by Gary Alexander

March 1, 2022

It’s March 1 this morning – the start of a new month, so let’s wipe the slate clean. For starters, we begin two great market months. The S&P 500 was down 8% through last Friday. Now, it’s time to rise again.

Graphs are for illustrative and discussion purposes only. Please read important disclosures at the end of this commentary.

One way I wipe the slate clean each month is that I stockpile books that I want to read next month, so I resolve to finish this month’s books by the last day of this month. It might sound impossible or silly, but it’s a discipline that has helped me read over 100 good books per year for at least 30 years, and it also creates a huge sense of discovery the first day of each month as I crack open eight to 10 new adventures.

History books and good fiction give insight to daily news not available from the chattering classes on cable TV or Internet outlets. I’ll give you just two samples from my list of February books, just finished:

Dan Brown’s “Inferno” (2013) – A Mutant Child of “Limits to Growth” (March 1, 1972)

It was 50 years ago today that two epochal events happened – President Richard Nixon concluded his surprise week-long visit to Mao’s China, opening up that hermit nation to its rapid rise since then. The second epochal event was the publication of “Limits to Growth” on March 1, 1972. Based on computer models by a team led by Jay Forrester at MIT, and a team of academic authors led by Dennis and Donella Meadows, “Limits” predicted the extinction of key world resources by the late 1980s or 1990s at current rates of use. For an academic treatise, the book sold like hotcakes, reaching 30 million copies in print in 30 languages. Despite all its failed predictions, updates kept coming out, the latest published in 2012,

At about the same time (2013), popular novelist Dan Brown penned a similar best-selling nightmare of death by overpopulation called “Inferno.” My wife picked it up at the ferry dock in early February as we headed to the mainland for a doctor visit. After she breezed through it, I ventured into the 611-page potboiler simply because I love the Italian city of Florence, and this book seemed keyed to the great buildings and artwork there, and also the poetry of Dante, which I admire. Knowing Dan Brown’s twisted imagination, however, I anticipated a strange ending (spoiler alert), where a mad scientist creates a virus making two-thirds of the world sterile so that we can cut the population down to size to “save the planet.”

Needless to say, this outcome is seen as a favorable solution to “overpopulation.” Throughout “Inferno,” we are told by genius scientists that the logic of Thomas Malthus, first written in 1798, is mathematically inevitable, but that is not the case. Brown wrote this book at the precise time when major rich countries throughout Europe, Asia and now even North America are struggling with negative birth rates – without some mad doctor throwing a sterilizing agent into the air or water, neutering us. But … scary stuff sells.

P.J. O’Rourke’s Swan Song – “A Cry from the Far Middle” (2020)

When I learned that comic writer P.J. O’Rourke died in mid-February at age 74, I recalled with fondness our many panels at the New Orleans Investment Conference, where he was often the token libertarian. I view him as the Will Rogers of our generation. His final book was short (158 pages) but it was an aptly named “cry from the heart” for a more centrist view of politics in America — a Cry from the Far Middle!

Here’s a link to one of our panels, from October 29, 2016, just about a week before the 2016 election, the surprise Trump victory. The other two panelists are the late Charles Krauthammer, in his final appearance there, and economist Stephen Moore. Neither O’Rourke nor Krauthammer liked Trump or Clinton at all, as you will see if you play this, and Moore only likes Trump’s economics, since he was advising Trump.

LINK: NOIC 2016 – Summit on America’s Future (

P.J.’s views of the 2016 election came out in his March 2017 book “How the Hell Did This Happen? The Election of 2016.”  My favorite of his economics books is “Eat the Rich: A Treatise on Economics,” in which he basically compares the Modern Monetary Theory ideas to teenage children – all take, no give.

Since I also write about the apocalyptic addiction of our press, I liked his “All the Trouble in the World: The Lighter Side of Overpopulation, Famine, Ecological Disaster, Ethnic Hatred, Plague and Poverty.”

But I’ll stick with “A Cry from the Far Middle” for now. Let me start with key America anniversaries that fell on March 1 in history for some affirmation of what he is talking about in his final cry for moderation:

On March 1, 1781, the Articles of Confederation took effect, our first Constitution, which quickly died.

