The Prudent Retiree - January 2022
2021 was certainly a memorable year. We started with political turmoil and a riot at the Capitol. President Biden was inaugurated. Covid-19 rages on and we added the Delta and Omicron variants. Heated disagreements over masks and vaccines filled the airwaves. Follow the science became just as much follow the politics. More urban protests and riots followed those of 2020. Murder and crime rates soared throughout the country. There was a tragic withdrawal of US forces from Afghanistan. Inflation reared it’s ugly head. I’ll stop now.
All of this was done and said giving the market every excuse to go down. Many of you were concerned that it would go down throughout the year. But along came Mr. Oysterhead or should I say Mr. Markethead. After all the bad news was done and said, 2021 was an outstanding year for equities. The market made new all-time highs in spite of all the disconcerting events. This is why we listen to the market, not the news or someone’s opinion. Mr. Markethead doesn’t care what we think.
Oysterhead is a rock supergroup formed by Trey Anastasio of Phish, Les Claypool of Primus and Stewart Copeland of the Police. They have performed and recorded intermittently since 2000. Their talents blend well, and they have unintentionally provided keen investment guidance. Just kidding.
Where does the market go from here? That is the answer we want. The last three years have been extraordinary for stock prices. Prudent Retiree has not seen anything like this since the end of the 1990s. There is an old saying on Wall Street that the market climbs a wall of worry. That has truly been the case these past three years. Investors have had any number of reasons to panic and run. For now, metrics remain favorable and you should maintain your current positions. We will continue to closely assess risk and let you know when our thoughts change.
Oysterhead sings, “Someone will come along and show the way. When all else has been done and said, along comes Mr. Markethead. He’s an inspiration to us all.” Indeed.
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