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2017 Third Quarter Commentary

Spin is everywhere. Everyone has a story, everyone has an agenda—especially as it relates to the markets where on a day-to-day basis my loss is your gain. Cynical? Perhaps. But I also think that kind of mindset is necessary in order to find pockets of opportunity. And because stories are just that—stories—our goal as money managers and wealth managers is not just to look past the subjective and into the objective, but also to relate the objective to the subjective.

To observe the price of an asset is perhaps the most objective form of observation. The way prices respond to stories, though, is quite subjective. So let us look at a few stories and observe the market’s reaction (through the eyes of the author) to stories as they unfolded. For the sake of the reader’s (and my) sanity, we will only go into depth for the bolded bullets, though I would encourage the reader to think about other stories out there as well…

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