The Big Picture
Through the eyes of Todd Harrison:
With regards to the big picture, while anyone can postulate about what makes the market tick, the truth is nobody knows and the best we can do is fit the pieces together as we find our way. We’re edging through a critical juncture in world financial history, one that will be studied by future generations, much like the Great Depression. This is an era, not an event, and it has nothing to do with the next five percent.
The chasm between perception and reality—the disconnect between what is and what the markets tell us will be—continues to widen, in my most humble opinion. While earnings tell an optimistic tale, the former middle class is caught between the lifestyles of the rich and a struggle to exist. I’m not one for hyperbole but I’ll toss the phrase “populous revolution” on your radar, if not in a literal sense but as it relates to the growing mindset of an unsettled America.
That may not be this year’s business—according to the credit markets, we’ve bought ourselves a few years—but psychology, much like the imbalances that brought this crisis to bear, is cumulative. Trade and prepare accordingly and be a part of the solution rather than contributing to the problem. Society is simply a sum of the parts and we’ve all got to do our part in effecting positive change if we hope to turn the tide.
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