The Closer – Long Bond Leads, Education Levels, Expressing Dollar Views – 12/8/22

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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we begin tonight with a look at relative performance of long bonds and precious metals (page 1) followed by a review of state level education statistics (page 2). We then provide some commentary about the dollar in relation to stocks (page 3). We finish with a look a decile performance in today’s session (page 4).

See today’s full post-market Closer and everything else Bespoke publishes by starting a 14-day trial to Bespoke Institutional today!

The Bespoke 50 Growth Stocks — 12/8/22

The “Bespoke 50” is a basket of noteworthy growth stocks in the Russell 3,000.  To make the list, a stock must have strong earnings growth prospects along with an attractive price chart based on Bespoke’s analysis.  The Bespoke 50 is updated weekly on Thursday unless otherwise noted.  There were twelve changes to the list this week.

The Bespoke 50 is available with a Bespoke Premium subscription or a Bespoke Institutional subscription.  You can learn more about our subscription offerings at our Membership Options page, or simply start a two-week trial at our sign-up page.

The Bespoke 50 performance chart shown does not represent actual investment results.  The Bespoke 50 is updated weekly on Thursday.  Performance is based on equally weighting each of the 50 stocks (2% each) and is calculated using each stock’s opening price as of Friday morning each week.  Entry prices and exit prices used for stocks that are added or removed from the Bespoke 50 are based on Friday’s opening price.  Any potential commissions, brokerage fees, or dividends are not included in the Bespoke 50 performance calculation, but the performance shown is net of a hypothetical annual advisory fee of 0.85%.  Performance tracking for the Bespoke 50 and the Russell 3,000 total return index begins on March 5th, 2012 when the Bespoke 50 was first published.  Past performance is not a guarantee of future results.  The Bespoke 50 is meant to be an idea generator for investors and not a recommendation to buy or sell any specific securities.  It is not personalized advice because it in no way takes into account an investor’s individual needs.  As always, investors should conduct their own research when buying or selling individual securities.  Click here to read our full disclosure on hypothetical performance tracking.  Bespoke representatives or wealth management clients may have positions in securities discussed or mentioned in its published content.

The Best Quotes on Markets, Investing, and Life

Below are some of Bespoke’s favorite quotes about markets, investing, and life in general.  We feature a Quote of the Day in our Morning Lineup sent to subscribers each day.  Click here to sign up for Bespoke Premium to receive our Morning Lineup in your inbox every trading day.

“Every time one person buys, another sells, and both think they are astute.” – William Feather

“Someone’s sitting in the shade today because someone planted a tree a long time ago.” – Warren Buffett

“The secret to investing is to figure out the value of something – and then pay a lot less.” – Joel Greenblatt

“The person who is the star of previous era is often the last one to adapt to change, the last one to yield to logic of a strategic inflection point and tends to fall harder than most.” – Andrew Grove

“I have talked to the heads of almost every single one of these firms in the last 72 hours, and Ben Bernanke has no idea what it’s like out there. None. And Former St. Louis Fed. President Bill Poole has no idea what it’s like out there. My people have been in this game for 25 years and they’re losing their jobs, and these firms are going to go out of business, and he’s nuts! They’re nuts! They know nothing! … This is a different kind of market, and the Fed is asleep.” – Jim Cramer

“Wall Street sells stocks and bonds but what it really peddles is hope.” – Jason Zweig

“There is a time to go long, a time to go short, and a time to go fishing.” – Jesse Livermore

“Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas.” – Paul Samuelson

“The four most dangerous words in investing are: this time it’s different.” – Sir John Templeton

“There is a huge difference between a good trade and good trading.” – Steve Burns

“The investor’s chief problem – and his worst enemy – is likely to be himself. In the end, how your investments behave is much less important than how you behave.” – Benjamin Graham

“From neither the White House nor any other senior administration post would there come any leadership, any attempt to set priorities, any attempt to coordinate activities, any attempt to deliver resources.” – John M. Barry, The Great Influenza

“Time is the friend of the wonderful company, the enemy of the mediocre.” – Warren Buffett

“If most traders would learn to sit on their hands fifty percent of the time, they would make a lot more money.” – Bill Lipschutz

“The most dangerous people in the world are very smart traders who have never gotten their teeth kicked in.” – F. Helmut Weymar

“As sure as the spring will follow the winter, prosperity and economic growth will follow recession.” – Bo Bennett

“In business or in life, don’t follow the wagon tracks too closley.” – H. Jackson Brown Jr.

“Waiting helps you as an investor and a lot of people just can’t stand to wait.” – Charlie Munger

“An investment in knowledge pays the best interest.” – Benjamin Franklin

“Behind every stock is a company. Find out what it’s doing.” – Peter Lynch

“You have people walking around with all the knowledge of humanity on their phone, but they have no idea how to integrate it.” – David Epstein – Range

“Stock market bubbles don’t grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception.” – George Soros

“The most important quality for an investor is tremperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.” – Warren Buffett

“Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.” – Albert Einstein

“If I had asked the public what they wanted, they would have said a faster horse.“ – Henry Ford

“Although it’s easy to forget sometimes, a share is not a lottery ticket… it’s part ownership of a business.” – Peter Lynch

“I’m totally used to deflation. Deflation is finished.” – RIchard Fisher

“Drunkenness is not romantic; it’s a form of temporary insanity. And hangovers are the body’s way of asking, ‘What were you thinking?” ― Susan J Anderson

“The eyes are more exact witnesses than the ears.” – Herclitus

“Invest for the long haul. Don’t get too greedy and don’t get too scared.” – Shelby M.C. Davis

“We’re not retreating, we’re advancing in reverse” –Skulduggery Pleasant, Playing with Fire by Derek Landy

“Seek advice on risk from the wealthy who still take risks, not friends who dare nothing more than a football bet.” – J. Paul Getty

“The report continues to be that a plane hit the World Trade Center.” – Mark Haines, CNBC 9/11/01

“Teachers Open The Doors, But You Must Enter By Yourself.” – Chinese Proverb

“The light at the end of the tunnel is just the light of an oncoming train.” – Robert Lowell

“The first one gets the oyster, the second gets the shell.” – Andrew Carnegie

“The person who turns over the most rocks wins the game.” – Peter Lynch

“We are drowning in information but starved for knowledge.” – John Naisbitt

“I want to put a ding in the universe.” – Steve Jobs

“In the middle of difficulty lies opportunity.” – Albert Einstein

“Cash combined with courage in a time of crisis is priceless.” – Warren Buffett

“For September so far this year the spending by $BAC customers both on debit and credit cards is up–spending overall is up.” – Brian Moynihan, CEO Bank of America

“Short term volatility is greatest at turning points and diminishes as a trend becomes established.” – George Soros

“Do more of what works and less of what doesn’t.” – Steve Clark

“There is only one side to the stock market; and it is not the bull side or the bear side, but the right side.” – Jesse Livermore

“Full of sound and fury, signifying nothing.” – Macbeth

“However beautiful the strategy, you should occasionally look at the results.” – Winston Churchill

“Every morning I jump out of bed and step on a landmine. The landmine is me. After the explosion, I spend the rest of the day putting the pieces together.” – Ray Bradbury

“How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.” – Robert G. Allen

“Beyond this, the problem is universal. It is that governments are now held responsible for the welfare of the people. The aspirations of the people can outrun their ability to pay for them, and nobody has yet found a way to create answers to the aspirations out of thin air.” – Adam Smith, The Money Game

“Never judge a potato by its skin. One day, it will be french fries.” – Ian Wilson

“I sometimes compare my brainstorming on paper to the drilling of oil wells. The only way to strike oil is to drill a lot of wells.” – Tom Monaghan, Founder Domino’s Pizza

“When you learn to let go of the need to be right, being wrong gradually loses its power to disturb you.” – Yvan Byeajee

“Do more of what works and less of what doesn’t.” – Steve Clark

“Grow or die, that’s what I believed, no matter the situation.” – Phil Knight, Shoe Dog

