| Dear Reader, If you’re like me, you spend very little time watching the daily ups and downs of the stock market. I find it neither intellectually nor emotionally fulfilling to check my phone multiple times a day, wondering how individual stocks are faring. Instead, as you know, I focus on broad themes (China, debt, inflation, energy) which play out over long horizons. What I find fascinating, however, is the daily market narrative compared to trends which reveal themselves over months and years. Here’s an example… My friend Keith Fitz-Gerald wrote recently in his Morning! 5 with Fitz letter that he enjoys down days in markets like this. Because in his universe of “buy the best and ignore the rest” companies, he can use down days to accumulate shares. Sounds simple, right? But if I suggested this to you 6 or 9 months ago, with the market deep in the throes of the inflation fallout of 2022, you’d likely have scratched your head and said, “But there could be so much more pain to come…” It’s a classic lesson in behavioral finance. Is buying cheap a door to more profit or a path to losses? Is this market out of the woods? How much more downside could we see? All important questions… Keith wrote about these issues specifically in his Monday, January 23 letter. You can focus on the long horizon trends like I do, but if you’re aware, nimble, and prepared, you can benefit from opportunities as they arise. This is all to say, I encourage you to sign up for Keith’s Morning! 5 with Fitz letter. As you may remember, I wrote to you around the holidays introducing Keith and his new minority partnership with Mauldin Economics. Keith’s letter carries no obligation, it’s free to read, and it could better prepare you for what’s ahead in 2023. I know it’s done that for me. You can click here to learn more about Keith’s letter and sign up. Your trying to get the big decisions right analyst, John Mauldin
Co-Founder, Mauldin Economics | 