October 6, 2023

FOUNDER’S CORNER: RISING ANXIETY

by Jeff Miller, CFA

Rising Anxiety... Well, if you’re not feeling it, you’re either living under a rock or have achieved a level of Zen only attainable by monks in secluded mountain temples. Even the Wall Street Journal, the bastion of financial seriousness, joined the anxiety parade last week. It’s safe to say that not much in the world seems to be moving in a direction that would prompt a happy dance, except for interest rates, which are rising like an overeager helium balloon at a birthday party (not great news for borrowers, mind you). Gasoline, energy, and food prices are climbing faster than a squirrel on a sugar high. Remember the good ol’ dollar menu at McDonald’s? Well, it’s now the $2.50 menu. Grab your wallets, folks! And just when you thought things couldn’t get any zanier, the whole world is experiencing an anxiety party together. China, with its real estate sector hemorrhaging trillions and youth unemployment rates soaring like a rocket ship, has decided that being belligerent is a great idea. Meanwhile, the never-ending drama in Ukraine seems more persistent than a stubborn stain on your favorite white shirt.

But, in the midst of all this chaos, there’s a glimmer of something not so terrible. For the first time in forever, money markets are offering yields higher than your favorite roller coaster’s peak. It’s almost as if they’re paying you to sit still and not make hasty decisions. How thoughtful!

And speaking of unpredictability, we were recently hit by a surprise upgrade to a new version of Windows. Now, in addition to your daily dose of anxiety, you can enjoy an AI-driven world, complete with ChatGPT-assisted search. Take a deep breath, my friends, and welcome to the hilariously unpredictable future!

—J. Miller