Dear FSC Friends,

The past two weeks I did a deep dive into Dalio’s debt cycles and Michael Howell’s global liquidity flow cycles on Trading Market Cycles (live on Cycles TV on Tuesdays at noon ET). It was a sobering and informative exercise – one that also reminded me of one of the highest purposes of the FSC.

First, the sobering facts and cycles. The debt crisis is here, it is serious, and there is a limited liquidity window in which we can do something about it.

Long-term cycles in 10-year Treasury yields tell us that there is likely to be upward pressure on yields for decades to come. That means higher servicing costs on an already barely sustainable debt load. Howell’s 65-month cycle in global liquidity flows together with the 18.6-year real estate cycle tell us that there is a limited window over the next 12 to 24 months to get our financial house in order.

It's all a sobering reminder of why our founder, Edward R. Dewey, started to study cycles in the first place: to understand what caused the 1929 stock market crash and ensuing depression and to uncover what was missing from traditional early-20th-century economics.

I see a lot of vindication of Dewey’s prescience in our world today. In many ways Dewey was a pioneer of what we call behavioral economics today. He was willing to look beyond the “command and control” approach to economics and think more in terms of probabilities and statistics. This isn’t an easy thing to do today, let alone 80 years ago when Dewey started his work.

Most importantly, Dewey’s quest to understand the causes of the Great Depression was driven by his burning desire to ensure that it never happened again. How did he hope that could be accomplished? Through an awareness of cycles.

The data and technology available today would be unfathomable to Dewey. Yet, we know exactly what he would do with it. He’d be studying it, collaborating with others on it, and sharing the work as widely as possible.

So shall we.

Time rhymes,

Dr. Richard Smith
Chairman of the Board and Executive Director

Dear FSC Friends,

The FSC is hosting Live in '25, its first in-person cycles symposium in over 40 years. We will be gathering in New York City from June 12 – 14, 2025. As the Chairman of the FSC, I obviously didn’t need to buy my own ticket, but I did buy my own ticket and I want to tell you why.

I have a sense of urgency about our times. I think you do too. As I see it, the time for a reckoning with cycles is at hand. As Neil Howe pointed out in his masterful book The Fourth Turning Is Here, we have run roughshod over the very idea of cyclical forces for centuries now, and we are, consequently, increasingly subject to the very cycles whose existence we try to deny!

There is no doubt that cycles are intrinsic to our world. It’s not even a question I bother to debate any longer. Cycles are literally everywhere and in everything. The question is whether we are going to recognize and acknowledge cycles and, ultimately, learn to work with the cycles.

Our own times are not dissimilar to the times that first gave rise to the Foundation for the Study of Cycles (FSC) nearly 90 years ago, in the second quarter of the 20th century. While, thankfully, we are not experiencing the same physical upheaval of two world wars, we can certainly all sense the deep conflict coursing through our world today and the risk of that latent conflict erupting into the open again. We are also keenly aware of the existential ecological risks.

The parallels between our times and those of our founders have become more apparent to me over the past year due to my exploration of the FSC’s physical archives. These explorations have led me to realize that, while the founding of the FSC was originally in 1941, an important event for the FSC actually took place a decade earlier on the Matamek River at an old Hudson Bay trading post in Quebec, Canada.

In the summer of 1931, Copley Amory, an investment partner at Loomis, Sayles & Company in Boston, gathered a small group of research scientists for the Matamek Conference on Biological Cycles in Quebec, Canada. Amory had converted the trading post into a summer home and retreat.

I had long assumed that FSC Founder Edward R. Dewey had been in attendance at the Matamek conference but, as it turns out, he was not. He only discovered the official report from this conference in a library many years after the conference took place. He writes about his discovery of these proceedings early in his book Cycles: The Mysterious Forces That Trigger Events:

About the time when I had been anxiously interviewing economists to discover the cause of our Great Depression, a Boston financier named Copley Amory had organized an international conference on biological cycles that was held at his summer estate in Matamek. Twenty-five of the world’s leading biologists assembled to compare notes about cycles in wildlife. As I read the transcript of their findings, a strange excitement took hold of me, for I learned a fact known to every sportsman, namely, that game is sometimes plentiful and sometimes scarce. But what impressed me was that the periods of abundance, and of scarcity, often came at amazingly regular time intervals. Cycles!