“A few solid pros are more powerful than dozens of cons,” – Steve Jobs

“If a business does well, the stock eventually follows.” – Warren Buffett

“My main life lesson from investing: self-interest is the most powerful force on earth.” – Jesse Livermore

“You can’t have a mid-life crisis in the airline industry because every day is a crisis.” – Herb Kelleher

“You never really know a stock until you own it.” – Walter J. Schloss

“If you want to know what God thinks of money, just look at the people he gave it to.” – Dorothy Parker

“It’s easy to come up with new ideas; the hard part is letting go of what worked for you two years ago, but will soon be out of date.” – Roger von Oech

“When the winds of change blow, some people build walls and others build windmills.“ – Unknown

“Do I contradict myself? Very well then I contradict myself, (I am large, I contain multitudes.)” – Walt Whitman

“Life is not about waiting for the storm to pass, it is about learning to dance in the rain.” – Unknown

“I believe in analysis and not forecasting.” – Nicolas Darvas

“It’s not what happens to you, but how you react to it that matters.” – Epictetus

“My model for business is The Beatles. They were four guys who kept each other kind of negative tendencies in check. They balanced each other and the total was greater than the sum of the parts. That’s how I see business: great things in business are never done by one person, they’re done by a team of people.” – Steve Jobs

“The whole framework of the presidency is getting out of hand. It’s come to the point where you almost can’t run unless you can cause people to salivate and whip on each other with big sticks. You almost have to be a rock star to get the kind of fever you need to survive in American politics.” – Hunter Thompson

“I have an idea about voting, how about on every ballot we include “None of the above”. People may laugh at that, but what that is, it is a vote of no confidence in your government and I’m willing to bet that in some elections, ‘None of the Above’ would win. Imagine if you won the election but lost to ‘None of the Above’. Wouldn’t that make you re-think your positions?” – Jesse Ventura

“The poll that matters is the one that happens on Election Day.” – Heather Wilson

“Information is not knowledge.” – Albert Einstein

“Happiness does not come from a job. It comes from knowing what you truly value, and behaving in a way that’s consistent with those beliefs.” – Mike Rowe

“The fear, not the disease, threatened to break the society apart.” – John M. Barry, The Great Influenza: The Story of the Deadliest Pandemic in History

“The truth is, we know so little about life, we don’t really know what the good news is and what the bad news is.” – Kurt Vonnegut Jr.

“Honor to the soldier and sailor everywhere, who bravely bears his country’s cause. Honor, also, to the citizen who cares for his brother in the field and serves, as he best can, the same cause.” – Abraham Lincoln

“I was reading in the paper today that Congress wants to replace the dollar bill with a coin. They’ve already done it. It’s called a nickel.” – Jay Leno

“Formal education will make you a living; self-education will make you a fortune.” – Jim Rohn

“In investing, what is comfortable is rarely profitable.” – Robert Arnott

“There are decades where nothing happens; and there are weeks where decades happen” – Vladimir Ilyich Lenin

“If the only tool you have is a hammer, you tend to see every problem as a nail.“ – Abraham Maslow

“I used to be indecisive but now I am not quite sure.” – Tommy Cooper

“You live and you learn. At any rate, you live.” – Douglas Adams

“Things are not always what they seem; the first appearance deceives many; the intelligence of a few perceives what has been carefully hidden.” – Phaedrus

“I am grateful for what I am and have. My thanksgiving is perpetual.” – Henry David Thoreau

“I love to talk about nothing. It’s the only thing I know anything about.” – Oscar Wilde

“You can’t solve a problem on the same level that it was created. You have to rise above it to the next level.” – Albert Einstein

“I believe you have to be willing to be misunderstood if you’re going to innovate.“ – Jeff Bezos

“Well, I don’t have any greater insight than anybody else.” – Jensen Huang

“Confidence is not ‘I will profit on this trade.’ Confidence is ‘I will be fine if I don’t profit from this trade.’” – Yvan Byeajee

“I buy when other people are selling.” – J. Paul Getty

“The greatest danger in times of turbulence is not the turbulence—it is to act with yesterday’s logic.” – Peter Drucker

“Now that I can work from home, I simply don’t have an excuse to quit.” – Howard Stern

“There’s a way to do it better. Find it.“ – Thomas Edison

“A fool and his money are soon parted.” – Thomas Tusser

“Diplomacy is the art of telling people to go to hell in such a way that they ask for directions.” – Winston Churchill

“Spend each day trying to be a little wiser than you were when you woke up.” – Charlie Munger

“What the wise do in the beginning, fools do in the end.” – Warren Buffett

“Buying’s easier, selling’s hard – [it’s] hard to know when to get out.” – Seth Klarman

“When you see only problems, you’re not seeing clearly.” – Phil Knight, Shoe Dog

“The path to innovation begins with curiosity” – Robert Iger, The Ride of a Lifetime

“I can calculate the motions of the heavenly bodies, but not the madness of people.” – Isaac Newton

“If you’re in a bad situation, don’t worry it’ll change. If you’re in a good situation, don’t worry it’ll change.” – John A. Simone Sr.

“‘Twas the night before Christmas, when all through the house.  Not a creature was stirring, not even a mouse” – Clement Clarke Moore

“Business opportunities are like buses, there’s always another one coming.” – Richard Branson

“Simple can be harder than complex: You have to work hard to get your thinking clean to make it simple.” – Steve Jobs

“Charity is injurious unless it helps the recipient to become independent of it.” – John D. Rockefeller

“The record shows I took the blows and did it my way.” – Frank Sinatra, “My Way”

“An end is only a beginning in disguise.” – Craig D. Lounsbrough

“The most important election that has taken place since the adoption of the federal constitution.” – Pittsfield Sun, 1813

“What is now proved was once only imagined.” – William Blake

“The truth does not change according to our ability to stomach it.” – Flannery O’Connor

“Even the intelligent investor is likely to need considerable willpower to keep from following the crowd.” – Benjamin Graham

“If I had nine hours to chop down a tree, I would spend the frist six sharpening my ax.” – Abraham Lincoln

“In the midst of chaos, there is also opportunity” – Sun-Tzu

“The intelligent investor is a realist who sells to optimists and buys from pessimists.” – Benjamin Graham

“The ability to recognize that the winds have shifted and to take appropriate action before you wreck your boat is crucial to the future of an enterprise” – Andrew Grove

“We may have all come on different ships, but we’re in the same boat now.” – Martin Luther King Jr.

“Most entrepreneurial ideas will sound crazy, stupid and uneconomic, and then they’ll turn out to be right.” – Reed Hastings

“But every difference of opinion is not a difference of principle. We have called by different names brethren of the same principle. We are all Republicans, we are all Federalists.” – Thomas Jefferson

“A plan without action isn’t a plan, it’s a speech.” – T. Boone Pickens

“Complacency often afflicts precisely those who have been the most successful.” – Andrew Grove

“It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” – Robert Kiyosaki

“Every once in a while, the market does something so stupid it takes your breath away.” – Jim Cramer

“Beware of false knowledge; it is more dangerous than ignorance.” – George Bernard Shaw

“Look at market fluctuations as your friend rather than your enemy. Profit from folly rather than participate in it.” – Warren Buffett

“There is nothing new in Wall Street. There can’t be because speculation is as old as the hills. Whatever happens in the stock market to-day has happened before and will happen again. I’ve never forgotten that.” – Edwin Lefevre

“Short cuts make long delays.“ – J.R.R. Tolkien

“The stock market is a device to transfer money from the impatient to the patient.” – Warren Buffett

“I very frequently get the question: ‘What’s going to change in the next 10 years?’ And that is a very interesting question; it’s a very common one. I almost never get the question: ‘What’s not going to change in the next 10 years?’ And I submit to you that that second question is actually the more important of the two — because you can build a business strategy around the things that are stable in time. – Jeff Bezos

