Transcript
Everybody, welcome to Wednesday, great day today, the S&P 500 was up 2% today get to where the green shirt, which I really like to wear on a regular basis. But even more importantly, today was just seeing the breadth of the upward move. It’s exactly opposite what happened yesterday, I have 415 targeted indexes that I’m following. And yesterday, maybe a dozen of them are up and all the other ones were red. Today, only six of them were red, and all the other ones were up. So really good move lots of good leadership, and getting back to kind of the normal things with technology and such in that leadership role, which is where we’ve been before.
So it is nice when the stock market starts to move, they’re moving back into the holdings that we have in our portfolios, which I’m very excited about. As far as that goes. I think there’s some more volatility in the markets now and probably going to continue to have some more volatility, you can kind of tell I’m wearing the green and red shirts more often than I was this summer. And what’s happening is that as we head into this election cycle, there’s a lot of concern about what’s going to happen, who’s going to win? Who’s going to lose? Are we going to have a definitive result? How long is it going to take to get that result? We have had this before with the Gore/Bush, Hanging Chad, Florida recount situation. And so we can go back and look at the markets.
And I would say that, in general, my overall philosophy about big downturns, where it’s 20% or more is that there’s it’s not things that we see coming. And a great analogy I always use is you know, you’re walking down a dark street, and there’s a hedge, and you’re walking down and somebody jumps out from behind that hedge and you’re going to react and that’s how the market reacts. It didn’t expect a pandemic, for example, we ended up with a huge downturn. On the other hand, if you’re walking down that street, and there’s a hedge, but you know, somebody behind there, that’s going to jump out, you’re not going to react as as dramatically. That’s kind of what we’re looking at here with this presidential election is just a situation where I don’t think it’s going to be this huge surprise.
I think a lot of the scenarios have been at least talked about some. And it’s really if you really want to figure out what might cause bigger downturns. It’s those things that are very subtle, that are happening that you know, could turn into something else that you have to watch for. So anyway, that’s my thoughts at the moment. I do think we’re going to have more volatility. It looks like we did get a great bounce today. Let’s see if we get some follow through tomorrow. So I look forward to talking to you then. Thank you very much.