The Power of Variables in a Market

The US has had this remarkable run, a decade or more of growth in our economy and the temptation is always to think that growth like that will just go on forever. I live just a few miles down the road from Churchill Downs home of the Kentucky Derby so I can't help but think about some of these things in terms of horse racing. In moments like this should humble us. Nobody saw the pandemic coming. Nobody could have predicted its impact. And frankly, given the moment we're in, nobody knows what comes next. But we know that grass withers and flowers fade.