Dr. Richard Smith, FSC Chairman

A Note from the Chairman


Dear FSC Friends,

Over the past month, the Foundation has been alive with progress, participation, and purpose. I want to extend my heartfelt gratitude to all of you who are contributing to the work of the FSC. Your time, insight, and commitment are what truly move us forward. There’s much to report, so let’s get to it.

Masters Working Group – The Place To Be

The Masters Working Group (MWG) continues to be the beating heart of the Foundation – a meeting ground for serious traders, thinkers, and cycle practitioners.

This past month, MWG members enjoyed private sessions with Michael Howell and Larry Williams – two masters with deep, real-world experience and hard-won wisdom. Their presentations were outstanding, and the Q&A was rapid fire. What I found especially gratifying was that both Michael and Larry came away impressed by the caliber of our MWG Members. It’s truly a smart group – and getting smarter all the time.

Next up: Jake Bernstein joins us for what promises to be another masterclass in experience and technique. If you’ve ever wondered what it feels like to be part of a living laboratory of cycle analysis, the MWG is the place to be. MWG Members also receive access to recordings of past sessions.

Join the Masters Working Group.

Analyst ProEvolving in Real Time

Last week, Lars and I unveiled the newest suite of Analyst Pro capabilities. We’ve added a new proprietary indicator – Cycle Swing Momentum – along with massive new global data coverage spanning more than 150,000 securities.

There’s simply nothing else like the Analyst Pro platform for cycle analysis, and we’re thrilled to welcome all our new members.

Become an Analyst Pro Member.

Cycles TV

Our Cycles TV channel on YouTube continues to deliver outstanding free content. Lars interviewed Andrew Pancholi, and I spoke with Robert Prechter. We also welcomed back Jake Bernstein, who offered two excellent masterclasses on seasonality and cycles. Lars explored business cycles, P/E ratio cycles, and Bitcoin cycles, while I continued my big-picture series on monetary policy and liquidity cycles.

Cycles in the City ’26 – Save the Dates

We’re already preparing for next year’s Cycles in the City, returning to our superb venue in New York City on June 11–13, 2026. The space was such a success last year that we couldn’t pass up the chance to gather there again. One of its greatest strengths is its intimacy – it naturally fosters peer-to-peer engagement and genuine participation.

Attendance will be limited to keep the experience focused and interactive. Expect an official announcement in December – but for now, mark your calendars. This one will be special.

Looking Ahead

It’s been over six years since we undertook the revival of the FSC, and it’s deeply gratifying to see that hard work producing real momentum and engagement. That means a lot to me.

I believe that cycles are an expression of natural intelligence unfolding in time. That intelligence doesn’t exist without you – our Members. Action, taken in time, produces knowledge.

I was recently discussing this with our Market Strategy Director, D.R. Barton, who shared a story about a great trader he knew through the late Van Tharp. This trader, after exhaustive preparation before every trade, always said, “I know that I don’t know anything until I put down my first five.”

He was speaking to a profound truth: Everything changes once you enter the arena. Eisenhower has a similar take: “Plans are worthless, but planning is everything.” And we heard echoes of it again this month from Larry Williams during an MWG session. When I pressed Larry on the real secret to his success, he invoked a rodeo metaphor: “It’s being able to stay on the bull for eight seconds.”

All action in time requires endurance, involves risk and pain, and ultimately yields new knowledge and insight.

That’s a truth – and a cycle – that the FSC stands behind. We can and will continue to study cycles, but what matters most is the feedback loop of action and learning in time. That is the cycle we can only complete with you, our Members.

With appreciation,
Dr. Richard Smith
Chairman of the Board and Executive Director


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