Lord, give me patience. And please, give it to me quickly.
That’s what many people are praying these days. Encouraged to wait patiently for the economy’s recovery, they’re compulsively tapping a foot. For a while it looked like all the data were improving. Then came last month’s employment setback. Now a raft of statistics look gloomy. Some are calling for a second stimulus program as a result.
But there are positive signs, like the leading indicators and production surveys. What they’re telling us is that the vicious inventory correction of the last six months is just about over. The data are mixed, and that’s what you expect when the economy turns around. If all the data started to look up, we’d be in a recovery, not a turning point.
Warren Buffet quips that a man can’t make a baby in a month by getting nine women pregnant. It took some time to get into this pickle. We should be patient as we see that we’re getting out.
Douglas R. Tengdin, CFA
Chief Investment Officer
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