They Don't Notice

So yesterday I fell into a familiar trap. I woke up and started reading about the expected inflation numbers. The general consensus was that at 8:30 the numbers would show that the upward inflationary pressure was easing slightly.

That expectation turned out to be optimistic. Inflation is running stubbornly hot. The expectations missed the mark. Equity markets initially dipped moderately and then plummeted the rest of the day. Some associates were reaching for their Tums.

My friends (pictured above) could care less. “Mr. Market,” as famed value investor Ben Graham called him, has his volatile ups and downs. All one can do is roll with it. On days such as yesterday, it’s best to attend to other things.