Wednesday, April 24, 2013
A big reason for maintaining this blog has been to try to help anyone interested to become a little more knowledgeable in terms for market cycles, portfolio construction, product evolution, retirement planning and a bunch of other things. Along the way I have benefited too having been able to do things I would not have otherwise been able to do, meet people I would not have otherwise met and it has helped our business some as well.
One idea that I have addressed a few times before is that in a massive bull market there is a whole lot less for an active manager to do other than to just try to go along for the ride. If there is less to do then there must be less to say (or write about).
The market is blowing off as Fed policy is working to inflate asset prices. Typically the term blow off in this context implies the up move will end soon but I am not sure that applies now unless the Fed were to announce it was stopping its treasury purchases and was raising rates. That probably won't be happening anytime soon.
In this environment it is important to have exposure, capture at least a decent portion of the lift while remaining disciplined to whatever it is you believe its right for your investment objective and without chasing anything. It is a delicate balance but that is was the last couple of years has been about.
For the time being there will be less blogging. This is not the end of the blog and it does not mean no posting, just fewer posts. At some point there will be more work to do in terms looking for when the next bear market starts and what to do when that time comes. In the mean time there will be the occasional market related post, the occasional fun post like the one last night with that crazy fire apparatus and I will continue to disclose any executed trades.
I obviously owe a big thank you to everyone who has read the site and contributed to its longevity and when the policy of overt asset price manipulation ends then regular blogging will resume, maybe a little sooner.
Posted by Roger Nusbaum at 5:00 AM