Stoicism

My firm’s director of research, Michael Batnick, appeared on Bloomberg TV yesterday in a segment about inflation, interest rates and the ETF market. What he said was less impressive than how he carried himself in the face of the panel’s good natured and spirited conversation about whether or not investors needed to do something (ANYTHING!) in light of the latest news of the day.

Stoicism is something lots of people talk about but they rarely exhibit it when the time comes.

I’ve worked with Michael for six years now and I can tell you this isn’t a performance. He’s 33 years old and has more wisdom and confidence about our process than a thousand advisors I’ve met who are years and decades more experienced. How some people arrive these foundational investing truths earlier than others is a fascinating topic I’d like to think about some more, some other day. But for now, head over and watch this, then come back for the links below:

Click here for the Bloomberg video

Soundtrack:

Links:

•  U.S. Inflation Breakeven Curve Fully Inverts as Tariffs Loom (Bloomberg)
•  JPMorgan Co-President Sees Possible 40% Correction in Equity Markets (Bloomberg)
•  Will my friend Larry Kudlow replace Gary Cohn in Trumpland? (Hollywood Reporter)
•  Preston Byrne: The American ICO is dead (Preston Byrne)
•  Tyler Cowen: Don't fear massive stock buybacks (Bloomberg)
•  Morgan Stanley fires a broker duo with 100 years of combined experience (AdvisorHub)
•  Google Researchers Are Learning How Machines Learn (New York Times)
•  When do you want your risk, now or later? (The Irrelevant Investor)
•  Robin Powell did this video of me, explaining the difference between financial advice and the luxury auto market (Capital Partners)
•  The new Animal Spirits podcast is out (A Wealth Of Common Sense)