I discovered something else on that fateful day when the transcript of the Matamek Conference came to my attention. I learned of the cycle work that had been done by C. N. Anderson of the Bell Telephone Laboratories. Anderson had discovered that sunspots act as if they were influenced by a variety of cyclic forces similar to those that Hoskins and I had been discovering in business figures and also to those that the biologists had discussed at Matamek. Cycles in business! Cycles in wildlife! Cycles on the sun! And, in many instances, these cycles had the same length and went up and down together. Now here was something basic, something fundamental, something more profound than I could envision. For if two or ten or a hundred separate and seemingly unrelated things fluctuated in cycles of identical wavelength and turned at about the same time, it was unlikely that they were as unrelated as might first be supposed. Either some of them were causing the others to behave that way, or something hitherto unknown and unsuspected was causing all of them to go up and down together. Do you see the mystery, the excitement? A detective story on a cosmic scale!

I saw at once that we were confronted with a basic scientific problem that could be solved only by linking together economics, biology, and astronomy—and perhaps several other sciences as well. The problem had to be attacked on a broad front.

Soon thereafter, Dewey and Amory joined forces to attack this basic scientific problem on a broad front. Dewey was, of course, the first Executive Director of the FSC, and Copley Amory was Chairman of the Board.

We have a rare complete edition of the Matamek conference proceedings in the FSC archives, and it reminded me about the “why” of the FSC. We also have a rare opportunity to pick up the flag that Dewey and Amory planted together back in 1941 and carry it forward into the 21st century.

That is why I bought my own ticket to FSC's Live in ’25 conference. I hope you will too.

Time rhymes,

Dr. Richard Smith
Chairman of the Board and Executive Director

Dear FSC Friends,

Like most treasure hunts, mine involves a lot of drudgery, physical work, impossible to justify expenses, and trips to the dump.

It started over a decade ago when I bought a plane ticket (my first expense) and made my way to southern California to see what I might find. It was just a hunch and a lark. Frankly, I didn’t expect to find much.

By all accounts, that should have been the end of it because most of what I found screamed mediocrity and maybe even scam. One moment, however, stood out from the rest. It was literally less than a minute amidst a three-day trip.

It came when I opened the top drawer of a five-drawer file cabinet, pulled out a random folder, and looked inside. It wasn’t the specific content that stirred me. I didn’t even really know what I was looking at. It was just the handwriting. The handwriting whispered refinement, curiosity, education, care, meticulousness, and passion.

I put the folder back in the drawer and thumbed through the rest of the tightly packed contents enough to confirm that the whole drawer was full of the detailed handwritten cataloguing of a scientist in pursuit of new knowledge. The words I said to myself were, “This should be in the Smithsonian.”

That handwriting and those meticulous notes belonged to Edward R. Dewey, the founder and first president of the Foundation for the Study of Cycles. At the time I had no idea that one of Dewey’s close collaborators was Dr. Charles Greeley Abbott – the fifth secretary of the Smithsonian! Dr. Abbott’s career at the Smithsonian spanned a total of 78 years (he lived to be 101) and “was marked by such momentous events as the first airplane flight, two world wars, the Great Depression, and the first human to walk on the moon.”

The FSC archives have taken quite the journey over the past 40 years. At one point they resided in the World Trade Center, before they were moved offsite to a storage unit shortly before the attacks of 9/11.

Today, through an inexplicable series of events, they reside at my home, and for the past few months, I’ve spent my Saturdays separating the wheat from the chaff and, yes, making trips to the dump.

Along the way I’ve found some little gems, and this month we’re adding a From the Archives series to highlight the past work of the Foundation. This month’s archives article is titled The Need for Interdisciplinary Cycles Research. Like the archives themselves, this piece by Dewey conveys the full scope of the vision and mission of what Dewey, Abbott, and others set out to achieve.

Spending time in the archives is a humbling experience because it is a reminder that our founders were out to fundamentally change the way we understand our world – and they were serious about it as evidenced by their sense of urgency and excitement.

