If you listen to PM on the radio or check your pension portfolio once a month you'd be forgiven for thinking not much is happening in the stock markets just now.
The S+P and Dow are near all-time highs and the FTSE's up a few points down a few points, both seemingly marching relentlessly upwards as the world inches towards some semblance of normality.
Then there's all the one-year-on stuff in the news about once-in-a-generation yearly gains (from the March lows) of 60% for the S+P and 76% for the Nasdaq, even more if you were prescient enough to invest in the fund favoured by many UK tech investors, Scottish Mortgage Investment Trust.
But you'd be wrong.
Whether what Ryanair's O'Leary characterised on a Zoom call yesterday is market hysteria or not, the third waves sweeping through Europe, necessitating the tightening of lockdown restrictions, and the vaccine argy-bargy, are spooking the markets – way down below the surface, in the deep.
And even though this pitch-black activity is not evident when you listen to the news, there's a lot going on 10.000 leagues under the sea.
This past week has seen much of the UK deep-value stock rally dissipate with reopening plays like Rolls-Royce, Capita, IAG and Hammerson running aground while some of the more-growthy US tech stocks have continued their tumble: good-quality solid companies like Teladoc are down nearly 40 per cent off their highs, back to where they were in June 2020.
Meanwhile the FTSE is still 12% below where it stood on February 19 2020, alternating between two neon signs on its poop deck (enough with the sailing stuff, Sawyer), one saying "screaming buy", the other "patience is a virtue, one last dip".
Of course, if you don't have an active bone in your body and are invested solely in a one-world index fund or the RESET portfolio, this will be of at-best passing interest to you.
Congratulations, you've won a (Swiss) watch, one that will serve you well in perpetuity.
But if you do like to study the form so to speak, if even a tiny portion of your overall portfolio is not passive, such things are useful to know. I say useful, perhaps that's the wrong term. Enthralling might be a more apt adjective. captivating an even better one.
On an unrelated note, I've had a most productive week and enjoyed setting the world to rights with an old friend over what in ordinary times would have been a working lunch in town, but actually turned out to be a bracing walk around an obscure wildlife reserve overlooking Glasgow.
Sign of the times, eh.
What have you been up to, <<First Name>>? What's been your wildlife reserve equivalent this week?
Okay, okay, I know, you're exhausted. It's almost Friday, it's Groundhog Day no. 369 and you just want to sit back on the couch with a giant beaker of white wine and stick on Line of Duty (ahem, not long now David).
But spare a thought for the brain cells that got you to where you are today and once you've finished with the fun, find the strength to browse through this smorgasbord of esoterica. I guarantee you'll find something of interest.
Monevator's Weekend Reading, included specifically for the preamble and comments oninvestment platforms.I'll be interested to see what and when Trading212 do with their imminent (in that they said it'd be coming this year) SIPP.
This post's been doing the rounds, but I recommend you read it. I've seen different views about the guy. For me, this is the sort of post the Internet was built for; taking due time to read it was an experience that I hugely enjoyed.
If you're viewing this on social media, or a friend has forwarded it to you, and YOU want to join me mate JP, Cousin Paul, and the entire Glasgow running community on my free "Dave @Zude's RESET Brain Food" list, sign up here.If you sign up now you'll get the first 8,000 words of RESET: How to Restart Your Life and Get F.U. Money (The Unconventional Early Retirement Plan for Midlife Careerists) for FREE. Just go to https://zudepr.co.uk/reset/. If you've read RESET, like it, but have questions about how it can apply to your life, you might be interested in 1-2-1 RESET Coaching. If you're interested in my PR services, it's https://zudepr.co.ukor email me at email@example.com.