“On the road from the City of Skepticism, I had to pass through the Valley of Ambiguity.”
–Adam Smith
Before starting this missive, I want to touch on the importance of skepticism in a marketplace that is more susceptible than ever to exaggerated moves both on the upside and the downside.
Skepticism is an important historical tool. My commentary and my ongoing market narrative is laced with skepticism.
Large skepticism leads to large understanding. Small skepticism leads to small understanding. And no skepticism leads to no understanding.
With that, why did the markets rally after an…


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