I was in the “Country” recently and watched an Ace warming up at the Craps table. Yes, Jeff Saut
was a dashing figure at the “MinyanHattan
” event. We had some dialogue wherein we confessed to both our Ignorance and Insights into Meta-markets. The primary topic was of course…all things French. Note in the chart of the CAC
below, that European bourses have or had taken a more negative tilt than the glorious equity indices of the US. While they may yet bounce back, some technical damage has been done. Getting back to the French markets:
Mr. Saut and I concurred that there is no wine like French Burgundy. While I cannot name names here, we compared market notes. We did note that buyers can do well to pick up domestic Pinot Noirs on a relative value basis. In discussing my defensive stance on the markets, I admitted that my portfolio was in a barbell-like hedge: I am long both a huge generator and an ample wine cellar. This combination should serve me well when the downside occurs. Jeff, mon ami, as I came to call him as the bar refreshments loosened my limbic brain, invited my wife and I to his research compound in Florida. Naturally, I told him that would be impossible without my bringing along some rare Echezaux from the cellar and perhaps playing a round or (playing around?) on the local links. Unfortunately he was a scratch golfer (an itch I have yet to scratch). He has now adopted a more liquid avocation. Yes, I will boat with him. Meanwhile, take a rare gander at the sentiment picture as per my firm's proprietary metrics as noted below. To recap: Buy Pinot Noir, Love the French, Ignore Equity Ebullience, Play Golf and, do Boat.
No positions in stocks mentioned.
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