I completed my 1000th blog yesterday.
Passing a milestone offers a good opportunity to reflect: I started this project as a way to record and communicate what appeared to be going on in the financial markets around the world, but also to discuss finance, economics, and both the art and science of investment management. It’s been a good way to do this.
But blogging isn’t a solitary exercise. I’ve had some great interactions with you, my readers who have emailed, called, or communicated various ways questions, comments, and challenges. You’ve encouraged me explore different subjects, or you’ve tested my reasoning, or you’ve helped me to think things through a little more fully. Thank-you for all your input!
When we started in 2007 the market was in full “boom” and the economy was unbalanced, with household debt growing too fast. The market crash and recovery that followed taught us a lot about greed, fear, panic, and the self-correcting nature of market extremes.
It’s been this way during my 26 years as an investment professional: something new comes along, like portfolio insurance or home equity loans. The innovation catches fire and a “new era” is proclaimed. But there is nothing new under the sun. The super-trends can’t continue, the markets correct, and then we go on.
Human nature being what it is, this cycle will continue: lather, rinse, repeat. But it never gets old.