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The Notoriou$ RBG

Updated: Jul 20, 2023

I have been sitting on my Insights column all week for a variety of reasons. With the passing of Justice Ruth Bader Ginsburg last week, all of the media talking heads went crazy, so you probably could have read what I was going to write somewhere else anyway.

I thought it would be really interesting to see how the news headlines affected stock prices this week… and to let the previous Insights marinate. In our September 15th column, we pointed out that stocks sometimes go on sale, and we suggested maintaining some cash for buying those dips. As if on cue, the S&P 500 has marched down 6% over the seven trading days since then. We also pointed out our sentiment that political risk is overblown, and then RBG died, thereby providing a serious test for our theory. And we were right, at least on a trading basis; the contracts on for a Democratic clean sweep through the House, Senate and White House have failed to move in price all week. Not even one penny. So, that’s not what’s moving markets.

From an investment perspective, we find that this unprecedented moment validates the lessons of strategic discipline, risk management, and quality. As we enter the US election season, the skills utilized while navigating recent volatility should prove useful yet again. Our economy’s fundamentals have improved markedly over the last several months, but sometimes, stuff goes on sale.

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