“Your margin is my opportunity” – Jeff Bezos

“An investor without investment objectives is like a traveler without a destination.” – Ralph Seger

“Gambling, beer and football filled the horizons of their minds.” – George Orwell

“Everyone is digging deeper into their own trench and rarely standing up to look in the next trench over, even though the solution to their problem happens to reside there.” – David Epstein – Range

“The desire to perform all the time is usually a barrier to performing over time.” – Robert Olstein

“It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” – Robert Kiyosaki

“Be willing to make decisions. That’s the most important quality in a good leader. Don’t fall victim to what I call the Ready- Aim-Aim-Aim Syndrome. You must be willing to fire.” – T. Boone Pickens

“Wherever we look upon this earth, the opportunities take shape within the problems.” – Nelson A. Rockefeller

“Finance is not merely about making money. It’s about achieving our deep goals and protecting the fruits of our labor. It’s about stewardship and, therefore, about achieving the good society.” – Robert J. Shiller

“Big market price changes happen when lots of people are forced to reevaluate their prejudices, not necessarily when the world actually changes – Colm O’Shea

“High expectations are the key to everything.” – Sam Walton

“Lately it occurs to me, what a long, strange trip it’s been.” – “Truckin'”, Grateful Dead

“The stock market is filled with individuals who know the price of everything, but the value of nothing.” – Phillip Fisher

“If your only goal is to become rich, you will never achieve it.” – John D. Rockefeller

“Nothing is so exhausting as indecision, and nothing is so futile.” – Bertrand Russell

“All intelligent investing is value investing. Acquiring more that you are paying for. You must value the business in order to value the stock.” – Charlie Munger

“We will ensure that there is no unwarranted tightening of financing conditions,” – Isabel Schnabel, ECB Board Member

“A market downturn doesn’t bother us. It is an opportunity to increase our ownership of great companies with great management at good prices.” – Warren Buffett

“It is said that good things come to those who wait. I believe that good things come to those who work.” – Wilt Chamberlain

“I went looking for trouble, and I found it.” – Charles Ponzi

“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself.” – George Bernard Shaw

“You must not only learn to live with tension, you must seek it out. You must learn to thrive on stress.” – J. Paul Getty

“Even a mistake may turn out to be the one thing necessary to a worthwhile achievement.” – Henry Ford

“There are no facts, only interpretations.” – Friedrich Nietzsche

“The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists.” – Ernest Hemingway

“The key to making money in stocks is not to get scared out of them.” – Peter Lynch

“If you work really hard, and you’re kind, amazing things will happen.” – Conan O’Brien

“Capital isn’t scarce, vision is.” – Sam Walton

“Change is the law of life and those who look only to the past or present are certain to miss the future.” – John F. Kennedy

“PELLEY: Fair to say you simply flooded the system with money? POWELL: Yes. We did.”

“Faced with the choice between changing one’s mind and proving that there is no need to do so, almost everyone gets busy on the proof.” – John Kenneth Galbraith

“If football taught me anything about business, it is that you win the game one play at a time.” – Fran Tarkenton

“The road to success and the road to failure are almost exactly the same.” – Colin R. Davis

“In a wicked world, relying upon experience from a single domain is not only limiting, it can be disastrous.” – David Epstein – Range

“It’s not whether you’re right or wrong that’s important, it’s how much money you make when you’re right and how much you lose when you’re wrong.” – George Soros

“Experience is a good school. But the fees are high.” – Heinrich Heine

“‘Experience’ is what you got when you didn’t get what you wanted.” – Howard Marks

“When you combine ignorance and leverage, you get some pretty interesting results.” – Warren Buffett

“The window to the world can be covered by a newspaper.” – Stanislaw Jerzy Lec

“End? No, the journey doesn’t end here.” – J.R.R. Tolkien

“If the end doesn’t justify the means, what does?” – Robert Moses

“The value of an idea lies in the using of it.“ – Thomas Edison

“How did you go bankrupt? Two ways. Gradually, then suddenly.” – Ernest Hemingway, The Sun Also Rises

“The discipline of writing something down is the first step toward making it happen.” – Lee Iacocca

“I am so far from being a pessimist…on the contrary, in spite of my scars, I am tickled to death at life.” – Eugene O’Neill

“Slow and steady wins the race.” – Aesop

“The person who starts simply with the idea of getting rich won’t succeed; you must have a larger ambition.” – John D. Rockefeller

“There are only three ways to meet the unpaid bills of a nation. The first is taxation. The second is repudiation. The third is inflation.” – Herbert Hoover

“No price is too great for a work of unquestioned beauty and known authenticity.” – J.P. Morgan

“Money is made by sitting, not trading.” – Jesse Livermore

“It all comes down to interest rates. As an investor, all you’re doing is putting up a lump-sum payment for a future cash flow.” – Ray Dalio

“I look at a streak as I don’t lose – literally.” – Tiger Woods

“If a man didn’t make mistakes he’d own the world in a month. But if he didn’t profit by his mistakes he wouldn’t own a blessed thing.” – Edwin Lefevre

“The desire to perform all the time is usually a barrier to performing over time.” – Robert Olstein

“Be brutally honest about the short term and optimistic and confident about the long term.” – Reed Hastings

“Real knowledge is to know the extent of one’s ignorance.” – Confucius

“Focus and simplicity…once you get there, you can move mountains.” – Steve Jobs

“When Henry Ford made cheap, reliable cars people said, ‘Nah, what’s wrong with a horse?’ That was a huge bet he made, and it worked.” – Elon Musk

“I believe that if you show people the problems and you show them the solutions they will be moved to act.” – Bill Gates

“I didn’t know what Facebook was, and now that I do know what it is, I have to say, it sounds like a huge waste of time.” – Betty White

“No man’s knowledge here can go beyond his experience.” – John Locke

“Time is the scarcest resource and unless it is managed, nothing else can be managed.” – Peter Drucker

“As society becomes more and more complex, cheating will in many ways become progressively easier and easier to do and harder to police or even understand.” – Vitalik Buterin

“When everything seems to be going against you, remember that the airplane takes off against the wind, not with it.” – Henry Ford

“Chronic indecision is not only inefficient and counterproductive, but it is deeply corrosive to morale.” – Robert Iger, The Ride of a Lifetime

“Fear incites human action far more urgently than does the impressive weight of historical evidence.” – Jeremy Siegel

“Remember that stocks are never too high for you to begin buying or too low to begin selling.” – Jesse Livermore

“Earnings don’t move the overall market, it’s the Federal Reserve Board… focus on the central banks, and focus on the movement of liquidity… most people in the market are looking for earnings and conventional measures. It’s liquidity that moves markets.” – Stanley Druckenmiller

“Inflation is not all bad. After all, it has allowed every American to live in a more expensive neighborhood without moving.” – Alan Cranston

“Learn to take losses. The most important thing in making money is not letting your losses get out of hand.” – Marty Schwartz

“End? No, the journey doesn’t end here.” – J.R.R. Tolkien

“Sometimes buying early on the way down looks like being wrong, but it isn’t.” – Seth Klarman

“You don’t pay taxes; they take taxes.” – Chris Rock

“Age doesn’t matter, unless you’re cheese.” – John Paul Getty

“The typical trader wants to be right on every single trade. He is desperately trying to create certainty where it just doesn’t exist.” – Mark Douglas

“It’s not so important who starts the game, but who finished it.” – John Wooden

“I see life almost like one long University education that I never had — everyday I’m learning something new.” – Richard Branson

“Personally, I’d rather have bitcoin than a bond.” – Ray Dalio

“The history of mankind is the history of money losing value.” – Milton Friedman

“I have thought it my duty to exhibit things as they are, not as they ought to be.” – Alexander Hamilton

“Focus on the 20 percent that makes 80 percent of the difference.” – Marc Benioff

“Time is your friend; impulse is your enemy.” – John Bogle

“Do not anticipate and move without market confirmation—being a little late in your trade is your insurance that you are right or wrong.” – Jesse Livermore

“We caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment” – AMC Entertainment

“Public business, my son, must always be done by somebody. It will be done by somebody or other. If wise men decline it, others will not; if honest men refuse it, others will not.” – John Adams

“We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” – Winston Churchill

“You can only do so many things great, and you should cast aside everything else.” – Tim Cook

“The reason that you can win at poker and horse racing is the same – you are not betting against the house; you are betting against the other players.” – Steven Crist

“Inflation hasn’t ruined everything. A dime can still be used as a screwdriver.” – H. Jackson Brown, Jr.