On March 1, 1790, our first Census was authorized because we love to locate and count ourselves.

On March 1, 1803, Ohio entered the Union, and Nebraska followed on March 1, 1867

On March 1, 1872, Yellowstone became our first National Park

On March 2, 1877, two days before Inauguration, the 1876 election was finally called: Hayes over Tilden. Samuel Tilden won the popular vote, but Rutherford B. Hayes narrowly won the Electoral College.

That brings us up to our latest cause for division – the controversial 2020 election and the storming of the U.S. Capitol on January 6, 2021. That was a terrible assault on our Capitol, but so far, the evidence shows that there were no weapons brought in. However, on this date in history, there were two left-wing armed attacks within the Capitol – a shooting in the House chamber in 1954, and a 1971 bombing in the Senate:

  • On March 1, 1954, four members of an extremist Puerto Rican nationalist group fired over 30 shots on the floor of the House of Representatives from the visitor’s gallery, injuring five U.S. Members of Congress. The assailants’ life sentences were later commuted by President Jimmy Carter.
  • On March 1, 1971, a bomb planted in the Senate exploded, causing over $300,000 in damages, but nobody was injured. The Weather Underground, a left-wing radical group opposed to the Vietnam War, claimed responsibility for the bombing. In 1980, those responsible came out of hiding, but they didn’t go to prison. (Politico Magazine: “When the Left Attacked the Capitol, February 28, 2021).

If I can close with one more book I read last month, without undue comment, it is “With the Old Breed” by Eugene B. Sledge, who fought as a young Marine on Peleliu and Okinawa in World War II. It is the greatest example of eloquent understatement of the horrors and courage in battle you will ever read. It could help us all visualize what the brave people of Ukraine may be going through right now.

All content above represents the opinion of Gary Alexander of Navellier & Associates, Inc.

Please see important disclosures below.

Also In This Issue

Global Mail by Ivan Martchev
The Stock Market Delivers a Successful Retest

Sector Spotlight by Jason Bodner
Markets Often Over-React – in Both Directions

View Full Archive
Read Past Issues Here

About The Author

Gary Alexander

Gary Alexander has been Senior Writer at Navellier since 2009.  He edits Navellier’s weekly Marketmail and writes a weekly Growth Mail column, in which he uses market history to support the case for growth stocks.  For the previous 20 years before joining Navellier, he was Senior Executive Editor at InvestorPlace Media (formerly Phillips Publishing), where he worked with several leading investment analysts, including Louis Navellier (since 1997), helping launch Louis Navellier’s Blue Chip Growth and Global Growth newsletters.

Prior to that, Gary edited Wealth Magazine and Gold Newsletter and wrote various investment research reports for Jefferson Financial in New Orleans in the 1980s.  He began his financial newsletter career with KCI Communications in 1980, where he served as consulting editor for Personal Finance newsletter while serving as general manager of KCI’s Alexandria House book division.  Before that, he covered the economics beat for news magazines. All content of “Growth Mail” represents the opinion of Gary Alexander

Important Disclosures:

Although information in these reports has been obtained from and is based upon sources that Navellier believes to be reliable, Navellier does not guarantee its accuracy and it may be incomplete or condensed. All opinions and estimates constitute Navellier’s judgment as of the date the report was created and are subject to change without notice. These reports are for informational purposes only and are not a solicitation for the purchase or sale of a security. Any decision to purchase securities mentioned in these reports must take into account existing public information on such securities or any registered prospectus.To the extent permitted by law, neither Navellier & Associates, Inc., nor any of its affiliates, agents, or service providers assumes any liability or responsibility nor owes any duty of care for any consequences of any person acting or refraining to act in reliance on the information contained in this communication or for any decision based on it.

Past performance is no indication of future results. Investment in securities involves significant risk and has the potential for partial or complete loss of funds invested. It should not be assumed that any securities recommendations made by Navellier. in the future will be profitable or equal the performance of securities made in this report. Dividend payments are not guaranteed. The amount of a dividend payment, if any, can vary over time and issuers may reduce dividends paid on securities in the event of a recession or adverse event affecting a specific industry or issuer.

