Eagles Parade
Who knew it would be this much fun to be so wrong? A month ago I shared some 2018 predictions. My very first prediction was that the Eagles would NOT win the Super Bowl. Sure, I am a lifelong Philly fan and support the Eagles, but I was being realistic – a second string quarterback who looked bad against Dallas in Week 17 was unlikely to lead us to victory. Boy am I glad that Nick Foles proved me and the odds-makers all wrong. In sports, the unexpected happens.
As I write this blog, workers are setting up the Benjamin Franklin Parkway for the victory parade. Here is another prediction: this will be the biggest parade Philadelphia has ever seen. Current estimates indicate three million fans are going to surge into the City of Brotherly Love on Thursday. Our office overlooks the Parkway, so I plan on coming in early and leaving long after the parade ends. I have a spare toothbrush at the office just in case. I am prepared.
The parade route extends over several miles, and bars along the way will be handing out free beer. Yes, Bud Light is celebrating “Philly Philly” Day with an offer of one free beer per person. I have never counted the bars along South Broad Street, but there must be several dozen, at a minimum. Eagles fans like their beer so I hope the Bud Light trucks are ready. And do you honestly think an Eagles fan is only going to have one beer? Be realistic.
The public and parochial schools were given the day off. Some of the suburban schools are doing the same. For the Phillies parade ten years ago, it was an “unofficial” day off from school. The Eagles have more pull, I guess. This morning I heard a radio personality suggesting they fence in an area for all of the school kids. Not smart. We will have to deal with exuberant crowds.
Yes, the city is abuzz with excitement and long-awaited joy. Meanwhile, the stock market is abuzz with nervousness and fear. An unexpected two-day fall of 7% just occurred. C’mon, you know the unexpected happens on Wall Street. Your job and mine is to prepare for it. Has the long bull market ended? Are we going into a recession? To these questions I say “NO”. It is unlikely given the healthy global economy. C’mon, let’s be realistic. Finally, we just witnessed the biggest point drop in Wall Street history. Calls surged and people were hitting the panic button. It’s time to be reminded that the mania of crowds should not influence your rational decision-making. Harder to do than to say, but I need to reinforce this message.
So let’s celebrate the unexpected, prepare for a fun experience, be realistic about what to expect, and do our best to avoid the hysteria associated with crowds. And Fly Eagles Fly!!
Ralph McDevitt
Senior Vice President, Investments
February 7, 2018
