Recognizing Change as it Happens - Weekly Blog # 876

 

 

 

Mike Lipper’s Monday Morning Musings

 

Recognizing Change as it Happens

 

Editors: Frank Harrison 1997-2018, Hylton Phillips-Page 2018

 

 

 

Perspective is Difficult to Read

When gazing out a window while traveling in a car or a plane the view constantly changes, while the view within the vehicle remains constant, similar to the internal changes we experience while investing. Many of us are aware of both the outer world and our own investment perspective, although we are often unaware of the changes in people next to us. Rarely do we focus on factors impacting our own thinking during our travels.

 

Now may be a good time to review what is happening to those close to us, and even more importantly to ourselves. The following list of items crossed my consciousness this week, causing me to consider changes to our investments. In no particular order:

 

1. While I am aware of the US stock market trading volume growing, the rate of change between the 2 stock markets is telling. Over the last 12 months trading volume on the NYSE has grown +8.03%, while the NASDAQ has grown +57.39%. This indicates that there are two very separate markets. This was confirmed by Thompson Reuters’*, an old Canadian/British firm, through their actions this week. They moved their US listing to the “junior” exchange, which they identified as the home of technology companies.
2. The AAII sample survey had only 28.4% of their participants being bullish for the next 6 months, while 47.3% were bearish.
3. The Economic Cycle Research Institute (ECRI) industrial price index was up +6.44% over the past 12 months.
4. The Chinese marriage rate has dropped -20.5%.
5. JP Morgan Chase* announced layoffs for next year.
6. International Mutual Funds were the best performing group this week for the first time in a long time, led by large-cap growth funds.
7. The Financial Times is asking how big Walmart* can get.
8.  Until we actually see the final legislation and/or a court ruling, one wonders how the US will be governed. The US executive branch of government is in the courts for changes they’d like to make, after legal challenges.

I wonder how much longer the four international political leaders (Putin, Xi, Trump, and Moodi) will remain in power.

(* Owned in client or personal accounts.)

 

We are at a period in history where multiple large changes are occurring somewhat simultaneously, with significant consequences for winners and losers. Time is a scarce resource and that creates a sense of urgency among the participants. The following events bear close scrutiny as the outcome will be consequential for all.

• Change in US government – The power dynamic is being challenged in Washington DC and the courts, with a clear understanding that power could revert to the old order after the mid-term elections. So, Republicans recognize that change must be accomplished within the next two years. If the Republicans are successful, the country will likely see smaller government with some power ceded to the states. Smaller government should come with smaller costs, a plus for the national debt situation.
• Global government dynamics – Many governments around the world are grappling with similar ideological dynamics as those seen in the USA and are nervous about what might come next. This was on full display at the Munich Security Conference this week. The potential for trade wars could intensify significantly.
• Two wars have the potential to conclude this year, Gaza and Ukraine. Not all are likely to be happy with the outcome. Nor will there be unanimity among those shepherding the negotiation. Rebuilding will be costly in both locations, with no clear indication of who will pay and what deals will be struck to compensate those investing the money.
• Significant technological changes are likely in the next few years, with AI, robotics, and automation at the center of these changes. There will likely be big losers and winners, where the first mover advantage could be quite significant.
• An energy renaissance is likely, as the new technology driven future requires substantially more power than what it is replacing. The green revolution will not likely provide adequate solutions for the energy shortages. Natural gas and nuclear power seem to be the likeliest winners, as they provide the most consistent baseloads and the smallest CO2 emissions.    

Each of these bullet points has the potential to be disruptive. Having them all occur at roughly the same time will make for a challenging investment environment. While traders may be able to trade successfully, the odds favoring investing are declining for the next several years.

 

I would like to hear contrary views.

 

 

 

Did you miss my blog last week? Click here to read.

Mike Lipper's Blog: A Rush to the 1930s - Weekly Blog # 875

Mike Lipper's Blog: More Evidence of New Era - Weekly Blog # 874

Mike Lipper's Blog: Roundtable Discussion - Weekly Blog # 873

 

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A Rush to the 1930s - Weekly Blog # 875

 

Mike Lipper’s Monday Morning Musings

 

A Rush to the 1930s

 

Editors: Frank Harrison 1997-2018, Hylton Phillips-Page 2018

 

 

 

Historic Background

The President comes from a Brooklyn Democrat real estate family background. Many of his actions are similar to FDR’s moves in the 1930s. Like FDR, he is running into opposition from the courts. As with FDR, he wants to lower the value of the dollar. FDR raised the price of the dollar by 60% for non-US citizens and residents, the impact of which contributed to a worldwide depression and was a cause of WWII.