“Americans are getting stronger. Twenty years ago, it took two people to carry ten dollars’ worth of groceries. Today, a five-year-old can do it.” – Henny Youngman

“The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” – Friedrich August von Hayek

“It’s tough to make predictions, especially about the future.” – Yogi Berra

“You simply flooded the system with money?” – Scott Pelley

“Face reality as it is, not as it was or as you wish it to be.” – Jack Welch

“I think it’s natural we’ve tilted a little bit hawkish.” – James Bullard

“I’m the fellow who takes away the punch bowl just when the party is getting good.” – William McChesney Martin, Jr.

“If you’re feeling good, don’t worry. You’ll get over it.” – Yogi Berra

“The only constant in the technology industry is change.” – Marc Benioff

“Altogether too often, people substitute opinions for facts and emotions for analysis.” – Andrew S. Grove

“Beating the competition is relatively easy. Beating yourself is a never-ending commitment.” – Phil Knight

“In spite of the cost of living, it’s still popular.” – Kathleen Norris

“Some people get rich studying artificial intelligence. Me, I make money studying natural stupidity.” – Carl Icahn

“There’s not many things less important than the score at halftime.” – Bill Self

“The difficulty lies, not in the new ideas, but in escaping from the old ones.” – John Maynard Keynes

“My dream is of a place and a time where America will once again be seen as the last best hope of earth.” – Abraham Lincoln

“The best time to plant a tree was 20 years ago. The second best time is now.” – Chinese Proverb

“Truly brilliant marketing happens when you take something most people think of as a weakness and reposition it so people think of it as a strength.” – Reed Hastings

“People don’t pay attention until they have to.” – Meredith Whitney

“Know what you own and know why you own it.” – Peter Lynch

“I believe that space travel will one day become as common as airline travel is today.” – Buzz Aldrin

“If everyone is thinking alike, then somebody isn’t thinking.” – George S. Patton

“I continue to believe that the American people have a love-hate relationship with inflation. They hate inflation but love everything that causes it.” – William E. Simon

“Giving debt relief to people that really need it, that’s what foreclosure is.” – J.P. Morgan

“The first principle is that you must not fool yourself, and you are the easier person to fool.” – Richard Feynman

“Change before you have to.” – Jack Welch

“The definition of insanity is doing the same thing over and over again, but expecting different results.“ – Albert Einstein

“The market does not beat them. They beat themselves, because though they have brains they cannot sit tight.” – Jesse Livermore

“If you don’t study any companies, you have the same success buying stocks as you do in a poker game if you bet without looking at your cards.” – Peter Lynch

“We don’t get paid for activity, just for being right. As to how long we’ll wait, we’ll wait indefinitely.” – Warren Buffett

“When the facts change, I change my mind.” – John Maynard Keynes

“Learn everyday, but especially from the experiences of others. It’s cheaper!” – John Bogle

“Companies that get confused, that think their goal is revenue or stock price or something. You have to focus on the things that lead to those.” – Tim Cook

“It’s all about the journey, not the outcome.” – Carl Lewis

“Friends congratulate me after a quarterly-earnings announcement and say, ‘Good job, great quarter,'” Bezos said to Forbes. “And I’ll say, ‘Thank you, but that quarter was baked three years ago.’ I’m working on a quarter that’ll happen in 2021 right now.”

“Start every day off with a smile and get it over with.” – W.C. Fields

“A wise man will make more opportunities than he finds.” – Francis Bacon

“The most important investment you can make is in yourself.” – Warren Buffett

“Tides do what tides do – they turn.” – Derek Landy

“Not only our future economic soundness but the very soundness of our democratic institutions depends on the determination of our government to give employment to idle men.” – Franklin D Roosevelt

“It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.” – Warren Buffett

“All that glitters is not gold.” – William Shakespeare

“Blessed are the young, for they shall inherit the national debt.” – Herbert Hoover

“If I knew I’d live this long, I would have taken better care of myself.” – Mickey Mantle

“I was never afraid to go back to Pittsburgh and work in the steel mills.” – David Tepper, when asked where his “preternatural confidence” when making trades comes from.

“Governments never learn. Only people learn.” – Milton Friedman

“All animals are equal, but some animals are more equal than others.” – George Orwell, Animal Farm (published on this day in 1945)

“There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.” – Sam Walton

“A trader, in addition to studying basic conditions, remembering market precedents and keeping in mind the psychology of the outside public as well as the limitations of his brokers, must also know himself and provide against his own weaknesses.” – Edwin Lefèvre, Reminiscences of a Stock Operator

“I always believe that prices move first and fundamentals come second.” – Paul Tudor Jones

“Creating success is tough. But keeping it is tougher. You have to keep producing, you can’t ever stop.” – Pete Rose

“They always say time changes things, but you actually have to change them yourself.“ – Andy Warhol

“I have always believed that it’s important to show a new look periodically. Predictability can lead to failure.” – T. Boone Pickens

“Nothing great was ever achieved without enthusiasm – Ralph Waldo Emerson

“Every time we can force our opponents into a bad decision, we win.” – Annie Duke

“The roots of education are bitter, but the fruit is sweet.” – Aristotle

“I always tried to turn every disaster into an opportunity.” – John D. Rockefeller

“Uneasy lies the head that wears a crown.” – William Shakespeare

“You are remembered for the rules you break.” – Douglas MacArthur

“Who controls the memes controls the universe.” – Elon Musk

“Only those who will risk going too far can possibly find out how far one can go.” – T.S. Eliot

“A government big enough to give you everything you want is a government big enough to take from you everything you have.” – Gerald Ford

“Today I will do what others won’t, so tomorrow I can accomplish what others can’t” – Jerry Rice

“No day shall erase you from the memory of time.” – Virgil

“The reason I’ve been able to be so financially successful is my focus has never, ever for one minute been money.” – Oprah Winfrey

“There is a time to make money and a time to not lose money.” – David Tepper

“I never once considered that it was appropriate to put taxpayer money on the line in resolving Lehman Brothers.” – Henry Paulson

“It’s not like the CIA. We don’t have private, secret data on the economy.” – Jerome Powell

“If you buy things you do not need, soon you will have to sell things you need.” – Warren Buffett

“failing to raise the debt limit would produce widespread economic catastrophe.” – Janet Tellen

“You can’t predict, [but] you can prepare.” – Howard Marks

“We learn who we are in practice, not in theory.” – David Epstein – Range

“And, you know, it tells a story of inflation expectations moving up.” – Jay Powell

“The uncreative mind can spot wrong answers, but it takes a very creative mind to spot wrong questions.“ – Antony Jay

“My formula for success is rise early, work late, and strike oil.” – J. Paul Getty

“Individuals who cannot master their emotions are ill-suited to profit from the investment process.” – Benjamin Graham

“If you don’t have a competitive advantage, don’t compete.” – Jack Welch

“As an investor my job is to figure out what will happen rather than what should happen.” – David Einhorn

“If a window of opportunity appears, don’t pull down the shade.” – Tom Peters

“Be willing to make decisions. That’s the most important quality in a good leader. Don’t fall victim to what I call the Ready- Aim-Aim-Aim Syndrome. You must be willing to fire” – T. Boone Pickens

“Blessed are the young for they shall inherit the national debt.” – Herbert Hoover

“If everyone is moving forward together, then success takes care of itself.” – Henry Ford

“The greatest teacher I know is the job itself.” – James Cash Penney

“No problem can be solved until it is reduced to some simple form. The changing of a vague difficulty into a specific, concrete form is a very essential element in thinking.” – J. P. Morgan

“Many will start fast, few will finish strong.” — Gary Ryan Blair

“Inflation is bringing us true democracy. For the first time in history, luxuries and necessities are selling at the same price.” – Robert Orben

“It will fluctuate.” – J. P. Morgan

“Success usually comes to those who are too busy to be looking for it.” – Henry David Thoreau

“Uneasy lies the head that wears a crown.” – William Shakespeare

“The worst market I have ever seen in my lifetime or would hope to see again.” – John J. Phelan Jr.

