Who’s Winning?

Don’t let my Herculean physique fool you. I’ve never been an athlete. Not even once. In fact, I don’t even like perspiration. The only exercise I get is swimming, and that’s because I don’t have to deal with sweat, which I find sort of ewwww. So, yeah, I’m a man’s man.

My beloved children, however, are all top-notch fencers, and they tour internationally. We travel as a family, the gallant Knights and their swords, which on occasions like this pulls me somewhat away from my normal prolific nature.

During a bout today, my daughter’s coach yelled out from the sidelines, in his thick Ukrainian accent, “Who’s winning??” It isn’t the first time I’ve heard this. What he’s telling her is that she needs to change her behavior. Because she was already ahead by so many points, she needed to change her strategy. More confidence. A slower pace.

I’m reminded of this because of how this quarter has been going. In spite of the best efforts of those whose interests are tied directly to the equity markets (including a certain somewhat who, months ago, threatened the “beautiful, beautiful 401ks” of the public if they ever turned against him), worldwide markets have been falling to pieces. Thank God.

Long-time readers know I don’t just consider this a mathematical curiosity. This isn’t just because I like to dabble in charts. This, to me, is an epic point in history about light versus dark. Truth versus lies. Good versus evil. You can probably guess which side I consider myself (and non-dissenting readers) to be on. So here we are. This is my passion play.

Last week was a comic tug-of-war between these two respective sides. There would be some baseless rumor, or ridiculous tweet, or some ostensibly encouraging press dispatch, and prices would get bid up. But then, inconveniently, some kind of truth or facts would manage to leak out, and prices would scuttle down again, as God intended. And so we wound up with a Dow Jones Composite that’s looking an awful lot like this:

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