We’re standing in some big shoes at the FSC. It’s both unnerving and comforting to realize that the vision and mission of the FSC transcends any one individual contributor. We’ve got a lot of work to do to fulfill that vision and mission, but I think we can all feel good about the small but meaningful steps we’re taking together.

Time rhymes,
Dr. Richard Smith
Chairman of the Board and Executive Director

P.S. If you’d like to help us ensure that the FSC archives do eventually end up in the Smithsonian, we could use your help to acquire things like new file cabinets, storage facilities and digital conversion equipment. Donations are welcome here!

Dear FSC Friends,

I’ve been thinking a lot lately about cycles, Edward R. Dewey and the future of the FSC. It’s hard to believe but we are wrapping up our 6th year as a reborn FSC. Our official reincorporation date was November 15, 2018. I’m very proud of what we’ve accomplished, and I’m confident that Dewey would have appreciated it too.

Besides more or less always thinking about cycles, what’s really got my mental wheels turning is FSC's first in-person conference in nearly 40 years. It’s official that the FSC will be gathering in NYC from June 12 - 14, 2025. I think that this conference will define the FSC for at least the next several years, and I can’t wait to get together with many of you in person.

In every decision I make at the FSC, I always ask myself, “What would Dewey do?” It’s not that my own ideas about cycles are exactly the same as Dewey’s. But I am always keenly aware that the FSC was built by Dewey and was done so at great personal sacrifice, and that must always be remembered and respected.

What I do know that Dewey and I share as a belief about cycles is that cycles are whispering to us that something isn’t quite right about our current approach to understanding the world we live in. For Dewey, it was economics, the dismal science, that first clued him into the fact that something was missing in our understanding of our world.

I think that the problems that Dewey recognized in economics have only intensified since his death and are now chronic problems in not only economics but also in ecology, health, philosophy, and even in science itself. Something is wrong with the way that we look at our world. In our obsession with novelty and progress, we have lost sight of the recursive nature of reality. We have lost sight of cycles.

Improving our personal economic outcomes with the knowledge of cycles is an important and valid aim of the FSC. But it’s also about restoring balance in our lives and sanity in our society.

What if, for example, instead of seeing every presidential election as the “election to end all elections,” we remembered that every election is a cycle and that there will be another one after this one, as there has been for the past 235 years?

For me, the FSC isn’t just about “using” cycles. It’s about learning to recognize and cooperate with cycles – and learning to see ourselves and our world in new ways – even if others would rather try to manipulate us all by pretending that cycles don’t exist or don’t matter.

That’s what I’m really thinking about as we plan our upcoming conference, and it’s what I’m thinking about as we chart the future course of the FSC. It’s also what I had a great conversation about with “America’s Rabbi” Daniel Lapin, which will premiere on Cycles TV on Saturday, November 2, at noon ET. It was an important conversation for me personally, and I encourage you to check it out.

I also encourage you to let me know what you’re thinking about for the future of the FSC. It’s a critical time for the FSC and your feedback is impactful and appreciated.

Time rhymes,

Dr. Richard Smith
FSC Chairman of the Board and Executive Director

Over the past month I’ve become more familiar with the remarkable work of Raymond Wheeler, who studied the effects of climate on human psychology, culture, and behavior. It has reminded me of one of the great mysteries of cycles.

Wheeler was a psychology professor at the University of Kansas back in the first half of the twentieth century and spent decades of painstaking research assembling a monumental study of climate cycles and their effect on human behavior and culture back to 600 B.C. His analysis spanned over 3,000 sources and involved hundreds of researchers over decades of work.

His findings are summarized by Michael Zahorchak in the only book available on Wheeler’s work, Climate: The Key to Understanding Business Cycles:

[O]ver long periods of time, climatic changes evolve in an orderly progression of temperature – rainfall relationships similar to those prevailing in the annual progression of seasons, and further, that important changes in cultural, political and economic patterns accompany, and can be anticipated by, these long-term climatic changes.

I knew of Wheeler already. But the more I learn about the full breadth and scope of his work, the more I am amazed at Wheeler’s contributions to science and mankind, and the more I am dismayed that his work remains virtually unknown today. He doesn’t even have a Wikipedia page!