“Stone Age. Bronze Age. Iron Age. We define entire epics of humanity by the technology they use.” – Reed Hastings

“The problem is that a lot of big companies, process becomes a substitute for thinking. You’re encouraged to behave like a little gear in a complex machine. Frankly, it allows you to keep people who aren’t that smart, who aren’t that creative.” – Elon Musk

“We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.” – Alan Greenspan

“Some people don’t like change, but you need to embrace change if the alternative is disaster.” – Elon Musk

“Are you green and growing or ripe and rotting?” – Ray Kroc

“Don’t find fault, find a remedy; anybody can complain.” – Henry Ford

“Nature is pleased with simplicity. And nature is no dummy” – Isaac Newton

“Don’t worry about failure; you only have to be right once.” – Drew Huston

“It’s amazing what you can accomplish if you do not care who gets the credit.” – Harry S. Truman

“The riskiest thing we can do is just maintain the status quo.“ – Bob Iger

“I don’t mind going back to daylight saving time. With inflation, the hour will be the only thing I’ve saved all year.” – Victor Borge

“If you wish to increase your success rate, double your failure rate.” – Thomas Watson

“It’s such a fine line between stupid, and uh…” – David St. Hubbins, Spinal Tap

“Success or failure in business is caused more by the mental attitude even than by mental capacities.” – Walter Scott

“He died unquestioning, uncomplaining, with faith in his heart and hope on his lips, that his country should triumph and its civilization survive.” – Warren G Harding

“Life’s tragedy is that we get old too soon and wise too late.” – Ben Franklin

“The challenge of the retail business is the human condition.” – Howard Schultz

“If everybody is doing it one way, there’s a good chance you can find your niche by going exactly in the opposite direction.” – Sam Walton

“Trying to sell short in this market is like being run over by a train that’s going to derail a mile down the road.” – Julian Robertson

“There are two main drivers of asset class returns – inflation and growth.” – Ray Dalio

“Failure is simply the opportunity to begin again, this time more intelligently.” – Henry Ford

“No man ever steps in the same river twice, for it’s not the same river and he’s not the same man.” – Hereclitus

“The individual investor should act consistently as an investor and not as a speculator.” – Benjamin Graham

“Anytime anybody tells me the trend is such and such, I go the opposite direction. I hate the idea of trends.” – Clint Eastwood

“The ability to concentrate and to use time well is everything.” – Lee Iacocca

“History doesn’t repeat itself, but it often rhymes.” – ???

“I am a warrior, so that my son may be a merchant, so that his son may be a poet.” – John Quincy Adams

“Our liquidity is fine. As a matter of fact, it’s better than fine. It’s strong.” – Kenneth Lay

“Never confuse genius with a bull market.” – Unknown

“I would say that financial markets are very inefficient, and capable of extremes of being completely dysfunctional.” – Jeremy Grantham

“Look at market fluctuations as your friend rather than your enemy. Profit from folly rather than participate in it.” – Warren Buffett

“Change is the investor’s only certainty.” – Thomas Rowe Price Jr.

“Indecision may or may not be my problem.” – Jimmy Buffett

“Inflation is just like alcoholism. The good effects come first.” – Milton Friedman

“To be a better investor, you have to stand on your own. You just can’t copy other people’s insights.” – Li Lu

“Theory is splendid but until put into practice, it is valueless.” – James Cash Penney

“There’s always an element of chance and you must be willing to live with that element. If you insist on certainty, you will paralyze yourself.“ – J. Paul Getty

“No one goes there nowadays, it’s too crowded.” – Yogi Berra

“We must take the current when it serves, or lose our ventures.” – William Shakespeare

“Times and conditions change so rapidly that we must keep our aim constantly focused on the future.” – Walt Disney

“The best stock to buy is the one you already own.” – Peter Lynch

“In the business world, the rearview mirror is always clearer than the windshield.” – Warren Buffett

“Economics is extremely useful as a form of employment for economists.” – John Kenneth Galbraith

“It’s how tenacious you are that will determine your success.” – Steve Ballmer

“Time sometimes passes quite quickly.” – Jimmy Page

“End? No, the journey doesn’t end here.” – J.R.R. Tolkien

“For last year’s words belong to last year’s language and next year’s words await another voice.” – T.S. Eliot

“While you’re saving your face, you’re losing your ass.” – Lyndon Johnson

“Never confuse movement with action.” – Ernest Hemingway

“Just because the tide is out, doesn’t mean there is less water in the ocean.” – Seth Godin

“Find a job you enjoy doing, and you will never have to work a day in your life.” – Mark Twain

“Extinction is the rule. Survival is the exception.” – Carl Sagan

“We will use our tools to support the economy and a strong labor market and to prevent higher inflation from becoming entrenched.” – Jerome Powell

“It is a way to take people’s wealth from them without having to openly raise taxes. Inflation is the most universal tax of all.” – Thomas Sowell

“Today people who hold cash equivalents feel comfortable. They shouldn’t. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.” – Warren Buffett

“When you expect things to happen – strangely enough – they do happen.” – J.P. Morgan

“A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.” – Winston Churchill

” A good first impression can work wonders.” – J.K. Rowling

“If you absolutely can’t tolerate critics, then don’t do anything new or interesting.” – Jeff Bezos

“The shortage of skilled workers is now so serious that it is dramatically slowing down our economy,” – Christian Duerr, Leader of Free Democratic Party in German Parliament

“Control your own destiny or someone else will.” – Jack Welch

“The only place success comes before work is in the dictionary.” – Vince Lombardi

“The path to innovation begins with curiosity.” – Robert Iger

“There is no risk-free path for monetary policy.” – Jerome Powell

“I’m only rich because I know when I’m wrong.” – George Soros

“Success is not final; failure is not fatal: It is the courage to continue that counts.” – Winston Churchill

“To be successful in life, you must get in the habit of turning negatives into positives.” – George Foreman

“It is an old device in Wall Street—to change the colour of the certificates in order to make them more valuable.” – Edwin Lefèvre

“There are decades where nothing happens; and there are weeks where decades happen.” – Vlad Lenin

“Always buy your straw hats in the Winter” – Benjamin Graham

“I have never in my life envied a human being who led an easy life. I have envied a great many people who led difficult lives and led them well.” – Theodore Roosevelt

“We don’t have to be smarter than the rest. We have to be more disciplined than the rest.” – Warren Buffett

“A deception that elevates us is dearer than a host of low truths.” – Marina Tsvetaeva

“Things there are no solution to: Inflation, bureaucracy & dandruff.” – Malcolm Forbes

“If you’re not a risk taker, you should get the hell out of business.” – Ray Kroc

“I’m just one person on the committee.” – James Bullard

“What we know is a drop, what we don’t know is an ocean.” – Isaac Newton

“Swim upstream. Go the other way. Ignore the conventional wisdom.” – Sam Walton

“If you have more than 120 or 130 IQ points, you can afford to give the rest away. You don’t need extraordinary intelligence to succeed as an investor.” – Warren Buffett

“In preparing for battle I have always found that plans are useless, but planning is indispensable.” – Dwight D. Eisenhower

“Do you believe in miracles?” – Al Michaels

“Shut your eyes and see.” – James Joyce

“Don’t blindly follow someone, follow market and try to hear what it is telling you.” – Jaymin Shah

