Get used to it

Hey, you’re that guy from CNBC right?

Yeah.

Your kid on one of these teams too?

He’s on the Tigers, 10U. 

Nice. Nice move this week by the way.

Yup. Think the Dow was up 1,000 points in four days. 

Lemme ask you something about that. I watch your show…so, the market started rallying when it looked like tariffs were going to be so bad that the Fed was going to cut rates as insurance against a slowdown, right?

Yes. 

But then the tariffs are being called off, and it rallies even more!

Yeah. 

So which did the market want?

This is going to make me sound like a dick, but the market wanted to go up. I don’t think it mattered what happened. We just use these things as a reason after the fact to look smart. 

You’re telling me if tariffs had gone into effect the market would have gone up.

Yes. And then everyone would have said it’s because of us getting a rate cut. 

So now no tariffs and we go up anyway?

Yes. 

But that’s so stupid…

That’s how it works. It’s not meant to be intellectually satisfying. It’s meant to take money away from people who think they can explain things. Worst traders and managers I know are the guys with answers for all this stuff. Get used to it. 

(silence)

So what’s that Doctor J guy like?