"I refer to the insightful email asking what causes secular bull markets. You are too modest. I would argue that secular bull markets result from the combination of knowledge and capital flows; as such you have to take some credit. You and your kind that is. By identifying game changing technologies and behavioural trends, and speaking to a large audience of variable net worth individuals, you have considerable influence. Without that influence, dare say I would need protection from my ability to invest poorly. You describe the time course of a secular bull market, which seems to echo the time course of distribution of knowledge. Clearly I have oversimplified the argument, but the alternative to knowledge is unthinkable. BTW, I have started Crowd Money and am grateful Eoin has condensed so many good ideas into an accessible text. Recommend it."

David Fuller's view

Thank you so much for this gracious email. My role is to observe and comment and I find the often mysterious journey which unfolds endlessly fascinating. I know many subscribers feel similarly.

The seed bed for secular bull markets is human achievement, not least in term of technological and scientific innovation. We are all actors in the market drama who progress from fearful to hopeful before eventually succumbing to irrational exuberance over the cycle of a secular bull market. These are followed by a lengthy and economically difficult corrective and regeneration process, including a period valuation contraction before the next secular bull market commences.

I am delighted that you and many other subscribers are reading Crowd Money. For decades investors have asked me for a book which prepared them for The Chart Seminar. My standard reply was that they should just bring their common sense and interest in the markets, because we used a factual and behavioural approach. Now after Eoin's considerable efforts I can recommend his book as an introduction to both TCS and this service.