“The two most powerful warriors are patience and time.” – Leo Tolstoy

“One doesn’t recognize the really important moments in one’s life until it’s too late.” – Agatha Christie

“The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis.” – Ben Bernanke

“He who knows when he can fight and when he cannot will be victorious.” – Sun Tzu

“If you’re changing the world, you’re working on important things, you’re excited to get up in the morning.” – Larry Page

“Facts do not cease to exist because they are ignored.” – Aldous Huxley

“No fact begins with if” – Nicholas II

“Your reality is as you perceive it to be. So, it is true, that by altering this perception we can alter our reality.” – William Constantine

“The best way to destroy the capitalist system is to debauch the currency.” – Vladimir Lenin

“And lord, we’re especially thankful for nuclear power, the cleanest safest energy source there is. Except for solar, which is just a pipe dream.” – Homer Simpson

“Life is like riding a bicycle. To keep your balance, you must keep moving.” – Albert Einstein

“In times of rapid change, experience could be your worst enemy.” – L. Paul Getty

“There’s no one thing that’s true. It’s all true.” – Ernest Hemingway

“There are far, far better things ahead than any we leave behind.” – C.S. Lewis

“Economics is a very difficult subject. I’ve compared it to trying to learn how to repair a car when the engine is running.” – Ben Bernanke

“Let Hercules himself do what he may / The cat will mew and dog will have his day.” – William Shakespeare

“Patience and fortitude conquer all things.” – Ralph Waldo Emerson

“Don’t be afraid to give up the good to go for the great.” – John D. Rockefeller

“I may have been born at night, but it wasn’t last night” – T. Boone Pickens

“Your information sources should complement one another, and also be redundant because that gives you a way to verify what you’ve learned.” – Andrew S Grove

“The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.” – Vladimir Lenin

“Price is rarely the most important thing.” – Tim Cook

“Damn the torpedoes. Four bells, Captain Drayton, go ahead. Jouett, full speed.” – David Farragut

“I ought to be jealous of the tower. She is more famous than I am.” – Gustave Eiffel

“The strength of the team is each individual member. The strength of each member is the team.” – Phil Jackson

“Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy.” – Elon Musk

“The meek shall inherit the Earth, but not its mineral rights.” – J. Paul Getty

“Bond investors are the vampires of the investment world. They love decay, recession – anything that leads to low inflation and the protection of the real value of their loans.” – Bill Gross

“If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist.” – Mark Douglas

“Whenever you see a successful business, someone once made a courageous decision.” – Peter F. Drucker

“You get recession, you have stock market declines. If you don’t understand that’s going to happen, then you’re not ready, you won’t do well in the markets.” – Peter Lynch

“In spite of the cost of living, it’s still popular.” – Kathleen Norris

“We remain optimistic on the economy, at least for the short term – consumer and business balance sheets as well as consumer spending remain at healthy levels – but see significant geopolitical and economic challenges ahead due to high inflation, supply chain issues and the war in Ukraine. – Jamie Dimon

“You only get out of it what you put into it. If you are a sheep in this world, you’re not going to get much out of it.” – Greg Norman

“The difference between death and taxes is death doesn’t get worse every time Congress meets.” – Will Rogers

“When something is important enough, you do it even if the odds are not in your favor.” – Elon Musk

“Companies rarely die from moving too fast, and they frequently die from moving too slow.” – Reed Hastings

“In trading, you have to be defensive and aggressive at the same time. If you are not aggressive, you are not going to make money, and if you are not defensive, you are not going to keep the money.” – Ray Dalio

“Interest rates are like gravity on valuations. If interest rates are nothing, values can be almost infinite. If interest rates are extremely high, that’s a huge gravitational pull on values.” – Warren Buffett

“Thus fear of danger is ten thousand times more terrifying than danger itself.” – Daniel Defoe, Robinson Crusoe

“Good ideas are always crazy until they’re not” – Larry Page

“I much prefer the sharpest criticism of a single intelligent man to the thoughtless approval of the masses.” – Johannes Kepler

“Your time is limited, so don’t waste it living someone else’s life.” – Steve Jobs

“Risk comes from not knowing what you’re doing.” – Warren Buffett

“Take a simple idea, and take it seriously.” – Charlie Munger

“In times of great stress or adversity, it’s always best to keep busy, to plow your anger and your energy into something positive.” – Lee Iacocca

“During this time of reopening, we are likely to see some upward pressure on prices…But those pressures are likely to be temporary as they are associated with the reopening process.” – Jerome Powell

“Democracy is the destiny of humanity; freedom its indestructible arm” – Benito Juárez

“Invest in yourself. Your career is the engine of your wealth.” – Paul Clitheroe

“History provides a crucial insight regarding market crises: they are inevitable, painful, and ultimately surmountable.” – Shelby M.C. Davis

“It always seems impossible until it’s done.” – Nelson Mandela

“Money does not buy you happiness, but lack of money certainly buys you misery.” – Daniel Kahneman

“I’d be a bum on the street with a tin cup if the markets were always efficient.” – Warren Buffett

“It is never too late to be wise.” – Daniel Defoe, Robinson Crusoe

“You make most of your money in a bear market, you just don’t realize it at the time.” – Shelby M.C. Davis

“A library outranks any other one thing a community can do to benefit its people. It is a never-failing spring in the desert.” – Andrew Carnegie

“It can be terribly dangerous, even perilous, to assume that because people hold positions of responsibility they are therefore acting responsibly.” – David McCullough

“All ballplayers should quit when it starts to feel as if all the baselines run uphill.” – Babe Ruth

“Someday neither AI nor us will be able to tell whether we are in a virtual or physical world.” – Jensen Huang

“You take an educated gamble. If you don’t occasionally make a mistake, you’re not doing your job.” – James Sinegal

“We can draw lessons from the past, but we cannot live in it.” – Lyndon Johnson

“Often we look so long at the closed door that we do not see the one which has been opened for us.” – Helen Keller

“We should take comfort that while we may have more still to endure, better days will return.” – Queen Elizabeth II

“Work takes on new meaning when you feel you are pointed in the right direction. Otherwise, it’s just a job, and life is too short for that.” – Tim Cook

“The eyes of the world are upon you. The hopes and prayers of liberty-loving people everywhere march with you.” – Dwight D. Eisenhower

“The only thing you can be sure of is that there are times when large numbers of stocks are priced too high and other times when they’re priced too low.” – Benjamin Graham

“You must always examine what’s working, evolve your ideas, and change the way you do things.” – Marc Benioff

“Everything must be taken into account. If the fact will not fit the theory—let the theory go.” – Agatha Christie

“Inflation is when you pay fifteen dollars for the ten-dollar haircut you used to get for five dollars when you had hair.” – Sam Ewing

“Come what may, all bad fortune is to be conquered by endurance.” – Virgil

“He says we’re going the wrong way.” “Oh, he’s drunk. How would he know where we’re going.” – Planes, Trains, and Automobiles

“Everything you’ve ever wanted is on the other side of fear.“ – George Adair

“Everything is bearable.” – Wendy Byrde, Ozark

“We can offer sunshine that glows bright in the afterthought, and scatters the darkness of the tenement for the price of a nickel or a dime.” – L.A. Thompson

“A ship is safe in harbor, but that’s not what ships are for.” – William Shedd

“There are no easy fixes nor any short-term answers to the global supply and demand imbalances aggravated by Russia’s invasion of Ukraine.” – Mike Wirth, CEO of Chevron

“Being on the tightrope is living; everything else is waiting.” – Karl Wallenda

“The riskiest strategy is to try to avoid risk altogether.” – Fredrick W. Smith

“In times of rapid change, experience could be your worst enemy.” – J. Paul Getty

“When the final result is expected to be a compromise, it is often prudent to start from an extreme position.” – John Maynard Keynes

“In times of adversity and change, we really discover who we are and what we’re made of.” – Howard Schultz

“Everything is going to be fine in the end. If it’s not fine it’s not the end.” – Oscar Wilde

