OBSERVANCES
Well, the election is over and one group is dancing in the streets while another group is drowning themselves in despair. This is the first time in my memory that one party has control of the four branches of government: executive, senate, house and supreme court. One important independent entity that is rarely mentioned, The Federal Reserve Bank, has a duel mandate to control inflation and maintain relatively full employment, will be under stress to accommodate the current political environment. I remember that old Chinese proverb, “be careful what you wish for because sometimes you get it”. The corollary to that is “may you live in interesting times”.
Sometimes, our clients pay us for advice and even rarer some take it. For the last few years, we have been advising baby boomers to get their affairs in order and now after a 16 year bull market to take some chips off the table and store them away. Like Warren Buffett you never win by betting against America, but from age 70’s on, there is not a lot of time left to deal with downturns.
