After what I saw on Fox News around noon today, I don’t blame anyone for wanting to jump out of a first story window!!!
I was working out on the treadmill at noon watching the Fox market report. A young lady, Alexis, a business commentator at Fox, was in an absolute panic. I’ve never seen a commentator more scared in my life. She said the economy had fallen apart, that this crisis was so big, people will be talking about it 100 years from now. In a true tip of her immaturity, she said that to prove all this Morgan Stanley reported an earnings increase and was trading down 25%.
To her, this was evidence that the whole system was unraveling. To those of us with grey hair, it sounds like a perfectly normal “irrational” bear market where the stock prices of great companies get beat down to the point they are incredible buys.
On my way back to the office I got a call from a client in a panic, which is a very unusual thing here at KFG. I told him what I just witnessed and had I not known better, I would be in a panic, too. “Funny thing,” he said, “That was the show I just watched and it’s precisely why I picked up the phone and called you!”
For right now, my recommendation is to take a walk, go to dinner, enjoy a visit with your child or grandchild, and give Fox, NBC, ABC, CBS, and MSNBC a break. Not highly technical information, but methinks it’s good advice at the moment.