Which brings me to one of the great mysteries of cycles.

What is it that is so distasteful about cycles to our modern world? We find the answer from the preface to Zahorchak’s book:

[M]ost people refuse to accept the fact that humans are subject to the forces of nature, because they believe that this admission subjects them to slavery or makes them victims of these forces. Wheeler shows that freedom comes from learning what these forces are and turning them to one’s own account.

What sailor would wish to remain ignorant of the tides because the admission of tides would be tantamount to slavery? Are we really to imagine that in a world where cycles and tides are literally everywhere, there are no “tides in the affairs of men,” to quote Edgar Lawrence Smith?

The FSC was a great supporter of Wheeler’s efforts from day one. In fact, as I learn more about the history of Wheeler’s work and its relationship to the history of the FSC, it becomes clearer what the FSC was trying to kickstart in its early days, and why its work was embraced by such accomplished individuals.

What’s still a mystery is why the efforts of people like Dewey, Wheeler, Huntington, Kondratieff, Smith, Abbot, and Amory get so little recognition today.

With your help, we at the FSC would like to change that.

Time rhymes,
Dr. Richard Smith
FSC Chairman of the Board and Executive Director

Dear Friends of the Foundation for the Study of Cycles

I am writing to you today as the new Chairman of the Board of the Foundation for the Study of Cycles (FSC).

This is an important letter. It is not a solicitation for funds or donations. It is an update on what has happened in the past couple of months and it is an invitation for your ideas and collaboration. I hope that everyone who has an affection for the FSC will take the time to read this letter carefully and then share your thoughts and hopes about the future of the FSC.

Today I am excited and deeply gratified to be able to report that the FSC is back!

We have a new Board of Directors, including leading cycles researchers Jake Bernstein, Larry Williams and Andrew Pancholi and pioneering technical analyst Tom Demark. We have the support of other pillars of the cycles community as well, including Sherman McClellan, Bill Sarubbi and others.

Your new Board is bringing new leadership and benefits to the FSC membership, including a series of absolutely FREE online webinars from some of the biggest names in the cycles and technical analysis community. Keep an eye out for upcoming announcements!

We are rebuilding the FSC from the ground up. It will be a slow and steady process but the process is solidly underway and I hope that you will be inspired to join us in our efforts.

For too long now, and in spite of all the good intentions, the FSC has been effectively run as a sole proprietorship. That is not what the FSC was meant to be. It was meant to be a community of cycles enthusiasts who are working together to discover the truth about cycles, apply our research and contribute to the healing of our fractured and out-of-balance world.

A lot has happened in the past couple of months following the passing of the former Chairman David Perales. I would like to take some time now to bring everyone up to speed on what has happened and where we are now headed.

Upon learning of David’s death, I immediately began to take steps to see what could be done to protect and preserve the assets and heritage of the FSC. I did so because I care about both the heritage and the future of the FSC and I want to see the FSC restored to what we all know it could and should be. I also did so because I cared about David and wanted to see him respectfully laid to rest.

I had a lot of help from other concerned members of our community including Nathaniel Hansen, Radu Lupea, the staff in Romania, and Board members James Walker, Tim Donlea and Dan Wichhart. We all owe a debt of gratitude to them and I hope you will join me in extending our appreciation.

You can view an online photo album of some of the significant events and milestones in our recent efforts here.

We laid David to rest in his adopted home of Bucharest. We gathered the accounts, archives and digital assets of the FSC. We resolved urgent debts. We paid the Romanian staff back wages. We engaged legal counsel to advise us on resolving all past liabilities and to position the new FSC on solid ground going forward.

With all that work behind us we are ready to turn over a new leaf, and start a new cycle, in the ongoing evolution of the FSC.

Since the passing of Dewey in 1978, the FSC has unfortunately had a number of problems. For the past couple of decades in particular, the FSC has been dominated by individual personalities who, while full of good intentions, primarily used the FSC to further their own personal agendas.

That will not be the case under our new leadership.

This letter along with the dedicated work of our new Board, and hopefully your support, mark the beginning of a new growth cycle for FSC!

