Name:   MAJ USA RET - Subject:   Santa Claus rally Date:   12/22/2018 9:53:05 AM

Architect – “I guess I also wonder if, after the events of this week, you are still hopeful of a ''Santa Clause'' rally on Wall Street?”

We have been through this before.  I note that a graph of the end-of-year values of our portfolio holdings does not resemble… has not ever resembled… a straight line, sloping upward.  Sometimes we sigh and resolve that we won’t be buying a new car next year… will have to go out to dinner less… maybe not plan an extra vacation.

Investing is not for the faint of heart.  One gets better at appreciating the ephemeral nature of volatility.  Understanding the difference between vaporware and low PE should guide the investor in diversity. 

We are all “dust” in the “wind” of the stock market.  BUT… the stock market would not persist if the wind wasn’t blowing us all in the same general direction.