Obama Exits, Stage Right Left
As the 2016 stock market rout deepens (the Dow is down over 400 pts. so far this am), shell-shocked investors are all wondering: when will the pain stop?
Unfortunately, it’s not clear to me that it will be anytime soon.
That’s because markets hate uncertainty, and the biggest uncertainty hovering over stocks right now — who will be the next U.S. President — won’t be resolved until November (hopefully, not any later; see, “2000 election”).
Passing the Baton to . . . Whom Exactly?
At least to me, it all has a strangely familiar, fin de siècle feeling to it (I always wanted to work that into a blog post).
Namely, Barack Obama took office in the middle of a financial sh*t storm, and looks to be departing under different, yet strangely similar market stress.
P.S.: You know a bottom is at least getting closer when references to Warren Buffet’s famous investing dictum start multiplying: “be fearful when others are greedy, and greedy when others are fearful.”