None of the stock information, data, and company information presented herein constitutes a recommendation by Navellier or a solicitation to buy or sell any securities. Any specific securities identified and described do not represent all of the securities purchased, sold, or recommended for advisory clients. The holdings identified do not represent all of the securities purchased, sold, or recommended for advisory clients and the reader should not assume that investments in the securities identified and discussed were or will be profitable.

Information presented is general information that does not take into account your individual circumstances, financial situation, or needs, nor does it present a personalized recommendation to you. Individual stocks presented may not be suitable for every investor. Investment in securities involves significant risk and has the potential for partial or complete loss of funds invested. Investment in fixed income securities has the potential for the investment return and principal value of an investment to fluctuate so that an investor’s holdings, when redeemed, may be worth less than their original cost.

One cannot invest directly in an index. Index is unmanaged and index performance does not reflect deduction of fees, expenses, or taxes. Presentation of Index data does not reflect a belief by Navellier that any stock index constitutes an investment alternative to any Navellier equity strategy or is necessarily comparable to such strategies. Among the most important differences between the Indices and Navellier strategies are that the Navellier equity strategies may (1) incur material management fees, (2) concentrate its investments in relatively few stocks, industries, or sectors, (3) have significantly greater trading activity and related costs, and (4) be significantly more or less volatile than the Indices.

ETF Risk: We may invest in exchange traded funds (“ETFs”) and some of our investment strategies are generally fully invested in ETFs. Like traditional mutual funds, ETFs charge asset-based fees, but they generally do not charge initial sales charges or redemption fees and investors typically pay only customary brokerage fees to buy and sell ETF shares. The fees and costs charged by ETFs held in client accounts will not be deducted from the compensation the client pays Navellier. ETF prices can fluctuate up or down, and a client account could lose money investing in an ETF if the prices of the securities owned by the ETF go down. ETFs are subject to additional risks:

  • ETF shares may trade above or below their net asset value;
  • An active trading market for an ETF’s shares may not develop or be maintained;
  • The value of an ETF may be more volatile than the underlying portfolio of securities the ETF is designed to track;
  • The cost of owning shares of the ETF may exceed those a client would incur by directly investing in the underlying securities; and
  • Trading of an ETF’s shares may be halted if the listing exchange’s officials deem it appropriate, the shares are delisted from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

Grader Disclosures: Investment in equity strategies involves substantial risk and has the potential for partial or complete loss of funds invested. The sample portfolio and any accompanying charts are for informational purposes only and are not to be construed as a solicitation to buy or sell any financial instrument and should not be relied upon as the sole factor in an investment making decision. As a matter of normal and important disclosures to you, as a potential investor, please consider the following: The performance presented is not based on any actual securities trading, portfolio, or accounts, and the reported performance of the A, B, C, D, and F portfolios (collectively the “model portfolios”) should be considered mere “paper” or pro forma performance results based on Navellier’s research.

Investors evaluating any of Navellier & Associates, Inc.’s, (or its affiliates’) Investment Products must not use any information presented here, including the performance figures of the model portfolios, in their evaluation of any Navellier Investment Products. Navellier Investment Products include the firm’s mutual funds and managed accounts. The model portfolios, charts, and other information presented do not represent actual funded trades and are not actual funded portfolios. There are material differences between Navellier Investment Products’ portfolios and the model portfolios, research, and performance figures presented here. The model portfolios and the research results (1) may contain stocks or ETFs that are illiquid and difficult to trade; (2) may contain stock or ETF holdings materially different from actual funded Navellier Investment Product portfolios; (3) include the reinvestment of all dividends and other earnings, estimated trading costs, commissions, or management fees; and, (4) may not reflect prices obtained in an actual funded Navellier Investment Product portfolio. For these and other reasons, the reported performances of model portfolios do not reflect the performance results of Navellier’s actually funded and traded Investment Products. In most cases, Navellier’s Investment Products have materially lower performance results than the performances of the model portfolios presented.

