Dow breaks 16,000, S&P Breaks 1800, whatever.
- Joshua M Brown
- November 18th, 2013
No parades outside your window? How about traders on the floor of the NYSE wearing hats or blowing noisemakers? Nope.
The Dow just smashed through 16,000 today for the first time in history while the S&P 500 broke above 1800. In the meanwhile, the Nasdaq is hovering around 4000.
And nobody gives a f*ck.
Business as usual.
Here’s how I responded to all the handwringing surrounding the Dow’s break above 15,000 from May of this year – you can substitute 16k for 15k…
“Putting Dow 15,000 in Perspective”
Oh please, like I would ever write something like that.
If anything, too much perspective has been driving people out of their minds. Everyone has their perspective, whether you’ve asked for it or not. What you probably need is less perspective, or should I say more perspective from people whose perspective has been helpful.
Or maybe none at all for now. Let’s take a break from all the unqualified, inexperienced, triflingly myopic and hopelessly biased “perspective” for the night.
Why does anyone need the record high close in the Dow Jones Industrial Average “put into perspective”, anyway?
Why do we need another “commentator” with no trading experience or skin in the game or ass on the line to tell us whether or not “the Dow matters” or doesn’t matter?
Why do we need another “take” on the reality before our eyes?
Why would we want to read yet another treatise about how the Dow is not reflective of the whole market?
Or how the Dow isn’t reflective of the economy?
Or how the Dow isn’t reflective of the experiences of job seekers or Boomers or MBAs or working women or Wal-Mart greeters or whatever the fuck they want to juxtapose it with to make investors feel apprehensive or guilty or both?
How many inanimate objects can we re-price the Dow in to convince others that everything still sucks?
Should we remind people how much less gold the Dow can buy them than it could have for their grandparents in the 1940′s? That’s important for some reason, right?
Should we put ourselves through the tortured calculations that show how, on an inflation-adjusted basis, the market is actually down and not up? (Maybe not, because if the Dow, which has doubled, is still down vs inflation – then what do you think hoarded cash is worth? LOL.)
How many times must we read the debate about whether stocks are expensive or cheap, overbought or underestimated?
How much of that should we be exposed to and for how many months straight?
It is enough already, just stop it.
I’m Josh Brown and I approved this message.
Full Disclosure: Nothing on this site should ever be considered to be advice, research or an invitation to buy or sell any securities, please see my Terms & Conditions page for a full disclaimer.
The Reformed Broker is a blog about financial markets and the economy. Joshua Brown is a New York City-based investment advisor for high net worth individuals, charitable foundations, retirement plans and corporations... More.