 

In the US

The job market is cooling, and the investment market is changing. As noted by George Gatch of JP Morgan Chase “more than half of total flows into the asset management industry comes from the wealth management segment which is now driven by brokerage firms shifting their sales forces to fee earning investment advisers from formerly registered representatives. While some of these advisers will manage this money through the dictates of the firms, a number of the advisers will act more independently”. (Whether this may increase the likelihood that these assets become more or less “sticky”, we will see.)

 

Equity markets in the US have become less homogenous than in the past. For example, in last week’s trading 48% of NYSE stock prices declined, while 52% declined on the NASDAQ. The volume of trading on the NASDAQ is about 7 times that of the “big board”. (This is a bit misleading as there is more intra-dealer trading to maintain position sizes in the over-counter market.)

 

Historically, one of the least reliable predictions comes from the American Association of Individual Investors (AAII) weekly sample survey. Over the last 3 weeks bearish investors have risen to 43% from 29%, while the bulls have dropped to 33% from 43% and are now a minority.

 

While we do not use commodities as investments, we do follow their prices, which are traded in very professional markets. Of particular importance is the price of copper, which has risen recently. This echoes the increase in the ECRI industrial price index, which rose this week for a +4.97% year over year gain.

 

An Unexpected Turnaround

Long-term investors often examine the potential for a totally unexpected turnaround. I have no reason to expect this change and can think of many reasons for it being improbable. However, the implications are so large that it is intriguing.

 

The two largest economies in the world are the US and China. Many believe the US will continue to grow for the foreseeable future. I have not seen any “expert” who is bullish on China. Nevertheless, through ancient times China was one of the wealthiest countries in the world. Many Chinese work hard and are world class business and intellectual leaders. The Chinese capital markets appear to be in disarray and are suffering meaningful deflation. I recognize that the level of trust between the two world leaders makes cooperation difficult, but the potential value of cooperation for both participants is enormous. Perhaps, our grand or great grandchildren will solve this rich puzzle.       

 

 

 

 

Did you miss my blog last week? Click here to read.

Mike Lipper's Blog: More Evidence of New Era - Weekly Blog # 874

Mike Lipper's Blog: Roundtable Discussion - Weekly Blog # 873

Mike Lipper's Blog: New World Rediscovered - Weekly Blog # 872

 

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More Evidence of New Era - Weekly Blog # 874

 

Mike Lipper’s Monday Morning Musings

 

More Evidence of New Era

 

Editors: Frank Harrison 1997-2018, Hylton Phillips-Page 2018

 

 

 

For some time, I have viewed US and global markets as having entered a “New Era” phase. As with any transition, until it is complete it is possible the trend will not finish and reverse to the old happier trend. The self-appointed job of this analytical observer is to regularly make observations as I see them.

 

The Rise of the Investment Manager

Independent custodians who are also not investment managers are losing influence with the owners of capital. I see assets leaving bank custodian/ investment managers and going primarily to investment managers who custody their own assets or contract out the custodian function. One clue is this week’s announcement that the head of JP Morgan Chase trading is joining an independent hedge fund. Insurance companies have been reducing their direct management of institutional equity assets and hiring independent equity managers.

 

At the World Economic Forum it was recently noted that the number of individual Trillionaires will shortly grow from one to five, if not more. This is more a function of concentration than growth in the market. Part of the problem is the growth of business investment being small to flat after the impact of inflation. One of my concerns is the anticipated AI flows going into various “sales channels” and making them more efficient, rather than increasing the number of units sold. One disturbing factor is the size of the global R&D budgets, excluding inflation, being relatively flat over the last five years.  

 

US Education a Particular Problem

Global growth is often the result of a better educated workforce. While the US has the largest and most expensive “educational” system in the world, it is not producing a workforce that measures up on the world stage. (The reason for the quotes around education is that in the US we have substituted education for schooling, which uses “social promotion” or teaching to pass the test rather than teaching students how to think logically.) Mike Bloomberg, the former Mayor of NYC, points out that only 67% of 8th graders scored at the basic or better reading level, the lowest level since 1962. What I find more distressing is that only 60% of 4th graders pass a basic math test. This is not going to help over half the US population in the “AI” world.

