The News is Fascinating

The news is fascinating: The defeat before a vote of Trumpcare and the continuance of Obamacare. Fears over tax reform. Implications for the Republicans and the Democrats.

None of us understands the full implications of last week's political show. Not one of us understands the costs and the money that is bantered about between the polls and the partisans in the media.

How does this news affect our investments?

Well, the prediction is that Trump's loss is bad for the market. If it's that simple, then we've missed something big.

Last week, the market declined on Tuesday and the Republicans didn't give up the vote until Friday. No, the next hiccup in the market will likely be due to something more complicated and less predictable. In other words, "it could be time for a correction."

Most importantly, how does all this affect our retirement plans?

As in times past, we are witnessing the limited power of the President. And the legislative branch. And, I suppose, the Supreme Court. The balance of powers debate may or may not be resolved soon. In spite of the importance of these issues, they are peripheral to the primacy of our financial plans. The quality of our retirement likely depends more on how much we spend, on what, where, and with whom.

Treat this news, if you can, with a grain of salt. Spend your time cooking up plans with your friends and family to do meaningfully fun stuff. The managers of the great companies in the United States and the world are hard at work figuring out how to create value and generate profits in spite of it all. As we have in the past, I believe we will again improve our lot.

Our friend Nick Murray wrote an on-point article. Consider subscribing to the Periscope or contact us to request the article.

Farewell, Dick Wagner
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