“Remember too that your time is your one finite resource, and when you say “yes” to one thing you are inevitably saying “no” to another.” – Andrew S Grove

“Know your strengths and take advantage of them.” – Greg Norman

“There is no free market for oil. It’s controlled by a cartel, OPEC.” – Frederick W. Smith

“Politics is not a game, but a serious business.” – Winston Churchill

“Our predecessors overcame many troubles and much suffering, but each time got back up stronger than before.” – Shinzo Abe

“I have thought it my duty to exhibit things as they are, not as they ought to be.” – Alexander Hamilton

“The euro was born with great hopes. Reality has proven otherwise.” – Joseph Stiglitz

“Inflation is like toothpaste. Once it’s out, you can hardly get it back in again.” – Karl Otto Pöhl

“I am struck that so many of our leaders in the U.S. forget how strong our country can be.” – Jamie Dimon

“The erosion of our confidence in the future is threatening to destroy the social and the political fabric of America.” – President Jimmy Carter

“Let me assert my firm belief that the only thing we have to fear is fear itself.” – Franklin D. Roosevelt

“Lots of companies don’t succeed over time. What do they fundamentally do wrong? They usually miss the future. I try to focus on that: What is the future really going to be?” – Larry Page

“The single observation I would offer for your consideration is that some things are beyond your control.” – Neil Armstrong

“I like liquor — its taste and its effects — and that is just the reason why I never drink it.” – Stonewall Jackson

“The impossible could not have happened, therefore the impossible must be possible in spite of appearances.” – Agatha Christie

“It’s a recession when your neighbor loses his job; it’s a depression when you lose yours.” – Harry Truman

“A good thing never ends.” – Mick Jagger

“Learning to fly is not pretty but flying is.” – Satya Nadella

“In a world that changing really quickly, the only strategy that is guaranteed to fail is not taking risks.” – Mark Zuckerberg

“The time to hesitate is through. No time to wallow in the mire.” – The Doors

“Ladies and gentlemen, rock and roll.” – John Lack

“The more you sweat in peace, the less you bleed in war.” – Norman Schwarzkopf

“Economics is extremely useful as a form of employment for economists.” – John Kenneth Galbraith

“Far and away the best prize that life offers is the chance to work hard at work worth doing.” – Theodore Roosevelt

“When you invest, you are buying a day that you don’t have to work.” – Aya Laraya

“Because only if you’ve been in the deepest valley can you ever know how magnificent it is to be on the highest mountain.” – Richard Nixon

“Somebody needs to do something — it’s just incredibly pathetic that it has to be us.” – Jerry Garcia

“Having a little inflation is like being a little pregnant.” – Leon Henderson

“My fellow Americans, I am pleased to tell you today that I’ve signed legislation that will outlaw Russia forever. We begin bombing in five minutes.” – Ronald Reagan

“Pressure is what you live for… if you are going to be successful in life, you’re going to have pressure.” – Jack Nicklaus

“A day wasted on others is not wasted on one’s self.” – Charles Dickens

“You should always go to other people funerals, or they wont go to yours.” – George Herman Ruth

“What started as a temporary measure driven by the pandemic is now our new standard.” – Brian Cornell

“Remember this: When you are doing nothing, those speculators who feel they must trade day in and day out, are laying the foundation for your next venture. You will reap benefits from their mistakes.” – Edwin Lefèvre, Reminiscences Of A Stock Operator

“If you don’t know who you are, the stock market is an expensive place to find out.” – Adam Smith, The Money Game

“You are always a student, never a master. You have to keep moving forward.” – Conrad Hall

“Coaches have to watch for what they don’t want to see and listen to what they don’t want to hear.” – John Madden

“If you want to succeed you should strike out on new paths, rather than travel the worn paths of accepted success.” – John D. Rockefeller

“It’s hard to live your life in color, and tell the truth in black and white.” – Gregg Allman

“Logic will get you from A to Z; imagination will get you everywhere.” – Albert Einstein

“The market is not an invention of capitalism. It has existed for centuries. It is an invention of civilization.” – Mikhail Gorbachev

“Someday computers will make us all obsolete.” – Bobby Fischer

“I’m just opposed to a pure inflation-only mandate in which the only thing a central bank cares about is inflation and not employment.” – Janet Yellen

“There are things done today in electrical science which would have been deemed unholy by the very man who discovered electricity” – Bram Stoker

“A government big enough to give you everything you want is a government big enough to take from you everything you have.” – Gerald Ford

“I believe that, young or old, we have as much to look forward to with confidence and hope as we have to look back on with pride.” – Queen Elizabeth II

“See things in the present, even if they are in the future. ” – Larry Ellison

“As soon as you become complacent your show gets canceled.” – Dick Wolf

“He who fears being conquered is sure of defeat.” – Napoleon Bonaparte

“The key to risk management is never putting yourself in a position where you cannot live to fight another day.” – Dick Fuld

“While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses.” – Jerome Powell

“Objects in motion stay in motion in the same direction unless acted upon by an unbalanced force.” – Isaac Newton

“The sea is dangerous and its storms terrible, but these obstacles have never been sufficient reason to remain ashore.” – Ferdinand Magellan

“The worst of Covid may be behind us, but the economic challenges we face are no less daunting.” – Jane Fraser

“But I do think that we’re going to do all that we can at the Federal Reserve to avoid deep, deep pain. And I think there are some scenarios where that’s likely to happen.” – Raphael Bostic

“Treasury securities are considered a safe and secure investment” – treasurydirect.gov

“History, Stephen said, is a nightmare from which I am trying to awake.” – James Joyce

“When you see only problems, you’re not seeing clearly.” – Phil Knight

“We must recognize that no amount of formal planning can anticipate changes” – Andrew Grove

“If I’ve made myself clear, I’ve misspoken.” – Alan Greenspan

“So the last shall be first, and the first last: for many be called, but few chosen.” – Matthew 20:16

“When nobody wants something, that creates an opportunity.” – Carl Icahn

“Sometimes the wheel turns slowly, but it turns.” – Lorne Michaels

“It is well that war is so terrible, or we should grow too fond of it.” – Robert E. Lee

“Inflation is the crabgrass in your savings.” – Robert Orben

“Just before you break through the sound barrier, the cockpit shakes the most.” – Chuck Yeager

“There is no more miserable human being than one in whom nothing is habitual but indecision.” – William James

“Though I am often in the depths of misery, there is still calmness, pure harmony and music inside me.” Vincent Van Gogh

“It’s the nearest thing to a meltdown that I ever want to see.” – John Phelan, NYSE Chairman (1987)

“It’s better to burn out than to fade away.” – Neil Young

“A man is worked upon by what he works on. He may carve out his circumstances, but his circumstances will carve him out as well.” – Frederick Douglass

“Our goal has never been to make the most. It’s always been to make the best.” – Tim Cook

“Honor to the soldier and sailor everywhere, who bravely bears his country’s cause. Honor, also, to the citizen who cares for his brother in the field and serves, as he best can, the same cause.” – Abraham Lincoln

“It is not down on any map; true places never are.” – Herman Melville, Moby Dick

“I became a good pitcher when I stopped trying to make them miss the ball and started trying to make them hit it.” – Sandy Koufax

“What I learned is that nothing is given easy to you.” – Christian Pulisic

“Amateurs want to be right. Professionals want to make money.” – Alan Greenspan

11/28/22

Sentiment Staves Off Lower Readings

Sentiment tipped over before the S&P 500’s rough start to December. Without the market giving investors any more reason to take a bullish stance, the latest sentiment data from the AAII showed that once again less than a quarter of respondents reported as bullish.  This week’s reading was actually slightly higher rising 0.2 percentage points to 24.7%, a reading in the middle of this year’s range.

Although bullish sentiment was higher, bearish sentiment rose by more with the reading going from 40.4% to 41.8%.  That is the highest level since November 10th.  While bearish sentiment has remained in a relatively tight range just above 40% for the past four weeks, current readings are more muted than what had been observed throughout most of the past year when there have been plenty of readings above 50%.

