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Ghost of Igloi
RE: Down goes the Dow

What I find interesting is that just a few months ago the reason to purchase equities was low interest rates. The Fed Model or Dividend Discount Model was used as justification for higher valuations. Now that we have higher interest rates, the story become that higher growth supports higher valuations. In either case, there is little historical justification for either argument when weighed against current valuations and other economic factors. In my view it is all institutionally driven where traders mimic the same trend. If so, that is a very dangerous market.

On a running note, a break thru of sorts. Twelve days straight with only one of those days just a four mile walk, the rest running. I am actually getting dedicated. I tend to do better once I get a streak going. Saturdays I coach some friends and we are doing 4 x 800m hill cruise intervals in the foothills. Should be fun.

Hope your running is still progressing.


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