As your new Chairman and as the spokesperson for the new Board of Directors, I assure you that the new FSC will be committed to the original vision of its founders – Edward Dewey and W. Clement Stone in particular.

We are working diligently to re-establish the FSC as a true foundation – dedicated to the interdisciplinary advancement of the study of cycles for the broad benefit of humanity. The new FSC will once again be a not-for-profit and non-stock corporation that is focused on research and education.

Of course, the FSC will always be of interest to those of us who are focused on the forecasting power of cycles in business, trading, investing and economics. That is what piqued my own interest in the study of cycles. Edward Dewey himself started out in business with Chapin Hoskins, the managing editor of Forbes.

There is a wonderful practicality to the worlds of business and speculation that makes people in these endeavors more receptive to areas of research like time-cycles. We are OK with knowing how cycles can be useful without necessarily needing to know why they occur.

The FSC will continue to publish groundbreaking research and conduct workshops on how cycles can be used to predict economic events. All of the current board members are deeply engaged in this endeavor already. We expect to continue to deliver even greater value to members in this important area of our research.

But it is clear that Dewey did not intend for the FSC to be primarily a for-profit business selling signals to financial speculators. His vision was considerably larger, both pragmatically and academically.But it is clear that Dewey did not intend for the FSC to be primarily a for-profit business selling signals to financial speculators. His vision was considerably larger, both pragmatically and academically.

Early on in his most well-known book “Cycles: The Mysterious Forces That Trigger Events” Dewey describes his vision for the Foundation as he saw it in 1941. I’ve excerpted the highlights here.

The Foundation for the Study of Cycles believes it is building a cathedral – several of them in fact.

Cathedral Number One – The Advancement of Human Knowledge

We are doing our part toward learning how the universe functions, for we are discovering evidence of hitherto unsuspected forces.

Cathedral Number Two – The Elimination of War

There is little hope of eliminating war for yourself, your children, or your grandchildren. But, hopefully, you will have great-grandchildren. It is for them we are building.

Cathedral Number Three – the Elimination of Depressions

Only by understanding the forces that caused depressions can we ever learn to control them. There is a growing mass of evidence that depressions recur at rhythmic time intervals.

Cathedral Number Four – the Elimination of Disease

As yet only a small amount of cycle research has been done in this area, so the importance of cycle knowledge in the elimination of disease has not been determined.

Cathedral Number Five – Accurate Weather Forecasting a Year or More in Advance

How wonderful it would be if farmers could know in advance when to expect droughts, late frosts, or rainy harvests.

From our present vantage point nearly 50 years after Dewey outlined the above mission for the FSC, his aspirations may seem a bit quaint – like something from a bygone era.

And yet, Dewey’s mission is not easily dismissed. These are the words of Dewey himself after all, and frankly, our cynical and mechanism-fascinated age could use a little unadulterated idealism.

We believe that these are worthwhile and timeless pursuits and we seek to rededicate the Foundation of the Study of Cycles to an updated and contemporary version Dewey’s original vision which we will work to refine and communicate in the coming months.

As the sciences of human behavior, economics, biology and artificial intelligence continue their geometric growth it becomes more evident that cycles in their various forms can be found in every area of human endeavor.

Computers and new technology are now able to achieve results that early manual operations could not produce or foresee. The case for cycles has been made!

Restoring the FSC to Dewey’s original vision is not going to be an easy task. It will take hard work, money, and dedication. We hope to still be advancing Dewey’s vision when the FSC celebrates its 100th anniversary in 2041.

We will have more to say in the near future about next steps for the new FSC but in the meantime, I would like to give a report on the current state of affairs of the FSC and the steps the board has taken to secure its future.

It grieves me to report that the condition of the FSC upon the death of David was very dire and I suspect that many recent members of the FSC who worked with David may find the next section of this letter disconcerting.

While David was very passionate and dedicated and made many contributions to the FSC, his organizational skills were lacking. David was running the FSC as a sole-proprietorship out of his own personal PayPal account. There were few records at David’s death and no money.

As of David’s death, the FSC was essentially bankrupt.

