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Weekly Investment Strategy MARKETS AND INVESTING June 12, 2020 Review the latest Weekly Headings by CIO Larry Adam.
Key Takeaways
Robust Recovery Is The General ‘School Of Thought’ Investors Hope A Second Wave Is ‘The Road Not Taken’ Valuations Require Investors To ‘Put Their Thinking Caps On’
Congratulations to the Class of 2020! I must admit, when I pictured my eldest daughter graduating high school, I did not imagine her wearing a mask with her cap and gown while receiving her diploma in my backyard. Although the traditional festivities did not occur, I can say that she, along with all other graduates, are moving onto college or entering the work place with valuable lessons in hand. From adapting to online learning to enduring the uncertainty that life can throw our way, this class has displayed incredible resilience and we wish them the best of luck in their future endeavors. Resiliency also comes to mind when I think of the US equity market. COVID-19 resulted in one of the swiftest declines in history, but the rally has been historic too. Before yesterday’s pullback, the S&P 500 was up ~43% and even briefly turned positive on the year. Due to inflated optimism and the market pricing in an exorbitant amount of positive news, the uptick in volatility had been expected./
- Re “Weekly strategy” ... Does anyone here actually change their strategy every week? Sounds like a good way to get run over by a truck.
- Re Robert Frost ... They’re misconstruing the meaning of Frost’s “The Road Not Taken”. They misrepresent that road as a dangerous path with dire consequences. Actually, “the road not taken” represented to Frost the safer, more proven path in life. Being of an adventurous spirit, he chose the lesser-traveled (thus potentially riskier) path. In hindsight Frost remarks appreciably, “And that has made all the difference.”
The Road Not Taken BY ROBERT FROST
“Two roads diverged in a yellow wood, And sorry I could not travel both And be one traveler, long I stood And looked down one as far as I could To where it bent in the undergrowth;
Then took the other, as just as fair, And having perhaps the better claim, Because it was grassy and wanted wear; Though as for that the passing there Had worn them really about the same,
And both that morning equally lay In leaves no step had trodden black. Oh, I kept the first for another day! Yet knowing how way leads on to way, I doubted if I should ever come back.
I shall be telling this with a sigh Somewhere ages and ages hence: Two roads diverged in a wood, and I— I took the one less traveled by, And that has made all the difference.”
I enjoyed Raymond James' perspective when Jeffrey Saut was the spokesperson. Now, for me, they just are not the same and I no longer read them since Jeffrey Saut has moved on and is longer with them. I sure do miss Mr. Saut. They should have kept him.
Comments
- Re Robert Frost ... They’re misconstruing the meaning of Frost’s “The Road Not Taken”. They misrepresent that road as a dangerous path with dire consequences. Actually, “the road not taken” represented to Frost the safer, more proven path in life. Being of an adventurous spirit, he chose the lesser-traveled (thus potentially riskier) path. In hindsight Frost remarks appreciably, “And that has made all the difference.”
The Road Not Taken BY ROBERT FROST
“Two roads diverged in a yellow wood,
And sorry I could not travel both
And be one traveler, long I stood
And looked down one as far as I could
To where it bent in the undergrowth;
Then took the other, as just as fair,
And having perhaps the better claim,
Because it was grassy and wanted wear;
Though as for that the passing there
Had worn them really about the same,
And both that morning equally lay
In leaves no step had trodden black.
Oh, I kept the first for another day!
Yet knowing how way leads on to way,
I doubted if I should ever come back.
I shall be telling this with a sigh
Somewhere ages and ages hence:
Two roads diverged in a wood, and I—
I took the one less traveled by,
And that has made all the difference.”
I was thinking much the same thing.