“My favorite things in life don’t cost any money.

It’s really clear that the most precious resource we all have is time.”

– Steve Jobs


Good Morning,

The excuse of the day for the red ink and the “sudden” change of direction is apparently related to bond yields.  The experts are all over the media this morning.  They are telling you that it is bad news that rates are falling.  There is a myriad of reasons they are attaching to this “fall” as the triggers of what we should fear next.

Here is the latest as of a few moments ago:

The Delta, the Lambda, China, Europe, the Middle East – you name it, the list is growing.

Make sure you get the message.  We cannot have a period of time where no monsters exist.  We will not have any period ahead where no monsters exist.

When we agree to agree on that – is precisely when the wasted stress levels over these ridiculous “experts” will fall away.

Things are going to be just fine – with lots of interruptions and heartburn along the way.

The Lesson?

This is the big one…and I hope it was clear before I sent this note along to highlight it.

The lesson is this: Just weeks ago, in some cases, days ago, it was a rising bond yield that was bad for you.  The reasons for the danger and things for you to fear were many.  High debt, costs increasing, inflationary pressures “obvious”, the Fed was “stuck”, the Fed was “in a corner” – there was no way out – higher yields were bad and the future was worse.

Yields have fallen nearly 48 basis points since the inflation fear-mongering hit the highest levels.

Today – we learn the opposite – lower yields are bad.

In essence, high yields are bad for you – and low yields are bad for you.

Nuff said I suppose.

Now go enjoy the beach – these schoolyard antics will be waiting for you when you get back in September and the race to the finish of 2021 begins.

Until we see you again, may your journey be grand

and your legacy significant.