The Prudent Retiree - August 2018
“Stranger in a Strange Land.”
- Moses, Exodus 2:22
- Leon Russell, Musician
- Robert Heinlein, Author
From Moses, God’s prophet, to Robert Heinlein, the renowned science fiction writer, to Leon Russell, the Rock and Roll Hall of Famer, many have been there. Prudent Retiree believes that is where investors find themselves at this moment.
My father at times would say things were just “plumb crazy.” Many indicators—political, geopolitical, societal—are plumb crazy right now. We are immersed with endless commentary by all forms of media. It seems everyone has an agenda and there is no balanced reporting. What’s the latest tweet?
The norms of discourse no longer apply. There is minimal cooperation or consensus. It is just nasty. Leon Russell, known as the Master of Time and Space, wrote in his song that he didn’t know what was going on in the world today and didn’t know what to say. He wrote that in 1971. He died in 2016, probably still a stranger in a strange land.
Moses and Robert Heinlein also experienced that same sense of dread. Feeling unsettled is always with us in some form.
As investors, how do we respond to feeling uncomfortable? The current chaos is probably not going away. So far, the market has not tanked and continues to move higher. I know many of you have misgivings. The newest crisis is Turkey’s financial peril. Remember Greece? Starting in 2010, there was a consensus that Greece’s turmoil would sink the markets. Didn’t happen.
We’re not sure how the Turkish crisis will unfold. What we know is that the market itself will decide. Prudent investors will listen to the market and respond. They won’t predict or panic.
Prudent Retiree is concerned. Warning signs are flashing, but for now the market tells us we’re still okay. We will stay invested and continue to monitor. We leave you with this from Leon Russell:
When the baby looks around him
It’s such a sight to see
He shares a simple secret with a wise man
He’s a stranger in a strange land
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