Oh, the last weeks of August. Thankful to still have some days left before Labor Day weekend, but know that come Monday, the lightness of summer begins to fade. Yes, there are still beautiful summer days in September, but there’s a seriousness to the air.
All week, Newport’s been buzzing with visitors, and in my conversations with local proprietors, they tell me it’s been a good summer, but not like post-COVID trips. The last drop was wrung from that manmade disaster last year.
With markets on edge, every trading day is living and dying on what the Fed says and how the presidential polls break. But what do they really mean as these tidbits of information are treated as news when not much has changed with the economy? It’s been years now since Covid shut down local businesses that never returned.
Others thank their lucky stars for portfolio gains, but are they gains when you consider all-consuming inflation? No one escapes unscathed, as I point out in this piece on my dinner with billionaire Jeff Yass. Trips to Paris, flying private, maintaining club memberships, and owning yachts all take money and a lot of it.
In my recent fireside chat with Dick Young, we talked about inflation. “Survival Guy,” he said, “your clients are facing inflation many multiples higher than what the government is reporting. If they see something they like that brings value to their lives, tell them don’t wait until prices come down. That’s not happening. They need to buy what’s valuable to them now, not tomorrow.”
Action Line: Enjoy the rest of your pre-Labor Day summer because come Monday, the lightness of it all quickly fades away. But that’s OK, because September is the perfect time to get your investment house in order. When you’re ready to talk, let’s talk. But only if you’re serious.
Originally posted on Your Survival Guy.