 

Investors are Worried

In the latest week of generally bullish projections 51.7% of the stocks trading on the NYSE went down, which was surpassed by the NASDAQ where 58.2% declined. The regularly published sample survey of the members of the American Association of Individual Investors (AAII) showed 41% being bullish, down from 43.4% the prior week. What may be more significant is the percentage of those being bearish rose to 34.0% from 29.4% the week earlier.

 

Walking Around Analysis

I know a number currently unemployed people of all ages with good resumes and work histories, who are having difficulty getting hiring interviews. Fewer and fewer companies are hiring. When I walk through high-end shopping malls, I find the better stores understaffed. When speaking to operating people in profit and non-profit organizations, they say they are experiencing measurable declines in operational efficiency. They point to their organizations and/or their suppliers being hollowed out by absent workers of all levels from senior management to first level people.

 

One wonders how long growth in the economy and markets can continue with a poorly educated workforce who all too frequently are absent from work. In the near future companies will have little alternative other than to use AI to compensate for this decline in productivity. The tragedy will be the millions of uneducated and unmotivated employees left on the sideline because they can’t compete. Education in America is desperately in need of a solution, hopefully a new administration claiming to be in search of excellence can deliver it.  

 

As an analyst I suspect the interim results this year will disappoint.

Please tell me if I’m wrong.

 

 

 

Did you miss my blog last week? Click here to read.

Mike Lipper's Blog: Roundtable Discussion - Weekly Blog # 873

Mike Lipper's Blog: New World Rediscovered - Weekly Blog # 872

Mike Lipper's Blog: Navigating a New Investment Landscape Amid Political and Structural Challenges - Weekly Blog # 871

 

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Roundtable Discussion - Weekly Blog # 873

 

Mike Lipper’s Monday Morning Musings

 

Roundtable Discussion

 

Editors: Frank Harrison 1997-2018, Hylton Phillips-Page 2018

 

 

 

We at Lipper Advisory Services feel a deep duty to all of our clients and those for whom we have an investment responsibility. I’m currently taking advantage of a visit from my son Steve to collaborate and will be working with Steve and Hylton to produce this week’s blog. Most money invested in the United States and many other countries is for long-term purposes. While the media focusses on short term results, we tend to look long-term and only use short-term inputs if it helps in making long-term decisions.

One of the critical determinants of investment results is the size and nature of the population. Recently, the Congressional Budget Office issued a long-term forecast on the size of the population that was lower than prior forecasts. This is very important but it is only one of several critical forces that will produce results. One of my concerns is that most populations will shrink and only a few countries will enjoy future population growth. The real force that will drive investment results will be the thinking of not only investment professionals but also of investors. 

In this light I am personally very concerned that most educational systems operating in the world are producing poor results in terms of preparing people to produce adequate lifetime savings. These issues start from pre-K through PhD education. This issue is especially important because most people generate the bulk of their savings through their work efforts.

    

I think that there will be some tremendous investment opportunities over the next ten years but wonder how the median member of the population will do. My concern is that few will be prepared with the necessary thinking, savings and discipline to identify and take advantage of these opportunities.

 

My path as an investor

To the extent that I have done reasonably well as an investor, it’s because I have stayed within a zone that I understand reasonably well. Warren Buffet calls this a “circle of competence”. I tend to focus on areas that other people are not focused on. However, there’s a challenge in that most of the areas not being followed actively are currently unattractive investment opportunities. An investor needs to bring something else to identify real opportunities. They need some in-depth understanding of the reality of the underlying business. That being said, it’s possible some opportunities will be in securities markets and countries I have not had direct experience with.  

 

I hope that Hylton and Steve will share what they are thinking about concerning these issues. It will be a source of future guidance. 

 

 

Steven Lipper

I agree that both demographics and education are important factors for long term investors to consider. My father has trained me well as a contrarian thinker. I think demographics running in the opposite direction of the typical view is an important issue for equity investors. It’s inarguable that a country’s long term economic grow is tied to its population growth (more precisely, to total hours worked, but that’s another topic). 

 

But as equity investors we are not buying future economic growth we are buying future profit growth.  There’s a counter-intuitive dynamic I’ve seen as a small company investor. When there’s a shortage of labor business owners invest more in productivity enhancing processes and equipment. They are forced to do this in order to meet rising orders with a flat employment base. And that increased productivity often increases profits, stocks prices, and workers income. So, as an equity investor I am not pessimistic about the lower projected growth rate of many countries’ populations. Differences in results will come from how countries incentivize investment. 

