Overlord

Sixty-four years ago the world held its breath while Operation Overlord unfolded. Hundreds of thousands of soldiers, sailors, and airmen combined to push the Nazi army out of France.

Why do I bring this up in an economic and market discussion? Because people sometimes do uneconomic things because they are the right thing to do. Defending your country and fighting for your buddies are right, no matter what the short term costs.

Sometimes economics and market analysis has its limits. Whether it’s the aging veterans of Operation Overlord, or the recent “grunts” from the front lines of Fallujah, we all owe a debt of gratitude to the men and women who have put their lives on the line so the rest of us can enjoy political and economic freedom.

I just want to take this moment and recognize their service. “Lest we forget.”


Douglas R. Tengdin, CFA
Chief Investment Officer
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