5-10-24 Market Moment
By Randy Williams Gurian on May 10, 2024
Most people who know me well could tell you I am passionate about three things: the financial markets, the Mariners, and the Rolling Stones. I only mention the three here because I am going to the Rolling Stones concert at Lumen Field next Wednesday. My love of the Rolling Stones started at a young age, and my passion for the band has not wavered. In fact, I think I have seen them in concert eight different times so far. The Stones are the world’s greatest rock ’n roll band, in my humble opinion. Mick Jagger is 80 years old now, and Keith Richards still plays guitar like he will play forever.
All three of my passions inspire me, just as I presume yours do you. They make me want to learn more, follow the story, and listen, all three of which are needed to find success in the financial markets. Bull markets can confuse a person, and Mr. Market likes it when investors are fearful and confused. But, as some have learned the hard way, fear can keep you on the sidelines, missing out on the good things to come. Mr. Market’s tactics do not inspire me to learn more about him, follow his story, or listen to his nonsense. Let’s agree to ignore him to the best of our abilities.
According to Mr. Market, the markets are overdue for a pullback because earnings were good but not great. But over the last seven days, the markets have done the opposite and rallied, and hopefully you remained invested. Bull markets don’t end overnight, and market cycles play out over several years. The average bull-market cycle is four years in length. This current bull market began in October of 2022, which means it is just 19 months old; the party is just starting. In baseball jargon, we are in the third or fourth inning, which is why I think stocks continue to rise. If you know the lyrics and the tune, now would be a good time to sing “Start Me Up.” Investors want to participate in the next big technological change, and the move to use artificial intelligence in our everyday lives will change everything, hopefully for the better.
The Mariners are coming home from a somewhat disappointing road trip. Our dominant pitching finally had a hiccup. It’ll be fun to see how the team does on the upcoming homestand versus the A’s and the KC Royals. My two cents is, Julio is starting to figure it out at the plate and that could provide a big jolt to our offense. Go Mariners!
And lest you think I forgot, Happiest of Mother’s Days to all you moms out there!