“The most important quality for an investor is temperament, not intellect.”
— Warren Buffet
I suppose the question is not if, but when.
The bell rings recession. Some people dare not even whisper its name – the R-word! The R-word! – for fear of speaking it into existence. Others say we’re in deep already, and Biden put us here.
The fact that we’re all talking about it around a dinner table at a fine dining establishment… means it can only get worse.
Perhaps, the air is thick with apprehension. But generally, the kids are alright.
That is the nature of fear and crowds. It is so dependent on how other people feel.
If you’re afraid, then I’m afraid.
The stock market opened high today as the folks on Wall Street look to build on three weeks of gains. It seems we have caught a second wind.
Naturally, we continue to pull out our credit cards and spend our way through the “recession.”
And that’s the issue isn’t it.
The distraction of consumerism has created a type of attention deficit disorder. Wall Street, big and shiny, continues to wow us with its resilience.
Hence, the mixed messages from the White House:
Those of us with our ducks in a row are laughing at everyone blowing bubbles.
Joel Bowman, at Bonner Private Research, on the R-word, or whatever we choose to call it through a mouthful of chicken:
In the end, honest people will decide for themselves the weight of a word and whether they are being deceived by their self-serving leaders. It is during these times we call to mind the words of Mr. Thomas Jefferson: “It is error alone which needs the support of government. Truth can stand by itself.”
More to come this week, on how to navigate this uncertainty with Lifetime Income Report’s Zach Scheidt. Keep an eye out… And please, for God’s sake, don’t panic.
So it goes,
Founder, The Wiggin Sessions
P.S. My friend Jud calls the new $370billion dollar bill signed by Senate Democrats – designed to move the country away from fossil fuels and toward solar, wind and other renewable energy sources – a mini Build Back Better. Jim Rickards, not one to mince words, calls it “Build Back Worse.” Cleverness out the window: what Biden terms “wealth creation” is nothing more than another attempt at blowing a new bubble. Call it “wealth destruction,” rather.