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Stocks are still expensive, but momentum is clearly negative. Arguably the biggest driver of higher asset prices – loose monetary policy - is not only ending, but shifting into reverse. The economy appears to be weakening even as the Fed raises rates, but high inflation will keep the pressure on the Fed to keep rates higher.
Plans change, but don’t fail to plan. My life was planned out, with contingencies, and contingent contingencies. Things did not usually go as planned, and life has been exciting. Having sensible plans and being willing to adapt them is important.
Some of the highest flyers that led the market up and that had the most of their value far off in the future (by virtue of little to no earnings today) have been leading the way down. Rising housing costs, rising fuel prices, rising food prices and potentially less opportunity to use one’s house as a source of debt capital if home prices quit rising will pressure other consumer spending and investment flows
Prof. Adam Grant explores why people refuse to give up views that are incorrect and how we can do better. We cling to our familiar tools – assumptions, habits and instincts. Missing from our toolkit is an open mind.Thinking again takes humility, effort and training. It is not an easy mindset switch. It is worthwhile if we want to grow in wisdom and effectiveness. The appendix of the book gives action items for implementing the concepts discussed in the book.