There was literally no money in the bank to continue operations, so all operations and services were suspended. Sadly, all services that were being fulfilled by the FSC under David are no longer able to be fulfilled.

David had also taken several questionable legal steps such as attempting to transfer the Intellectual Property of the Foundation into his name personally in exchange for shares in a new Illinois L3C company. Shares in the Illinois L3C were never issued to the FSC and the attempted transfer of the IP of the FSC was invalid at best and fraudulent at worst.

David sold shares in the Illinois L3C via a crowdfunding initiative. That L3C is no longer in existence for failure to file and it did not own any assets. It is also bankrupt.

That’s the bad news, and I recognize that it may be a hard pill to swallow for those who believed that the FSC was in a better position and possibly poised for transformative success. That simply was not the case.

Because of the difficulty of knowing what liabilities David may have incurred under the banner of the FSC, the board has taken the significant step of dissolving the original Connecticut non-stock corporation and establishing a new Delaware non-stock corporation. The assets of the Connecticut entity have been transferred to the new Delaware entity.

The Board has been closely and well advised in these efforts by the new legal counsel of the new FSC.

Taking these steps will allow us to move forward as expeditiously as possible, to limit liability and to immediately start the process of restoring the tax deductible 501(c)(3) status of the Foundation.

In fact, I can tell you that as of today, donations made to the FSC are once again tax-deductible in the United States!

That’s all the bad news and the legal necessities. Now I’m excited to share with you some of the positive highlights of our work over these past couple of months.

One of the things that I am personally most excited about is that we have secured all of the physical assets of the FSC that David had in storage in Palm Springs. Here is a picture of what we found in the Palm Springs storage unit when we first arrived.

It wasn’t exactly the ideal conditions that we had hoped to find for the FSC’s valuable archives.

After nearly two weeks of tireless work by Nathaniel Hansen, I am very pleased to report that these archives are in much better conditions today. Take a look:

In addition, I am thrilled to report that we have begun to expand the Board of Directors of the FSC by bringing on several luminaries in the world of cycles – Jake Bernstein, Larry Williams and Andrew Pancholi – and leading technical analyst Tom DeMark.

You can learn more about the new leadership of the FSC here.

Jake, Larry, Andy and Tom are exactly the kind of important members of the cycles community who had become estranged from the FSC. We are excited and proud to welcome them back and we look forward to announcing more new noteworthy Board members soon.

We want to continue to expand the Board as well. We welcome all recommendations – both financial and non-financial.

For those in the cycles community that may not know me well, I’d like to share a little bit about myself and a few thoughts on why it is I find myself in this unexpected position of shepherding the FSC into its next cycle.

My undergraduate training is as a mathematician at U.C. Berkeley. I then went on to get my PhD in the interdisciplinary field of systems science under the late professor George Klir. My dissertation was on new mathematical methods for helping scientists and researchers be more honest about and aware of the uncertainties in their own models and forecasts.

For the past 15 years I’ve been building software tools and developing algorithms to help investors build more profitable and lower risk portfolios. Today I serve over 30,000 individual investors that track over 20 billion dollars of assets on my platform TradeStops.

About 10 years ago, David asked me to look into the software published by the FSC and to look into the original papers published by Dewey, Shirk, Vaux and others which described the cycle detection algorithms being used by the FSC.

My team and I spent nearly two years on this project, pro bono, which resulted in new and improved algorithms and new editions of the software published by the FSC.

Upon David’s death, I was asked by the Board to assume the role of interim Chairman and CEO. In that capacity I spent my own personal funds (over $100,000 to date) to lay David to rest, gather assets from Bucharest and Palm Springs, clean up the legal status of the FSC and establish basic operations sufficient to give the FSC the opportunity to come back to life.

As I stated earlier, I am not interested in becoming a new dominant personality for the FSC. I want the FSC to shine with its own light. But I do believe that there are some important reasons that I will make a good Chairman for the FSC at this time in its history.

