Like dominos, one by one, the doves at the Federal Reserve appear to have fallen over the past few months. The final and most important one is widely expected to at least tilt a little later today at 1:00pm when Fed chairwoman Janet Yellen is scheduled to deliver her much anticipated speech. Equity markets have responded accordingly which brought a final end to one of the longest lasting rallies in which I had the pleasure of participating in my trading career.
Ludwig van Beethoven’s Symphony No. 7 in A major, consists of four incredible movements and was composed between the years 1811 and 1812, at which time the poor man had already turned almost completely deaf. I must admit that listening to this symphony in particular often brings tears to my eyes. First as a visceral response to its unparalleled beauty and technical perfection, but even more so knowing that Beethoven never had been able to actually listen to his own creation.
No matter where you stand politically and what you may think of President Donald Trump, you’ve got to admit that he’s a pure breed optimist. And just maybe, despite all the media poison and the political infighting, it is that very sense of good old fashioned American can-do optimism that continues to fuel the flames of the Saturn V mega rocket that has propelled equity markets to all time highs with apparently no end in sight.
It is Friedrich Nietzsche who we attribute to having said that ‘the higher we soar, the smaller we appear to those who cannot fly.’ He actually went on to coin several other flight related quotes, but as ole’ Friedrich kicked the bucket in late 1900 I doubt that he actually ever boarded anything resembling a real aircraft. Because had he done that he would invariably have rephrased it to ‘the higher we soar, the smaller appear the ones [on the ground] who cannot fly.’
Clearly and rather understandably being a product of his time Nietzsche contemplated flight from the perspective of an earth bound observer. Because I can tell you from [...]