All:

I have a very pressing sense that we are on the very cusp of something very bad that is about to happen. I received a phone call today from a dear friend in Santa Clara, California. This was a man who at one time was worth many millions of dollars. He once worked at Fairchild with Shockley on the first semiconductors. He knew Gordon Moore and Bob Noyce. He ran a successful end effector manufacturer in Silcion Valley for decades. Like most entreprenuers, he wasn't a saver. He'd pour huge amounts of money into his next deal, then take those profits and pour them into something bigger. He called me this morning. He's broke. He's going to lose his business, his house everything. ASU and Applied Materials just backed out of huge deals with him and his Chinese supplier called him and told him that there will be no more credit, only cash and their prices just went up for the ceramic parts he needs by 150% overnight.

This is very bad! Very, very bad. And right in the window that Sinclair is talking about. You see, this guy, let's call him A.F. is a real guy, a genius inventor, holder of multiple patents. He works in the real world, not the world of imaginary govenrment numbers. If he can't make things happen, very bad things are going to happen for everyone.

I wish I could express to you all just how scary this is. There is money out in Silicon Valley, at least there always has been, and this guy can't get financing from anyone. He owns the technology to produce a ceramic part for Kocera that no other company on the planet can make, and he can't get the money to finance the process to make it.

He is a good man, a second generation Italian who grew up in NYC and lost his mother at on early age. He has worked hard his entire life for everything he has, and now he cannot get the capital to go on. It is starting. An unraveling is beginning. I can only believe that it will start to accelerate from here on out.

I bid you all adieu for now. Bull