Memories Live On

Today, April 26, is our fourth Wedding Anniversary. I can’t say what we would have done. Something special for certain – every day was special.

We went out in Monterey on Jeannie’s sixtieth birthday, her last. We were back at Paddy’s at Chateau Elan in Braselton Georgia in October, one of Jeannie’s favorite places. That same weekend, we met friends – Martin, Mike, daughter Courtney, Murphy was there, too – after Petit Le Mans. That was the last time Jeannie was well enough to go out.

I’m thinking today of what was. But I can’t help thinking, too, of what could have – would have – been.

Many years ago, Jeannie gave me a book called “Love in the 90’s” about the love between a couple who were able to grow old together. It was inscribed in her hand in the flap.

“Tom, my love – Merry Christmas,” she wrote. “I am looking forward to growing old with you. Someday there could be a book about us like this one. Your Jeannie.”

Of course there won’t be that book, but there are – and will be – others. There were only three anniversaries together after our wedding in Las Vegas, but there were many stories, many wonderful times.

The stories and times began years before this scene from that April day in 2004; the memories will go on forever.

Out of Whack

A friend in the investment business called on Friday. “I'm not dead yet,” he said, “in fact, I'm feeling better.” (Sorry, that’s a bit of an inside joke – and a reference to medieval Europe – so a bit offbeat, too.)

“I've had a glass of wine – or two. Ruffino Cianti Classico Riserva.
Unfortunately, the bottle was too small.”

“Good wine,” I said.

“Si,”

“Too early here," I observed.

“Ha,” he laughed. “Is there such a thing? It's after lunch, no?”

“So it is,” I agreed. “What’s the celebration?”

“I'm just about finished moving my clients to cash. I have a few who haven't returned calls, but they should be out by mid next week.” “I started moving them in December. I think we are in real trouble here.”

I thought about that, and added, “This is a time when commodities are no refuge either – that looks like a bubble.”

“Agreed. I don't think they are in a bubble, but I think they need a near term correction,” he said. “They are ahead of themselves.”

“When we get a true correction – a bear market – there is nowhere to hide in equities.

“I’ve arranged for healthy lines of credits for my clients For the purpose of investment, "if" we get a large correction But I don't intend to use them, unless we drop 20% or more

“This is the second time in my career that I've felt the markets were out of whack, out of synch... the other was in 1999 into early 2000.

“I have a cartoon from that time on my desk at work. A smiling commentator says, ‘Alan Greenspan noted that the glass was half full... markets rose on the news.’”

“Was the GE news today a wake-up,” I asked?

"Tom, there have been so many wake-ups at this point. I just laugh at the general apathy."

"So, there’s a correction looming?"

"I'd like another month and a half. But if I was confident I had a month and half, my clients wouldn't be in cash already. I'd like more time to call prospective clients, to tell them I'm moving clients to cash, while their broker is pitching the ‘we are long term investors BS.’"

So, there it is. A point of view. A professional point of view. One I’m inclined to take seriously.