Quotes or book excerpts that I find particularly insightful

"According to the latest data, people are living longer and becoming healthier, better fed, richer, smarter, safer, more connected–and, at the same time, ever gloomier about the state of the world... This disconnect originates in the nature of news.

News is about what happens, not what doesn't happen, so it features sudden and upsetting events like fires, plant closings, rampage shootings and shark attacks. Most positive developments are not camera-friendly, and they aren't built in a day. You never see a headline about a country that is not at war, or a city that has not been attacked by terrorists–or the fact that since yesterday, 180,000 people have escaped extreme poverty.

The bad habits of media in turn bring out the worst in human cognition. Our intuitions about risk are driven not by statistics but by images and stories... It's easy to see how this cognitive bias–stoked by the news policy "If it bleeds, it leads"–could make people conclude the worst about where the world is heading.

Irrational pessimism is also driven by a morbid interest in what can go wrong–and there are always more ways for things to go wrong than to go right. This creates a market for experts to remind us of things that can go wrong that we may have overlooked. Biblical prophets, oped pundits, social critics, dystopian filmmakers and tabloid psychics know they can achieve instant gravitas by warning of an imminent doomsday. Those who point out that the world is getting better–even hardheaded analysts who are just reading out the data–may be dismissed as starry-eyed naifs."

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The Merk Hard Currency Fund is a no-load mutual fund that invests in a basket of hard currencies from countries with strong monetary policies assembled to protect against the depreciation of the U.S. dollar relative to other currencies. The Fund may serve as a valuable diversification component as it seeks to protect against a decline in the dollar while potentially mitigating stock market, credit and interest riskswith the ease of investing in a mutual fund. The Fund may be appropriate for you if you are pursuing a long-term goal with a hard currency component to your portfolio; are willing to tolerate the risks associated with investments in foreign currencies; or are looking for a way to potentially mitigate downside risk in or profit from a secular bear market. For more information on the Fund and to download a prospectus, please visit www.merkfund.com. Investors should consider the investment objectives, risks and charges and expenses of the Merk Hard Currency Fund carefully before investing. This and other information is in the prospectus, a copy of which may be obtained by visiting the Fund's website at www.merkfund.com or calling 866-MERK FUND. Please read the prospectus carefully before you invest. The Fund primarily invests in foreign currencies and as such, changes in currency exchange rates will affect the value of what the Fund owns and the price of the Funds shares. Investing in foreign instruments bears a greater risk than investing in domestic instruments for reasons such as volatility of currency exchange rates and, in some cases, limited geographic focus, political and economic instability, and relatively illiquid markets. The Fund is subject to interest rate risk which is the risk that debt securities in the Funds portfolio will decline in value because of increases in market interest rates. As a non-diversified fund, the Fund will be subject to more investment risk and potential for volatility than a diversified fund because its portfolio may, at times, focus on a limited number of issuers. The Fund may also invest in derivative securities which can be volatile and involve various types and degrees of risk. For a more complete discussion of these and other Fund risks please refer to the Funds prospectus. The views in this article were those of Axel Merk as of the newsletter's publication date and may not reflect his views at any time thereafter. These views and opinions should not be construed as investment advice nor considered as an offer to sell or a solicitation of an offer to buy shares of any securities mentioned herein. Mr. Merk is the founder and president of Merk Investments LLC and is the portfolio manager for the Merk Hard Currency Fund. Foreside Fund Services, LLC, distributor.