I'll be right up front.
What I have to say today is going to go against the grain.
You may not think so, but I guarantee there are a bunch of "get rich quick" artists out there who will.
They're going to tell you I'm wrong, that I don't understand, that my thinking is limited or – my favorite – that I simply "don't get it."
Perhaps they're right. I can't deny those kinds of allegations.
That really doesn't matter to me, though.
It's making profitable recommendations that concerns me.
And, for me to do that, we have to speak frankly.
That way, you'll be better armed and better equipped to build the kind of Total Wealth that will last a lifetime, not just a matter of weeks or until the next "hot" money trade comes along.
Get this right… truly grasp what I'm saying about what's taking place… and you'll be laughing all the way to the bank while others are crying in their beer, or, as the case may be, consumed by the munchies when their hard-earned money goes up in smoke.
Here's the situation…
Pot stocks are all over the media right now.
Oh… excuse me… cannabis stocks. That's what they're apparently called these days.
I find the fact that we have to use euphemisms to somehow make 'em more palatable to be very telling in and of itself, but that's a story for another time.
Canada made recreational marijuana legal on Wednesday, Oct. 17.
That means any consenting adult who wants to have a little "magic lettuce" or "maui wowi" can now buy some from Newfoundland to the Yukon and everywhere in between.
Predictably, investors are falling all over themselves to get in on the action.
Deloitte estimates that the total value of legalized Canadian cannabis will top $22.6 billion when you include growers, testing, security, tourism and – yes – exports.
Most of which will go directly into Wall Street's pockets, dashing the hopes of millions of investors who fancy making a quick buck.
I'd love to tell you we've never seen anything like it before, but that'd be flat out wrong. I wouldn't be doing my job.
We have seen this before.
In Case You Missed It: Former Speaker of the House John Boehner was once marijuana’s biggest enemy… now he’s advising Americans to go “ALL IN” on cannabis. To see his shocking prediction, click here…
Twice in the last five years, in fact.
First with gold. Then with cryptocurrencies.
Now with pot stocks.
I get it. Many investors are simply looking to make a quick buck, so they're piling into even the most questionable of questionable stocks.
We've seen this playbook so many times it's painful to write about.
Each new "rush" promises huge wealth but ends in tears for 99% of the folks who jump on board. Tulips in 1637, California's Gold Rush in 1849, Charles Ponzi in the 1920s, cryptocurrencies in 2017.
So you want to do it right.
Or not at all.
About the Author
Keith Fitz-Gerald has been the Chief Investment Strategist for the Money Morning team since 2007. He's a seasoned market analyst with decades of experience, and a highly accurate track record. Keith regularly travels the world in search of investment opportunities others don't yet see or understand. In addition to heading The Money Map Report, Keith runs High Velocity Profits, which aims to get in, target gains, and get out clean. In his weekly Total Wealth, Keith has broken down his 30-plus years of success into three parts: Trends, Risk Assessment, and Tactics – meaning the exact techniques for making money. Sign up is free at totalwealthresearch.com.