Overall, sentiment continues to heavily favor bears with a 17.1 percentage point spread between bulls and bears.  That extends the record streak of negative readings to 36 weeks.

While the AAII survey was overall little changed, other sentiment readings were a bit mixed.  The NAAIM Exposure index dropped to the lowest reading in a month. Conversely, the Investors Intelligence survey saw bulls surge to the highest level since late August combined with the lowest reading in the percentage of respondents expecting a correction since June. Aggregating all of these readings points to sentiment taking a bit more pessimistic of a stance this week than what has been observed over the past month. Click here to learn more about Bespoke’s premium stock market research service.

Muddled Continuing Claims Seasonality

At first glance, recent data on jobless claims have not painted a pretty picture of the labor market.  For seasonally adjusted initial claims, things have not soured too dramatically although recent readings remain well off the lows from earlier this year. In the latest week’s data, claims rose another 4K to 230K compared to last week’s upward revision of 226K.  Given the moves in claims have been somewhat choppy over the past couple of months, the four week moving average has also risen to 230K, the highest reading since the first week of September.  In other words, claims are still below summer highs but modestly trending back up to those levels.

On a non-seasonally adjusted basis, the move in the latest week’s reading is right in line with what could have been expected given seasonality.  Jobless claims have historically risen over 80% of the time for the current week of the year with an average increase of 85K week over week.  The 87K increase this week was right in line with that average and brings the indicator up to similar levels as the comparable weeks of 2017 through 2021 (excluding 2020).

Continuing claims have been the much more worrisome side of jobless claims recently. The seasonally adjusted reading has rocketed higher over the past several weeks, rising to a new high of 1.671 million this week.  That is the most elevated reading since the first week of February.  Whereas continuing claims had spent a long time below the pre-pandemic range, this latest reading is right back into that range.  As we have noted in the past couple of weeks as well (see here and here), the rapid uptick in seasonally-adjusted claims has been consistent with the rise in claims during past recessions, meaning that even if claims are well below where they have been in the past, the speed and direction they have headed are worth keeping an eye on.

While continuing claims are flashing recessionary warning signs after seasonal adjustment, with the latest week’s data (the last week of November) covering a holiday, there are always some difficulties with the seasonal adjustment. On a non-seasonally adjusted basis, claims are still lower than comparable weeks of the year over the past 20 years (top chart below) as claims experience their typical swing higher for this point of the year. As shown in the second chart below, the current week of the year has historically experienced a large uptick. In fact, the average w/w increase for the current week has been 328K, roughly in line with the 300.9K rise in the latest data.  Similarly, the total increase off the early October low (+363.5K) has likewise been smaller than the historical median of 538K.

In spite of the tendency of the large swing higher week over week historically, seasonal factoring was not quite as pronounced. As shown below, the seasonal factor was much weaker for the latest week’s data than say the prior few weeks.  That is not to say the seasonal adjustment is necessarily wrong or worries of recession as a result of recent moves in the adjusted number are not without merit, rather it is worth noting that the seasonally adjusted number could be sending the message of a more elevated reading on claims than in actuality. In other words, it is not perfectly clear how much of the increase in continuing claims has been the result of seasonality or the beginnings of recession. Click here to learn more about Bespoke’s premium stock market research service.

Bespoke Charts of the Week — 12/8/22

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Bespoke believes all information contained in this report to be accurate, but we do not guarantee its accuracy.  Bespoke’s Charts of the Week is for educational purposes only.  None of the information in this report or any opinions expressed constitutes a solicitation of the purchase or sale of any securities or commodities.  As always, past performance is no guarantee of future results.

Bespoke’s Morning Lineup – 12/8/22 – Imagine…An Up Day

See what’s driving market performance around the world in today’s Morning Lineup.  Bespoke’s Morning Lineup is the best way to start your trading day.  Read it now by starting a two-week trial to Bespoke Premium.  CLICK HERE to learn more and start your trial.

“Happiness is just how you feel when you don’t feel miserable.” – John Lennon

Morning stock market summary

Below is a snippet of content from today’s Morning Lineup for Bespoke Premium members.  Start a two-week trial to Bespoke Premium now to access the full report.

Futures have been steadily improving as we head into the opening bell as the S&P 500 looks to end a streak of five straight declines.  European equities have been basically flat trading in a range, while treasury yields and crude oil are higher.  One notable asset class that hasn’t been moving at all is bitcoin.  In the span of the last 24 hours, the world’s largest cryptocurrency has traded in a range of less than 1%.  Looking ahead, the only economic reports on the calendar today are initial and continuing jobless claims.  After that, all eyes will shift to Friday’s PPI…and then CPI and the Fed next week.

Happiness is not a feeling the bulls have after the first week of December.  The Nasdaq just completed its worst first week to December since 1975.  Think about that.  Chances are you had no idea what the stock market even was the last time the Nasdaq started off December this bad.  Weakness hasn’t just been isolated to the Nasdaq and growth stocks either.  While some sectors have done worse than others, they’re all down over the last week as Powell’s speech last week at the Brookings Institution fades into the rearview mirror.

Leading the way lower, Energy has plunged over 6.5% as weaker oil and natural gas prices finally catch up to the sector.  There’s no need to feel bad for Energy, though, as it’s still up over 58% YTD and is more than 57% percentage points ahead of the next closest sector (Utilities).  Other sectors that have been under pressure since December started were Consumer Discretionary, Financials, Technology, and Communication Services.  At the other end of the performance spectrum, Health Care and Utilities get the participation trophies as they’re both down less than 1% MTD.

As bad as December has been to start, one potential bright spot is that every sector except for Energy and Consumer Discretionary remains above its 50-day moving average, so if you want to take the optimistic approach, the last week can still be considered a digestion of the rally off the October lows.

One last side note.  This year has been unique for a lot of reasons, but how often is it that you see Energy and Consumer Discretionary simultaneously leading the market to the downside?

Our Morning Lineup keeps readers on top of earnings data, economic news, global headlines, and market internals.  We’re biased (of course!), but we think it’s the best and most helpful pre-market report in existence!

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The Closer – Dovish BoC, Peruvian Chaos, Product Inventories Surge – 12/7/22

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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we begin tonight with a look at the unwinding of gains in bubble assets (page 1) followed by an update of monetary policy north of the border (page 2). We then move south of the border to recap what has occurred in Peruvian assets (page 3). Turning over to macro data, we highlight the third quarter productivity data (page 4) and latest petroleum inventories changes (page 5).

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Losses Chase the JPMorgan Chase (JPM) Moving Average Crossover

Banking stocks had been outperforming the broader market throughout most of the fall, but that reversed in a big way in November and even more so this month.  The largest stock in the S&P 500 Banking Industry, JPMorgan Chase (JPM), however has been a notable outperformer.  As shown below, relative to other S&P 500 banks, JPM has seen its relative strength rip higher.

Although it has reverted lower more recently after trading well above its 50-DMA, the stock has experienced a notable moving average crossover as its 50-DMA has risen above the 200-DMA.  That is the first time the 50-day has been higher than the 200-day since the start of the year. From a technical perspective, these types of patterns are considered positive, especially when both are rising (golden cross).

In spite of that bullish reputation, the actual performance following past moving average crossovers where the 50-DMA trades above the 200-DMA is not particularly noteworthy nor should it generate a massive amount of optimism.  As shown below, on an average basis, JPM has fallen one week and one month after past occurrences that have happened without another instance in the prior three months.  That compares to gains of 0.25% and 1.05%, respectively, for all other periods. Looking further out, average performance has only been notably better than normal three months later albeit that is paired with less consistency to the upside. In other words, moving average crossovers to the upside are not necessarily the positive technical pattern many chart watchers consider them to be.  As always, past performance is no guarantee of future results. Click here to learn more about Bespoke’s premium stock market research service.

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