 

With regard to education there’s much to say but let me focus on the investment implications and opportunities resulting from disappointments in our education system. I expect that for most people post-secondary “education” will evolve to having a greater focus on certification. By certification I mean learnable skills which are in demand by employers and can be verified through testing. These certifications, if awarded by respected organizations, are valuable signals that employers can use to reduce risk in the hiring process. 

 

Certifications also benefit from the dynamism of market forces as in-demand skills will translate to in-demand certifications, providing signals to people to add those certifications. The expanding pool of people with in-demand skills will in turn support companies’ growth and people’s opportunities. I also expect on-line certifications to be less prone to many of the scandals of on-line colleges, as there will be a clear standard and a faster feedback loop. Some investment opportunities should be available for innovators in this area. 

 

Hylton Phillips-Page

Sadly, young people today save very little. Reasons for the lack of savings range from simply being unable to make ends meet to a sense of entitlement for a certain lifestyle. We live in a world where the pace of technological change is both exciting and terrifying at the same time. Technology will allow us to solve many of life’s problems but will also cause significant dislocations in society as robots and automation replace many human functions. Those jobs will likely be replaced by different types of jobs, as they have in the past. Keeping abreast of the opportunities and the skills needed for them is perhaps the best advice we can give to young people preparing for the workplace. This is a time where savings would be helpful, as young people will need all the help they can get in preparing for a future which requires an ever-changing skill set.

 

For those with investable cash it could be an exciting opportunity to invest in those companies leading the change. We are at a major inflection point in history, similar to the industrial revolution or the introduction of the internet. Artificial intelligence (AI) and robotics will significantly improve productivity and change the way we approach solving these problems. They will of course improve corporate profits too. Quantum computing is at an early stage of development, promising to solve problems in a fraction of the time it takes today. Increased energy needs will be at the center of it all, as (AI) requires as much as five times the energy of a search not using AI. Last but not least, we have a new political administration promising to reduce regulation and speed up the investment and development process. So, there are a number of force multipliers all occurring at roughly the same time.

 

However, you should be aware of the challenges of investing in technology stocks.

• One of the biggest challenges is an even better technology coming along and making your technology obsolete.
• The technology could fail to live up to expectations.
• There is often a first mover advantage that makes it difficult for others to follow.
• There are a number of very large and well-funded technology companies that have the resources to be in any business they desire by investing. They will likely have more money and resources to invest than small start-ups. If all else fails, they often buy out the competition.  

 

The dominant performance of the “magnificent seven” is perhaps symptomatic of this change occurring in the market today. However, there are also many smaller companies embracing new technologies and they are likely to emerge as leaders in the future. Successful investing requires keeping abreast of the companies best adapting to the future. Professional portfolio managers and research analysts are in the best position to identify them. 

 

 

 

 

Did you miss my blog last week? Click here to read.

Mike Lipper's Blog: New World Rediscovered - Weekly Blog # 872

Mike Lipper's Blog: Navigating a New Investment Landscape Amid Political and Structural Challenges - Weekly Blog # 871

Mike Lipper's Blog: Unclear Data Mostly Bearish, but Bullish Later - Weekly Blog # 870

 

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Correction to Weekly Blog # 872

Correction to Weekly Blog # 872

Please be advised that the title of the first paragraph should have read Western Europeans Learn the World isn't Flat. The original post read is Flat.

Point of clarification. The majority of Western Europeans believed the world was flat until Christopher Columbus did not fall off the edge of the world on his cruise, demonstrating the world was not flat.

New World Rediscovered - Weekly Blog # 872

 

Mike Lipper’s Monday Morning Musings

 

New World Rediscovered

 

Editors: Frank Harrison 1997-2018, Hylton Phillips-Page 2018

 

 

 

Western Europeans Learn the World is not Flat

Mid-Eastern astronomers have known the world is not flat for thousands of years. Copernicus also knew the truth, which most Europeans learned from Columbus when he discovered the Caribbean islands in his search for trade routes to India. The real value of the discovery led to obtaining Latin American gold and silver for the Queen of Spain and her empire, which resulted in greater gains than those possible from exporting Indian tea.

 

Quite possibly, a similar realization could occur from Donald Trump’s attempt to solve US economic problems through changes in trade patterns and tariffs, which could also lead to unexpected riches.

