Mr. Sensitive

November 2, 2012


Filed under: Uncategorized — lbej @ 14:05

I’m sick of uncertainty.  Not uncertainty about anything in particular—uncertainty the concept.  I’m sick of hearing that uncertainty about the election, or uncertainty about the economy, or uncertainty about Europe, or uncertainty about uncertainty, is holding back corporate spending and keeping equity investors on the sidelines.  It’s total crap.  I must have missed the days when we were all able to predict the future with 100% accuracy and there was no uncertainty.  Always in motion is the future, as a wise man once said.  That will still be the case when the election is over and Greece has burned to the ground.  Uncertainty is good for investors—without it, you’d have no reason to expect a return on your investments.  Uncertainty is what investors are compensated for, and this nonsense about it suddenly being a new and insurmountable obstacle for the market does nothing but serve to discredit any pundits vapid enough to rehash and repeat it.

In a related point, the next time I hear some fund manager or CEO on CNBC say that investors are worried about what might happen if Obama wins, I’m coming through the TV.  You don’t know what will happen if Obama becomes President?  Are we talking about a different Obama than the one who’s been in office for the last four years?  Are we talking about a different last four years that the last four years that produced a 60% return for the S&P 500?  CNBC has got to be more conscientious about who they put on air; all these people from alternate dimensions in which McCain won in ’08 are really confusing me.


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