April 26, 2018

It Was a Dark and Stormy Night . . .

It has been said that one of the great financiers of the early 20th century liquidated his portfolio shortly after he discovered his chauffeur had dabbled in the market—and shortly before the great crash of 1929. I don’t know if the story is true or not. Nor do I care. But I certainly get the point—when the amateurs take the field, it’s time to sell your season tickets. The question now rattling about my head is, “Will I heed the old nabob’s advice in light of what I see coming across my desk, or will I hang on to the…