 

Many of our blogs attempt to help long-term investors and their beneficiaries. However, a very high percentage of what the investment community labels as investment research focuses on the short-term. For example, in the latest week 17% percent of NYSE stocks traded on declining prices vs. 34% on the NASDAQ. In the latest AAII sample survey 25% were bullish vs. 41% bearish. This research may be useful for trading, but it would be meaningless in helping generate capital to pay for college costs 20 years in the future, or to help provide funding for new college dormitories or laboratories.

 

Demographic estimates ten to fifty years out are more likely to be useful than current stock prices. One statistic I might find useful is the percentage of recent graduates who make contributions to their college or the college of their spouse. Tracking the growth of people in positions of responsibility at work or in the community might also be of interest. The percentage of students taking two or three years of foreign languages vs. students taking “STEM” classes is another statistic I’d like to see.

Asking appropriate questions for the resolution you are seeking is critical to charting a course toward the desired result. Failure to do so could result in unanticipated outcomes which are not necessarily favorable to achieving the desired outcome. It is equally important that questions address the appropriate timeline for the investment. Not doing so could lead to a similarly disastrous outcome. There could of course be an unanticipated favorable outcome like Columbus’ gold and silver windfall, but those situations are rare occurrences, unlikely to be repeated very often.   

 

Closing questions for the week:

Healthcare costs are rising, can they be capped?

Can better education lead to better and cheaper healthcare?

  

 

 

Did you miss my blog last week? Click here to read.

Mike Lipper's Blog: Navigating a New Investment Landscape Amid Political and Structural Challenges - Weekly Blog # 871

Mike Lipper's Blog: Unclear Data Mostly Bearish, but Bullish Later - Weekly Blog # 870

Mike Lipper's Blog: A Different Year End Blog: Looking Forward - Weekly Blog # 869

 

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Navigating a New Investment Landscape Amid Political and Structural Challenges - Weekly Blog # 871

 

Mike Lipper’s Monday Morning Musings

 

Navigating a New Investment Landscape

Amid Political and Structural Challenges

 

Editors: Frank Harrison 1997-2018, Hylton Phillips-Page 2018

 

 

 

It seems we’ve entered a new phase in the investment and political landscape, marked by a shift in leadership rhetoric and strategy. Two prominent U.S. political figures have emerged with ambitious proposals aimed at addressing global challenges. Their approaches are novel but lack grounding in the current political and economic structures and are deficient the experienced teams needed to implement such revolutionary ideas effectively.

 

This lack of preparation extends to their inability to articulate clear plans for reshaping the tax and legal frameworks that underpin these initiatives. As history has shown, it’s one thing to suggest sweeping changes and quite another to navigate the intricate process of execution. The political structure, with its numerous committees and competing interests, will likely make swift action both costly and slow.

Further complicating the outlook are legal hurdles. Many of the proposed changes are bound to face challenges in the courts, and state-level resistance will add another layer of complexity—particularly as we approach the midterm elections in 2026. Even the 2028 presidential election may not yield a resolution to many of these contentious issues, as a single-term president rarely has the time or political capital to enact and sustain transformative change.

 

Internationally, the situation is equally fraught. Most foreign governments remain unpopular with their own citizens and their policy maneuvers could further complicate U.S. domestic politics. This interplay between global and domestic pressures creates an unpredictable environment for investors and policymakers alike.

 

Education: A Critical Bottleneck in U.S. Productivity

One structural issue underpinning these challenges is the state of education in the United States. From pre-K to PhD programs, our education system struggles to produce workers equipped with the skills necessary for a competitive and productive economy. This shortfall is one of the reasons U.S. productivity lags behind its potential, especially when compared to other advanced economies.

 

Leadership Development: A Missed Opportunity

Another critical issue lies in how we cultivate leaders, particularly in business. Too often senior managers are not given the opportunities they need to learn, adapt, and ultimately succeed. This is a lesson I’ve come to recognize in my own small business. In hindsight, I’ve been guilty of not providing my junior team members with enough hands-on experience to develop their skills fully. This shortfall isn’t unique to my situation, it’s a systemic issue across industries and is one that hinders the ability of future leaders to thrive.

