Can’t say this selling isn’t a shocker, especially when you read some of my recent market anecdotes. Again, we have nearly nine plus years of investors who haven’t seen much of a normal market pullback, so when you factor that into the equation, the idea of knowing where we eventually land when it comes to a market bottom is more or less a guess. Corporate share buybacks aren’t moving the momentum needle as you can see. Raising cash in recent months was a good idea, if not for the fact of reallocating some of the portfolio. Being overweight beta plays is quite painful if you have been overdoing it on the valuation-repellent side of the market, and that almost always tends to be when a real correction begins to take shape.
Notes From Wednesday’s Action
Relative strength standouts – Kohl’s (KSS).
Notable names lagging during the session – Amazon.com (AMZN), Google (GOOGL) (GOOG), Booking Holdings (BKNG), Blackrock (BLK), Netflix (NFLX), Align Technology (ALGN), Trinseo (TSE) – company guides lower, Ligand Pharmaceuticals (LGND), MercadoLibre (MELI), Nvidia (NVDA), Illumina (ILMN), Abiomed (ABMD), Intuitive Surgical (ISRG), Boeing (BA), Adobe Systems (ADBE), Mastercard (MA), Tiffany (TIF)/Estee Lauder (EL)/PVH Corp (PVH)/Ralph Lauren (RL) – weaker than expected results from LVNH weighed on fashion-related names, Square (SQ), Shopify (SHOP), Apple (AAPL), Salesforce.com (CRM), GrubHub (GRUB), O’Reilly Automotive (ORLY), Norfolk Southern (NSC), Chipotle (CMG), Domino’s (DPZ), Pioneer Natural Resources (PXD) – cautious analyst commentary, Proto Labs (PRLB), Arista Networks (ANET), CoStar Group (CSGP), Spotify (SPOT), Roku Inc. (ROKU), W.W. Grainger (GWW), Nike (NKE), Lockheed Martin (LMT), Sherwin-Williams (SHW), Alibaba (BABA), The Trade Desk (TTD), Match Group (MTCH).
From Cook to Chef
There really isn’t a fine line between being a steady cook to an outstanding chef. The cook will stick to the exact recipe of what is expected of a dish. The chef will try and extract more out of a dish by experimenting with things like different ingredients, cooking styles, and pre-cooking preparation. In our approach to our professional aims, we can chart a path to super success if we are able to improve on the things that others may be unwilling to or have the least bit of desire to.
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