By Steve Sjuggerud in DailyWealth:

"People are absolutely not positioned for hard times," Richard Russell told the crowd Saturday night. "The present bear market will get much tougher."

Richard Russell famously called the bottom for stocks in December 1974. He told readers of his newsletter, Dow Theory Letters, to buy... after stocks had fallen roughly in half in the preceding two years. During those two terrible years, Richard recommended his readers hold 100% of their money outside of the stock market.

On Saturday night, I attended a tribute dinner for Richard, who's been writing his newsletter since 1958. I figured it'd be a small affair... an occasion for investment newsletter writers like me to acknowledge the guy who taught us all how to do it right. Turns out, over 400 people showed up. Newsletter writers came to California from as far as South Africa and Europe to show their respect. It was a "who's who" of newsletter writers over the last 50 years.

Richard shined during a question-and-answer session after dinner. Famous newsletter writers quizzed him like star-struck kids. The 84-year-old showed he's still at the top of his game in the investment world.

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This Richard Russell quote is a must read

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