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Grilled Avocados

Updated: Jul 20, 2023

It was recently brought to my attention that Insights has been a bit of a downer this year. I started writing about an impending recession back in January, and I guess we just never looked back.

Insights is a reflection of our conversations with clients, and we’ve been talking a lot more about wealth preservation than we have in previous years. And let’s face it-- it’s more fun to talk about growth than risk management, but we just haven’t been in that kind of environment, have we? There are some deeply unserious people in this industry who will constantly blow sunshine up your a$$ for 1%, but that is not us.

Therefore, I hereby request that you please picture me with a big ol' smile on my face as I point out that US consumer sentiment has plunged to its lowest in history.

Lowest ever. Lower than the dot com bust. Lower than the financial crisis of 2008. Lower than the high inflation of 1981. Lower than in the wake of Watergate.

On Monday, US stocks officially entered a bear market, Treasury yields spiked to levels not seen in a decade, and Jim Cramer started calling for a full point increase in the Fed funds rate.

Cramer also tweeted on Monday that he’s a buyer of stocks. …You know what that means.

We are not fans of debt monetization, our nation’s mental health crisis, or the arbitrary selection of pronouns. However, for the record, we mostly just don’t like this year’s price action in the stock market.

On the other hand, we are ardent fans of grilled avocados, Cutwater canned Paloma cocktails, fireworks, Stetson hats, the Froghouse, south swells at Lowers, fishing with kites, and the Telluride Bluegrass Festival. We’re positive people, and by God, we’re going to enjoy this summer no matter what Jerome Powell has to say about it.

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