FYI: For most people the end of summer means one last dash to the beach, back-to-school shopping and some final wagering at the horse track. At least this has been the case for me. The last bet on the last race at the Del Mar Racetrack in Southern California comes at Labor Day. Betting on a horse means putting money on a hopeful winner before the announcer shouts “go” and either picking up a gain or losing it all several minutes later.
Investing shouldn’t be like that, though. In our view, actually, no manager should pick a horse in the race, but that is usually how we see it work. At several conferences recently, we conducted some informal polls: will the S&P 500 be lower or higher at the end of the year than it is today? Will the 10-year Treasury fall from current levels or go back higher?
Regards,
Ted
https://www.fa-mag.com/news/market-commentary--winning-at-the-horse-races-51594.html?print
