Welcome

We started The Hard Trade in 2007 with the idea that “the hard trade” is often the most profitable. The hard trade requires an investor or trader to be contrarian, to aggregate information, and to make – often uncomfortable – decisions. This newsletter and the discussions it stimulates will hopefully lead you to be a better investor and trader, and will provide you with actionable ideas, timelines, enhanced context, predictions, and historical interpretation (or re-interpretation, when necessary).

As you explore our letter, please keep in mind that you will not discover get-rich-quick stocks here. You will not find easy answers or any guarantees. Instead, you will encounter stimulating questions and fresh perspectives, as well as relevant news, probing analysis, and investable themes. Alongside debates on finance, investing, and economics, you are also likely to find talk of psychology, process, and evaluation criteria.

You can sign up for our Free Daily Digest to receive a daily summary of our top headlines and a brief excerpt. If you are interested in more in-depth information, our Standard Membership allows you to read the full articles, comment, and participate in the discussion. Our Members play an active role in investing and trading for their own accounts or on behalf of clients. They tend to be avid readers, with a broad knowledge base and vast experience outside of the financial industry. They have neither responsibility nor obligation to participate in discussions, but can if they so choose. We have no advertising on the site, receive no commissions nor fees for any links, and never, EVER, sell any of our Members’ information. The cost of a Standard Subscription is $175/month. Sign up now and you will receive the FIRST 2-WEEKS FREE – if you are unhappy for any reason, you can cancel anytime!

Our goal is to simplify the complex, think critically and independently, challenge those around us, and, in the process, become better investors.