A Tragically Terrible Joke

As you may or may not be aware, Saudi Arabia and a Sunni coalition comprising the usual suspects has been at war in Yemen for two years now. “Operation Decisive Storm”, designed to retake the country from the Iran-backed Houthis who quite literally drove Abdrabbuh Mansour Hadi into the Gulf of Aden (he fled on a boat), began in March of 2015 and it’s been a sh*t show ever since.

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Crazy Vs. Crazy: Are Things Really More “Uncertain” In Europe Than They Are In The US?

How can a market “take into consideration all potential future events”? Obviously it can’t. That’s absurd. That said, stocks should be expected to discount what we might call “known unknowns.” That is, events that we know are likely to cause turbulence but that also admit of some indeterminacy regarding outcomes. Things that would fall into that category include the French elections and US tax reform.

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