When a tree falls in the forest, and no one is there, does it make a sound.”
Over the past few months, we noticed a trend. We noticed some economic releases are being modified or just not released. It is almost as if the those reporting data realize the data does not look good, it is best to hide it. If you do not release the information no one can compare the current situation to the previous months. It might not be a pattern but these revisions occur after someone comments it was the worst… since some previous period. The quote above might be appropriate if you do not hear the noise then we can assume it did not happen?
We continue to see solid returns on stocks with good dividends and the potential for higher dividends. They say that you buy your portfolio every day, as you own it unless you sell something. Our philosophy has not changed but we constantly review the portfolio to see if stocks we do not own may have declined to the point where they are cheap enough to offer a better return than what we currently own.
