Prudent Retiree - What's Going On Part XLI
Say the word Barabajagal five times fast. Can you do it? Donovan, a Scottish troubadour, came to fame with a series of hit songs in the mid to late 1960s. Those of you of a certain age might remember him for better known songs, “Mellow Yellow” and “Sunshine Superman”. He is right in this song— truth is molten.
What a year 2020 has been. We’ve experienced intense political upheaval, a ravaging, out of control pandemic, destructive economic shut downs and leaders who often seem more concerned with their own grievances than solving problems. They appear woefully inadequate for the tasks at hand. Thankfully for the market, Fed Chairman, Jay Powell, has been the shinning exception.
Truth is molten. I listened to Donovan as a teenager and had no idea what he was thinking. Strange, but cool. Many have been hurt this year. Many don’t like the changes that we’ve had and that are coming. We might prefer a different truth, but as Ronald Reagan said “Facts are stubborn things.”
The market is responding favorably to the truth. The Fed is supportive, we are going to have a change in administration, the vaccine is here and there is an expectation that Republicans will hold the Senate and we’ll have divided government. Equity performance has been strong this year and investors are grateful. Every day the market is molten, responding to events and not caring about opinions. Potential risks abound, but we listen to the market. Maintain your current allocations.
The Holiday Season is here. Certainly, it will be different this year. I try to count my blessings. My family is healthy, I have a new grandson, my daughter got married (without a large celebration) and I just had my annual physical with all positive results. Donovan is still making music that is understandable only to him. In “Barabjagal” he sang “love is hot, truth is molten.” That holds especially for this season. Prudent Retiree wishes all the best and blessings for you, your family and friends.
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