 

Final Thoughts on Political and Economic Uncertainty

Navigating this era of political and economic uncertainty will require a combination of patience, adaptability, and strategic foresight. While the challenges are significant, they also present opportunities for investors and leaders who can anticipate changes and position themselves accordingly. As we move forward, it’s crucial we address foundational issues like education and leadership development — both of which are essential to building a more resilient and productive society.

 

Multiple Changes on the Horizon

A new administration will usher in a number of changes, adding to those already in place but still in their infancy. These changes are significant and will likely have an impact on us all in some way or another. They present investment opportunities and some risk, so it behooves us all to be aware of them.

 

Interest Rates

The market sold off on Friday, largely as a result of good employment news signaling a decent economy, causing investors to fear a good economy getting in the way of future Fed rate cuts. However, there is debate among others concerning the necessity of further interest rate cuts, as the economy is reasonably strong, and interest rates are already below historic norms.

 

Longer-term Treasury rates have continued to rise alongside Fed rate cuts, as future government debt refinancing needs put upward pressure on rates. While higher interest rates will be an obstacle for businesses to overcome, a good economy should provide opportunities for businesses to excel.

 

There is a misunderstanding that interest rates are an initiator of change. This is a problem brought on by the failure of the educational system.  From pre-nursery schools continuing on through to PhDs. Important changes in the global direction of the economy are caused not by top-down thinking of governments, but by the success and failures of commercial ventures, starting with small businesses.  

 

Long-term investors need to pay attention to the edges of progress and the failures of business.  For investors the focus should be on the development of people working at the edge of progress.  This is not to say that small businesses are good investments, but they are change agents in terms of progress and that is where intelligent focus should be placed. We welcome subscribers’ views in contradiction and occasional support of these ideas.

 

Technology

We are in the early stages of a significant technological revolution, with AI, robotics, and quantum computing likely to change the world in ways we can barely conceive. The investment implications will likely be significant. However, what it does to employment around the world is an open question.

 

Energy

An energy renaissance is on the horizon, not only for fossil fuels, but for nuclear energy too. Small-scale nuclear power plants are increasingly being considered by global businesses in anticipation of the increased energy needs required by our new technological future. Small scale nuclear is now being embraced by the left and the right, so it is very likely we will see some of this trend materialize. Increased energy production and lower energy costs should be a boon to business.

 

The Middle East and Ukraine

We could see peace restored in the Middle East and Ukraine as a new administration with different ideas enters office. Peace in these regions will lead to the necessary rebuilding of homes and infrastructure. It remains to be seen where the funds for rebuilding will come from and what global political deals will be struck to make that happen. While this will be a burden on governments and taxpayers, businesses will likely find new opportunities.

 

The Panama Canal and Greenland

The potential threat posed by China’s control of global choke points has raised the issue of control of the Panama Canal and Greenland. The Panama Canal is an important trade route for the US and its control cannot be allowed to fall into the hands of an increasingly aggressive China.

 

Greenland is expected to be an increasingly important trade route, especially as global warming continues to heat up the planet. Additionally, Greenland has a number of minerals and metals needed for a technology driven future. The control of both the Panama Canal and Greenland will likely be significant global topics of discussion in 2025, with investment implications further in the future.

 

California Fires

The California fires have been devastating in their scale and impact on people’s lives. Over 200,000 people have been displaced and over 12,000 homes and buildings have been destroyed. The emotional and financial cost will be significant. Rebuilding will not come soon enough for some people, and they may just find it easier to restart their lives elsewhere.

 

The cost of rebuilding will place a financial strain on all participants: insurance companies, Los Angeles area cities, the state of California, the Federal government, and people with inadequate insurance. The fires may even change the political landscape, refocusing California voters on bread-and-butter issues rather than social issues. Much like the rebuilding in Ukraine and the Middle East, the rebuilding in California will result in costs to government and taxpayers but will also present business opportunities.

 

Final Thoughts on Changes

Change is often uncomfortable and most of these changes will not be implemented without some problems along the way. However, change also comes with opportunity and those who embrace it will be the beneficiaries. Uncertainty often makes the market nervous, so buckle up, it will likely be a wild ride.

 

 

 

Did you miss my blog last week? Click here to read.

Mike Lipper's Blog: Unclear Data Mostly Bearish, but Bullish Later - Weekly Blog # 870

Mike Lipper's Blog: A Different Year End Blog: Looking Forward - Weekly Blog # 869

Mike Lipper's Blog: Three Rs + Beginnings of a New Cycle - Weekly Blog # 868

 

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