"Your editor returns to his Daily Reckoning post finding that nothing and everything has changed in the markets. Our last day in the office was Friday, June 14th. The S&P ASX/200 closed at 4791 on that day. As we fire up our lazy neurons today, the market is trading at 4810, down on the day but up over the last three weeks.
The first takeaway from this is that everyone should take more holidays. It gives your brain a genuine chance to rest. You wipe out all the noise that passes for useful information. You abandon the conceit that every bit of news affects the intrinsic value of every security all the time. You breathe deeply.
And then you get back to your desk and find that things aren’t that much different. Or are they? On the surface, there are some obvious changes. Australia has a new Prime Minister. But he’s not really new. Kevin Rudd returns to the job taken from him. But like all politicians, he’s essentially the same, a dangerous sociopath eager for your approval and tax dollars."
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