Always Look on the Bright Side of Life

Cheer up, Brian. You know what they say.
Some things in life are bad,
They can really make you mad.
Other things just make you swear and curse.

When you're chewing on life's gristle,
Don't grumble, give a whistle!
And this'll help things turn out for the best


Always look on the bright side of life!
Always look on the bright side of life!

If life seems jolly rotten,
There's something you've forgotten!
And that's to laugh and smile and dance and sing!

When you're feeling in the dumps,
Don't be silly chumps

Just purse your lips and whistle -- that's the thing!
And always look on the bright side of life!

(From “The Life of Brian”, by Monty Python, 1979)

Last month we focused on separating out market “noise” from market “signals”. As a reminder of what we considered “noise”, we identified (1) political dysfunction in Washington, DC (but now it appears that there will be no more government shutdowns and that budgets will be passed); (2) the Robert Mueller investigation (which continues to drag on, with former Trump attorney Michael Cohen’s just-delivered testimony before Congress setting DC politicians and partisans on both sides into outraged but contradictory rants – none of which appear to be disturbing the market); and (3) US-China trade negotiations (which now have been “kicked down the road” as President Trump agreed to delay tariffs and engage with Chinese President Xi). In other words, what we identified as “noise” turned out to be exactly that.