The Grinch
My daughter finished reading my “2018 Predictions” and promptly announced, “Dad, you are a Grinch!” She went on to reprimand me that I shouldn’t say the Eagles are going to lose nor that the market is going to remind us how to eat humble pie. One of my other daughters climbed on board and told me cryptocurrency was legit and one of her hipster friends wanted to speak with me and “counsel you on the matter”. Oh, in all fairness I must add that they agreed with me that the tax bill was a missed opportunity and it is not simpler nor fairer. But I was still the Grinch!
Reflecting on their comments, I decided to google the words to the Grinch song and see if the comparison holds water. Wow! The rhymes in this song are outrageously imaginative. Word lovers surely appreciate this insult-full tale, written in 1957 by Dr. Seuss. For example: “You’re a nasty, wasty skunk. Your heart is full of unwashed socks, your soul is full of gunk. The three words that best describe you are as follows – stink, stank, stunk”. Another example: “You have termites in your smile. You have all the tenderness of a seasick crocodile.” Or my favorite description of Mr. Grinch: “your soul is an appalling dung heap”. While that may describe the Grinch I sure hope it does not describe me. Kudos to Theodor Geisel for his boundless creativity. The political correctness police would not allow these barbs in a book written today, for sure.
The deeper message of my daughter’s Grinch remark is that I was telling people what they did not want to hear. Eagles fans don’t want to contemplate an end to this great season. Investors don’t want to think about the stock market’s humbling ability, especially after a 20% gain in the Dow Jones average in 2017. Don’t take away the punchbowl, fella! Yes, I get it.
But sometimes, and this may be one of those times, you need to step back and confront news that may be disruptive or disturbing. I learned long ago that people can handle bad news if you give it to them straight. That is all I was attempting to accomplish.
Rest assured, if the Eagles win Super Bowl 52 I will be thrilled. Odds are 7 to 1 as I write this blog.
If the markets give us another up 20% with very few pullbacks, I won’t complain one bit. Earnings estimates for 2018 have increased in the past two weeks so we will have to see what unfolds.
And I will rely on you to tell me if you’ll be making time to read more in 2018. Fun fact: I received eight books for Christmas, but only one on fishing. They all look interesting and run a very broad gamut of subjects. I’ll keep you posted on my progress.
Ralph McDevitt December 29, 2018
Cryptocurrencies are considered a very speculative investment and involve a high degree of risk. Investors must have the financial ability, sophistication/experience and willingness to bear the risks of an investment of this type and the potential total loss of their investment. Securities classified as Bitcoin related may not be purchased or deposited in Raymond James client accounts. The Dow Jones Industrial Average (DJIA), commonly known as “The Dow” is an index representing 30 stock of companies maintained and reviewed by the editors of the Wall Street Journal. Keep in mind that individuals cannot invest directly in any index. The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Ralph McDevitt and not necessarily those of Raymond James.