This report contains statements that are, or may be considered to be, forward-looking statements. All statements that are not historical facts, including statements about our beliefs or expectations, are “forward-looking statements” within the meaning of The U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by such forward-looking terminology as “expect,” “estimate,” “plan,” “intend,” “believe,” “anticipate,” “may,” “will,” “should,” “could,” “continue,” “project,” or similar statements or variations of such terms. Our forward-looking statements are based on a series of expectations, assumptions, and projections, are not guarantees of future results or performance, and involve substantial risks and uncertainty as described in Form ADV Part 2A of our filing with the Securities and Exchange Commission (SEC), which is available at or by requesting a copy by emailing All of our forward-looking statements are as of the date of this report only. We can give no assurance that such expectations or forward-looking statements will prove to be correct. Actual results may differ materially. You are urged to carefully consider all such factors.

FEDERAL TAX ADVICE DISCLAIMER: As required by U.S. Treasury Regulations, you are informed that, to the extent this presentation includes any federal tax advice, the presentation is not written by Navellier to be used, and cannot be used, for the purpose of avoiding federal tax penalties. Navellier does not advise on any income tax requirements or issues. Use of any information presented by Navellier is for general information only and does not represent tax advice either express or implied. You are encouraged to seek professional tax advice for income tax questions and assistance.

IMPORTANT NEWSLETTER DISCLOSURE:The hypothetical performance results for investment newsletters that are authored or edited by Louis Navellier, including Louis Navellier’s Growth Investor, Louis Navellier’s Breakthrough Stocks, Louis Navellier’s Accelerated Profits, and Louis Navellier’s Platinum Club, are not based on any actual securities trading, portfolio, or accounts, and the newsletters’ reported hypothetical performances should be considered mere “paper” or proforma hypothetical performance results and are not actual performance of real world trades.  Navellier & Associates, Inc. does not have any relation to or affiliation with the owner of these newsletters. There are material differences between Navellier Investment Products’ portfolios and the InvestorPlace Media, LLC newsletter portfolios authored by Louis Navellier. The InvestorPlace Media, LLC newsletters contain hypothetical performance that do not include transaction costs, advisory fees, or other fees a client might incur if actual investments and trades were being made by an investor. As a result, newsletter performance should not be used to evaluate Navellier Investment services which are separate and different from the newsletters. The owner of the newsletters is InvestorPlace Media, LLC and any questions concerning the newsletters, including any newsletter advertising or hypothetical Newsletter performance claims, (which are calculated solely by Investor Place Media and not Navellier) should be referred to InvestorPlace Media, LLC at (800) 718-8289.

Please note that Navellier & Associates and the Navellier Private Client Group are managed completely independent of the newsletters owned and published by InvestorPlace Media, LLC and written and edited by Louis Navellier, and investment performance of the newsletters should in no way be considered indicative of potential future investment performance for any Navellier & Associates separately managed account portfolio. Potential investors should consult with their financial advisor before investing in any Navellier Investment Product.

Navellier claims compliance with Global Investment Performance Standards (GIPS). To receive a complete list and descriptions of Navellier’s composites and/or a presentation that adheres to the GIPS standards, please contact Navellier or click here. It should not be assumed that any securities recommendations made by Navellier & Associates, Inc. in the future will be profitable or equal the performance of securities made in this report.

FactSet Disclosure: Navellier does not independently calculate the statistical information included in the attached report. The calculation and the information are provided by FactSet, a company not related to Navellier. Although information contained in the report has been obtained from FactSet and is based on sources Navellier believes to be reliable, Navellier does not guarantee its accuracy, and it may be incomplete or condensed. The report and the related FactSet sourced information are provided on an “as is” basis. The user assumes the entire risk of any use made of this information. Investors should consider the report as only a single factor in making their investment decision. The report is for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of a security. FactSet sourced information is the exclusive property of FactSet. Without prior written permission of FactSet, this information may not be reproduced, disseminated or used to create any financial products. All indices are unmanaged and performance of the indices include reinvestment of dividends and interest income, unless otherwise noted, are not illustrative of any particular investment and an investment cannot be made in any index. Past performance is no guarantee of future results.