preservation, hard assets and a little dividend income. 

If we’re able to merely keep what we’ve earned over the last 18 months (in real terms, after inflation), we will have done a great job.

Wishing you a happy New Year!

Tom, Kate, Dusty, Miles and Penny