If you’re not part of the solution, you’re part of the problem and the onus is on us all to do our part.

We’re asking the entire Minyan community for help. Take some time to share your views on the next best steps. This is an important juncture for both the markets and the world at large. It isn’t a red thing or a blue thing, it’s the only thing that matters as we find our way to better days and set the stage for future generations.

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• Retail will set the tone today as the market digests Black Friday. While I’ve traditionally viewed this “tell” with skepticism, perception is reality in the marketplace and the sector is a focus. Please keep in mind that the Retail Holders (RTH) have rallied 14% since we eyed them as a potential upside surprise.
  
  
• With a conscious nod to the “path” rather than the “destination,” there’s no realistic reason to believe that the current conundrum will be contained by historical precedence. FDR didn’t know what a derivative was nor were we in a global, finance-based economy during his tenure. Remember, this has been brewing for a long time.
  
  
• With that said and respected, we must also remember that during The Great Depression, 75% of the country still worked, kids still went to college and formidable franchises such as Disney (DIS), Hewlett-Packard (HPQ) and Texas Instruments (TXN) were born.
  
  
• The Age of Austerity indeed. Having spent a wonderful weekend in the Baltimore burbs with my brother and his family—eating more food than a small farm animal—it’s clear from the discussions at various dinner tables that the Wall Street malaise has created a Main Street haze. People are scared and “thrift” is on everyone’s mind.
  
  
• The most unbelievable aspect of this entire rescue process? That we still don’t have credit derivative transparency. The scariest part is that we all know this is at the top of their “to do” list and the lack of resolution speaks volumes about the magnitude of the issues at hand.
  
  
• The notion of massive credit market intervention remains a viable if not probable event if current conditions don’t improve.
  
  
• Our sincere condolences and white light extend to all those affected by the Mumbai terrorist attacks. A special wink to Professor Smita Sadana, who was in India at the time and is safely on her way to Festivus.
  
  
• In terms of my current posture, I snuck to a screen and sold some of my remaining exposure on Friday. I continue to have a smallish weighting towards energy but nuts to guts and head to toe, I’m light, tight and ready to fight.

Finally, some housekeeping items as we ready for a big week in the ‘Ville…

We’ll gather the Critters at high noon tomorrow and head to the Rainbow Room for the Emmy Awards. We’ve been dutifully reminding ourselves—along with Hoofy and Boo—that the nomination is an honor in and of itself. With that said, if the stars align for our humble compatriots, rest assured that they’ll accept the hardware on behalf of the entire Minyanville community.

A dream is only as powerful as those who believe in it and without you, there would be no us.

Throughout the week, the Minyanville Professors will migrate to Manhattan for our annual Festivus to benefit The Ruby Peck Foundation for Children’s Education. The strength of our purpose is evident in that we’ve again SOLD OUT the event despite the current economic condition. On behalf of my grandfather, I’ll share a heartfelt “wink” and thank all those who support such a wonderful cause.

These are trying times indeed but we must remind ourselves that the purpose of the journey is the journey itself. In that vein and through that light, I’ll ask ye faithful for a touch of latitude on the content front this week as we welcome our own and sneak in some smiles.

May peace be with you.

R.P.


Please be advised that the 2008 Holiday Festivus to benefit the Ruby Peck Foundation for Children's Education has officially SOLD OUT as we tagged our magical 350 Minyan mark. If you (or someone you know) would still like to attend, shoot us an e-mail and we'll see what we can do. We strive to take care of our own in these parts and as always, we'll do our best to circle ye faithful.