Perception

July 22, 2019By Andrew Keefer, CFAMarket

The Big Picture “Perception is more important than reality. If someone perceives something to be true, it is more important than if it is in fact true.” – Ivanka Trump The above quote is from Ivanka Trump’s book “The Trump Card”. I have always cringed when I hear that perception is more important than reality. … Read More

Inflection Points

December 28, 2018By Andrew Keefer, CFAMarket

The Big Picture “I can’t change the direction of the wind, but I can adjust the sails to reach my destination”   A remarkable statement which recognizes that we are impacted by forces out of our control. However, we can adjust our exposure to help obtain our desired outcome. One of the best characteristics of the … Read More

Corrections

December 7, 2018By Andrew Keefer, CFAMarket

The Big Picture “I know you think you understand what you thought I said, but I’m not sure you realize what you heard is not what I meant…”  The above quote was apparently misattributed to former Federal Reserve Chair Alan Greenspan. Per Ralph Keyes of the Quote Verifier; “this popular tongue twister gets attributed to … Read More

Chicken or the Egg?

October 12, 2018By Andrew Keefer, CFAMarket

The Big Picture “Which came first? The chicken or the egg?” The chicken or the egg is a causality dilemma which asks the simple question of “which came first?” It is a rather amusing dilemma. Aristotle hypothesized that it was an infinite sequence and neither came first. That is a clever way to dodge the problem. … Read More

Back In Time

May 8, 2018By Andrew Keefer, CFAMarket

The Big Picture “Whoa, this is heavy!… There’s that word again, Heavy! Why are things so heavy in the future, is there a problem with the Earth’s gravitational pull?” From the 1980’s cult classic Back to the Future. Marty used the slang phrase “this is heavy” and Doc, from 1955, not recognizing the slang, took … Read More

Sine Waves

March 13, 2018By Andrew Keefer, CFAMarket

The Big Picture “Life is like a sine wave, you have to go through many ups and downs in order to move forward.” I would surmise there are many things to which we can apply that bit of wisdom. Ups and downs in the financial markets? Say it ain’t so! I promise I am not … Read More

Event Volatility

February 9, 2018By Andrew Keefer, CFAMarket

The Big Picture “Fear tends to manifest itself much more quickly than greed. So volatile markets tend to be on the downside. In up markets, volatility tends to gradually decline.” – Philip Roth A client once asked me how I stay non-emotional during days like we just witnessed. I tell them I am human, I … Read More

Going Parabolic

January 24, 2018By Andrew Keefer, CFAMarket

The Big Picture “…But the last third of a great bull market is typically a blow-off, whereas the mania runs wild and prices go parabolic.” -Paul Tudor Jones Now let me begin by stating the above quote is not meant to cause a stir. Stay with me here. In financial markets, when we refer to … Read More

The Bit

January 3, 2018By Andrew Keefer, CFAMarket

The Big Picture “We have a shiny new penny here…” I always thought it was “chomping at the bit”, but apparently the original phrase was “champing at the bit.” The phrase refers to a horses’ tendency to chew and chomp, and I suppose champ, while impatient and eager to go! I will not be discussing … Read More

Objects in Motion

August 1, 2017By Andrew Keefer, CFAMarket

The Big Picture “An object in motion tends to stay in motion unless acted upon by an outside force.”  -Sir Isaac Newton, Laws of Motion Isaac Newton lived in the 17th and 18th century. He was one of the most influential scientists and mathematicians to have ever lived. If you haven’t heard of Newton, you … Read More