I feel fortunate to be enjoying clear skies and and active stress free days while away skiing (aside from picking what to eat for dinner). Other parts of the world are not so fortunate, especially those in Ukraine today.
As the fighting deepens and targets shift from military to civilian, I feel a lot more frustration at world leaders versus when it was a lot of chest thumping circa one week ago.
Markets whipsawed on Thursday and jumped on Friday. The large swings of a manic market appear to be classic moments of widening probabilities and disappearing liquidity.
I’ve continued picking up shares of select companies that pay out a good share of their earnings but remain cautious to not move too quickly. Remaining over-capitalized is not only a strategic asset but a psychological asset (to the detriment returns due to cash drag).