In this conversation with Maurice Jackson of Proven & Probable, I discuss exchange rates, buying foreign exchange and gold, arbitrage, and the broader philosophical framework of investing.

The discussion examines why currency movements matter, how investors should think about gold and foreign exchange, and why successful speculation requires more than following headlines. It requires judgment, discipline, and an understanding of incentives, risk, and human behavior.

Watch the full discussion below:

Key Takeaways

• Why exchange rates matter to investors and speculators
• How gold fits into a broader view of currency, risk, and purchasing power
• The role of arbitrage in finding mispriced opportunities
• Why successful investing requires discipline, patience, and independent judgment
• How philosophy and human behavior shape markets as much as numbers do