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1. In this issue:
US: One Year Anniversary
Sport: Olympics
Economy: The Markets
THE ONE YEAR ANNIVERSARY
It is already one year since the black teenager,
Michael Brown, was gunned down by police in
Ferguson, Missouri. It represents a trend that
we have been writing about for more than a
year now. It involves police brutality with a
concentration on the minority population. It is
one of many such incidents and it is absolutely
impossible to ignore it. If it had been one time,
this may have been possible but the lopsided
nature of this offense is so evident that it has to
be mentioned. And we will continue to do so as
history continues to repeat itself.
Steps have been taken and the police have been
made more than aware of this phenomenon
and, we would hope, it will begin to erase the
problem. During this latest round of protests,
there was an incident in which another black
man was shot. However, it was clearly shown on
video that he was the provoker and the
aggressor. Video evidence will continue to be
the status quo and we approve of this method
of documentation. It won’t right the previous
wrongs but at least it is a step in the right
direction.
The United States is an admittedly violent
society when compared to many other
countries around the world, especially when we
consider the so called “Western world’.
www.fosterelliotltd.com
WEEKLY REPORT
August 18 - August 25 ⌘ Issue 33 / Volume 15
Are you aware of the fact that the U.S.
comprises of 5% of the world’s population but
that its level of incarceration represents 25%?
That is a skewed statistic and certainly worth
noting. Perhaps it is one of the reasons that the
police react so violently. We don’t think this is
necessarily so but we are simply trying to find
some kind of justification or ‘raison d’etre’.
Now that it has become such a big issue, and
not only Americans but the world is aware and
are aghast, we can perhaps take even more
measures. Society must be able to introspect
and look at itself objectively and realistically
and with a critical eye. It is only with such
activity that changes can be made. Hopefully
we won’t be writing about this topic for a while.
THE LATEST
As we all know, the first debate is over and is
already for the record books. The Republicans,
with their seventeen candidates, are obviously
scrambling for attention. They are slowly being
weeded out and data is being analyzed. This is
what we have so far.
Donald Trump, against all odds, is still being
perceived as the frontrunner. For the life of us,
we never thought that this would be the case.
But it is and we are left to gasp in awe.
Considering the fact that we do have these
aforementioned seventeen candidates, and
that he is now polling around 22%, we are
forced to admit that this is a significant
achievement. And apparently he didn’t lose any
standing because of the debate and came
across as the most interesting candidate and
certainly the most charismatic.

2. FOSTER ELLIOT WEEKLY
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Ben Carson, the former neurosurgeon, is rising
in the ranks. He was previously an afterthought
but is now being seriously discussed as a viable
alternative with a non-political background. He
is a man that we will be watching now. Jeb, on
the other hand, is seriously losing ground and
is barely mentioned. He doesn’t have the
charisma nor the smarts and he isn’t
extroverted enough. The Bush name does not
appear to be saving him and he is currently
drowning. Another candidate who appears to
be on the rise is the Austin, Texas resident Carly
Fiorina. She was considered to be one of the
second tier group but is quickly rising in the
ranks as well.
All this is happening and the powers that be
within the Republican Party are nervous and
scared. They want to be in control but they can’t
do that with Trump. Let’s make a couple of
assumptions. If he continues to lead and
eventually takes the party’s nomination what
would that mean? He would be the candidate
against the Democrats but would have his own
agenda and would never follow the Party line.
He would be like a bull in a China shop. He
would therefore be the Republican Party’s worst
nightmare. If, however, another candidate were
to win the Party’s nomination and Trump would
do, as he has threatened, to run as an
independent, it would kill their chances to win.
This scenario would guarantee the Democrats
victory.
This is all heady stuff and still too soon to tell
how the chips may fall. But it is certainly worth
noting and the speculation is rampant. As for
the other side of the coin, in terms of the
Democrats, it is much more clearly defined.
Hillary was far and away the frontrunner but
Bernie Sanders from Vermont has been rapidly
closing the gap.
She has many skeletons in her closet and this
email controversy does not appear to be going
away any time soon. We would not at all be
surprised if the gap continues to decrease
between the two candidates and Bernie
eventually overtakes her. Stay tuned…
d
BLURBS
- For the life of us we simply can’t understand
the subtle economics of bailouts. However,
once again Greece is in the news and is
apparently the recipient of yet another bailout
to the tune of 86 billion euros. We are quite
frankly in shock and can’t fathom what the
powers that be are thinking. As far as we are
concerned this money will never be repaid. The
Greeks have proven time and time again their
‘loyalty’ to the European Union and this latest
bailout is a recipe for disaster. The money will

3. FOSTER ELLIOT WEEKLY
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not be repaid and the Greeks will resent
their creditors and, in a short time, will seek
other options. This is a given and we doubt
that we will be proven wrong.
- Jack Ma, the founder of Alibaba has just
purchased the second most expensive
home in the world for the modest price of
193 million dollars. We are happy for him
and are pleased that he can spend his newly
earned wealth in such a manner. For most
of us that struggle simply to pay rent on a
monthly basis, this kind of extravagance
makes us sick. Perhaps it is just wishful
thinking but this gross example of the
disparity between the rich and the poor
illustrates one of the many problems in the
world.
BACK TO THE MARKETS
All in all, it was not such a bad week. It
could have been better but at least it held in
a fairly stable manner. The markets have
been more nervous of late and have had
many 100 point swings on a daily basis. It is
perhaps more exciting this way but we
prefer stability and more modest
movements.
As for the year, we are now modestly in
negative territory. Considering the last six
years, this is the first year in which we are
being thusly challenged. Does this signal
the end of the bull market? Are we now being set
up for a major correction? These are good
questions and we are well aware that all good
things must eventually come to an end. As far as
we are concerned, it has been a great run but we
are not prepared to throw in the towel. We are
remaining cautiously bullish and still believe that
we will end the year in positive territory.
As for Gold, we had a very positive week and it
actually once again broke through the 1100USD
mark. We have seen this time and time again and
we believe that this so called ‘support level’ is
essentially meaningless. However, in spite of
this, we are really quite happy and believe that
Gold will continue to edge higher. We are holding
our position and regret that we didn’t have the
guts to plunge in a couple of weeks ago when
prices were lower. What about you? Did you buy?
As for oil, the prices continue to edge lower. We
can’t predict the bottom but we wouldn’t be at all
surprised if it goes below forty a barrel. Who
would have thought this possible a mere two
years ago?
CONCLUSIONS FOR THE WEEK
Another week has ended as we move towards the
conclusion of summer. It will soon get more
serious in terms of the upcoming Presidential
elections and we will continue to comment about
this. There are, of course, other issues, and we
will continue to talk about these as well. Next
week we plan to address some more topics in
Europe and hope to provide a pep talk as well.
Have a great week all!