I recently accompanied my son’s class on a field trip to something called the Exploreum. As you may have heard, good things don’t end with “eum”. Although certain facets of the trip were quasi-educational, I did take umbrage at their comparison of “playing the stock market” to casinos and the lottery:
If you think our title sounds like an episode of the TV show Lost, you would be correct. Per Wikipedia, an always reliable source, “’”The Constant” is widely regarded as one of Lost's best episodes, and arguably the best episode of television produced in the 21st century.” I encourage one of our readers to edit this incredibly hyperbolic entry.
We are going to break this month’s update into two separate pieces. First, we will recap a dismal 2022. Then, we will provide our outlook for 2023, and in some ways, beyond. If you want a little more color, we encourage you to listen to our most recent podcast.
In a pleasant surprise, the U.S. made it to the knockout stages of the World Cup. However, as widely predicted, they failed it make it any further. While winning the World Cup would have been truly extraordinary, in the history of American sports, nothing is likely to top the legendary 1980 hockey victory that inspired the titular quote. Such a victory was truly miraculous, at least according to the Oxford Languages dictionary, which defines a miracle as, “a highly improbable or extraordinary event, development, or accomplishment that brings very welcome consequences.” As an aside, we were shocked to learn there is not a Hallmark Christmas movie with this title, wherein “Miracles” is either a town or a dog.
Yes, this is the Hank Williams, Junior catchphrase from the erstwhile intro to Monday Night football (American Style) but we are going to be looking at markets through the lens of association football, specifically the World Cup, which kicks off in a few weeks. Yes, this event is typically played in the summer, but since it is being played in Qatar this year for reasons that certainly have nothing to do with unethical behavior on the part of soccer’s governing body, FIFA, let’s get ready for some football, I mean soccer.
It's the beginning of trading in the month of October and the markets have seen a steady decline. This is one of the more difficult market environments we've seen. Jonathan Ruffer, one of the greatest investors of whom you have never heard, recently wrote, “(i)n the forty-five years I have been an investor, I cannot recall a more dangerous period than today.”
We had some positive feedback on our myth-oriented update, which inspired one reader to ask we theme an update on Ulysses, the James Joyce classic, not the star of Homer’s Odyssey. So, I went to the library and checked out a 30-year-old edition that appeared to have never been opened.
Investors felt a little like Milhouse in July because despite a deluge of bad economic and inflation data, equity markets still posted strong returns. We will look at both the news flow and the market’s reaction; and where it might all go from here in this Milhouse-inspired update.
As referenced on our recent podcast, there is a modicum of excitement around Top Gun: Maverick. The original is iconic, in part due to its legendary soundtrack, including Danger Zone, by the unofficial king of soundtracks, Kenny Loggins.
As referenced on our recent podcast, there is a modicum of excitement around Top Gun: Maverick. The original is iconic, in part due to its legendary soundtrack, including Danger Zone, by the unofficial king of soundtracks, Kenny Loggins.
