Panic!

Like Scary Nights at Universal Studios (where my daughter went this weekend), it really is scary out there. I Walked into the office looking at a 300-point drop  in the Dow and a +10% jump in 10-year Treasuries.

I doubt anyone woke up this morning and decided that sub-2% yields for the next decade is actually a great investment. No, it’s a classic sign of panic.

I have no idea how much further we fall, but it’s not a black hole we’re in.

I don’t believe in catching falling knives (throwing metaphors around this morning), but I see the markets much as my daughter saw Universal Studios: scary, for sure, but actually, kinda fun too (after she exited the park).