• I care deeply about the history of the FSC and long to see it restored to respectability and recognition and I believe that it is an important time in history for a revitalized FSC to clarify and broadcast its message.
• I will not run the FSC as a sole-proprietorship. I will work to build a robust Board of Directors that can collectively support the future of the FSC.
• I use time-cycles actively in my own work and have continued to evolve my own computer programs and algorithms in the field.
• My experience in the interdisciplinary field of systems science makes me uniquely positioned to help develop a truly interdisciplinary FSC.
• My background in enterprise grade financial software for retail investors will serve the FSC’s own aspirations for developing and publishing its own data, algorithms and software.

In closing, I am proud of the work we have done to give the FSC this opportunity to once again be recognized as the transformational institution that it truly is. The Board and I have brought it this far, but we need your help to continue marching forward.

I recognize that many of us have given repeatedly to the FSC over the years and not always received the value that we expected in return. This is, in fact, the very reason that the old FSC was bankrupt.

That will not be the case with the new FSC. Your new Board is committed to delivering value to the cycles community and doing so with clarity, transparency and civility.

Here are some of the steps that your new Board is already taking to make good on that promise:

• Securing and protecting FSC digital and physical assets.
• Taking legal steps to limit liabilities and preserve assets.
• Applying for 501(c)(3) status for the new FSC so that donations will be tax deductible.
• Developing a business plan for the new FSC.
• Recruiting new Directors to the Board from multiple disciplines.
• Removing marketing heavy materials (and extraneous websites) from the FSC web presence.
• Organizing and digitizing FSC archives and making them available online to members.
• Arranging free webinars for members from new Board members and cycles luminaries Jake Bernstein and Larry Williams.
• Preparing a big online webinar in 1Q 2019 to bring together the work of many leading cycles theorists.

We are doing all this currently without any operating funds or employees. Of course, we want to move as fast as possible, but we believe that building a Foundation the right way is more important than doing it quickly.

In addition to these recent improvements we are currently working hard on several fronts including:

As the new FSC finds its footing and its new supports, here are some of the projects we would like to see initiated.

• Re-publishing of a quarterly online version of Cycles magazine.
• Re-building the Foundation's membership by working with list owners who want to promote the Foundation to their own lists
• Funding of a full-time operations officer to manage the day to day affairs of the FSC and the needs of members.
• Building an online data warehouse and cloud-based version of the core cycles-detection algorithms.
• Creating a physical location for scholars of cycles and cycles enthusiasts to browse FSC archives and publications
• Fomenting the growth of Cycles chapters globally, wherein cycles enthusiasts and scholars may interact
• Affiliating the FSC with an academic institution that wants to support cycles related research; and, of course
• Raising a new endowment and operating funds.

We welcome all the help we can get in these important areas!

One last point … It is important to note that the new FSC is exclusively focused at this time on our not-for-profit scientific research and educational mission. We envision a time in the future where the FSC will create a wholly-owned for-profit subsidiary to commercialize FSC technology – much like universities do – but we are not yet there today.

For now, we will not be selling software or conducting paid workshops.

Of course, supporting and funding the FSC has always been a challenge. The challenge goes all the way back to the very first days of the FSC back in 1941. It is no different today.

Great opportunities lie in front of us and our ambitions for the FSC are as expansive as ever, but we can’t do it without you. If you are inspired by this new opportunity to rebuild the FSC, your Board sincerely hopes that you will contact the FSC and see how you can help.

The easiest way to let us know that you want to help is to simply reply to this email. You are also welcome to directly contact any of the current Directors or Officers. A list of all current Directors and Officers and contact email addresses is below.

Please let us hear from you!

Thank you again for taking the time to read this letter. After such a tumultuous transition and a long period of silence, I felt that it was proper and necessary to explain in detail the recent events and the new direction.

With high hopes for a bright future for the FSC,

On behalf of the Board of Directors,

Richard M. Smith, PhD

Chairman and CEO, Foundation for the Study of Cycles

P.S. The new FSC will not be concerned with any past disagreements between members of the cycles community. We welcome all members of the community tрat wish to constructively contribute to the benefit of the FSC going forward.

P.P.S. Keep an eye out for exciting announcements about FREE online cycles workshops from Jake Bernstein, Larry Williams and others.

Richard M. Smith, PhD, Chairman

Andrew Pancholi

Jake Bernstein

James Walker

Larry Williams

Tom DeMark

Nathaniel Hansen