Managing the Present

Today's mechanics of low rates, low volatility, increased buybacks, more Mergers & Acquisitions, and US equities relative appeal reflect the present state of inner workings. These factors serve as the different ‘engines’ that enable this bull market to roar. These forces of supply/demand of available shares, limited investments options, and demand for liquidity in times of uncertainly all rationally justify elevated equity prices. Even the gloom and doomer must acknowledge these ‘engines’ that tell a story of survival (for investors) rather than sentiment. Money managers must live in the present as they're inclined to generate returns, not over-think outlier events. Taking no risk and glorifying cash positions is not the pragmatic option for most, albeit there is the right time for everything.

Chatter of tomorrow’s fears is not aligned with the limited investment options offered in the market. Until this set-up changes, patience is desperately required for those contemplating the next noteworthy and fruitful move.