Chicago streets were remarkably crowded this weekend. Usually my mode of transportation is bipedal. Luxurious strolls for coffee, food, or just exercise as intermission. However, an errand called me out to the suburbs - so I navigated through congestion for an hour or so whilst wondering why I was doing it. The purpose of my travels were known to me of course. My fellow travelers' motivations, not so much.
One thing was for certain though, everyone was clearly in a hurry.
When historians look back on this age, the more scrutinizing types will most probably ring up the same observation.
Certainly that would be an appropriate representation of today's investors, be they amateur or professional, versed in equity or credit.
To that I would offer, Why hurry? If you take a breath and relax for a while all the prices you currently are witnessing will resurface again ... from the other direction.
For my part I sit in cash with a splash of yen content(or perhaps my dissenters would say confused) in the knowledge that there will be a bear market bottom in stocks comparable to past metrics (40-50% lower),that the deflationary supertanker will not reverse until most commodities are in backwardization, that convertible and corporate bonds will rise to more absurd yields, treasuries to more absurd PEs, and efforts to forestall Mr. Market's creative destruction to more absurd heights.
If I am wrong I lose only opportunity not capital.
Call it the mendacity of hope, and the urgency of not.
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