This story is just so good, I had to quote it at length, near the bottom of this Periscope. In brief, the Federal Reserve, and a couple of the world’s largest banks, recently spent a few days in detention. And this reminded one of our money managers of a movie about Saturday detention in the 1980’s movie, The Breakfast Club.

Do you remember September 20, 2018?

On that beautiful sunny day last year, equities, as measured by the S&P 500 index, would hit their all-time-high. They would go on a rapid descent through the end of 2018 until equities were twenty percent lower on Christmas Eve. Actually, the S&P 500 went lower for an hour or two during the following trading day before beginning to grow in value.