Thursday, November 27, 2008
Hard to believe that it's Thanksgiving already. November, and indeed 2008, have flown by in a blur. Before settling into a day of heavy eating, NFL on the box, and very possibly a nap, Macro Man feels compelled to count his blessings after what has been an extraordinarily eventful year:
First, a few repeats from last year:
1) First, and most importantly, that Mrs. Macro and the Macro Boys are healthy and happy, as is he himself.
2) Although it may seem an odd year to say this, Macro Man remains thankful that he works in an industry that provides intellectual stimulation, indulges his competitive instincts, and offers plenty of fodder for his satiric side.
3) That his real-world portfolio has been empty of structured credit, ABS, MBS, leveraged loans, and all other manner of performance-killing credit turds.
Of course, given the traumatic events of 2008, there is plenty for Macro Man to be thankful for from his perch of relative comfort:
4) That he made the right choice when he switched shops in Q1 of this year
5) That the vast majority of his friends in the market have retained their jobs, and that those at Lehman and Bear managed to find new ones. Moreover, that those who have recently been let go are of a sufficiently high calibre that they should find new work relatively easily.
6) That he didn't have his life, or indeed any, savings in Icesave or any other dodgy, now-defunct, account.
7) That he is in no way reliant on astute policy-making from the US Treasury or ECB to guarantee his personal or professional success.
8) That the AKP survived....and that Macro Man subsequently took profits and got out of Turkey altogether in August.
9) That Macro Man had the sense to stick to his investment methodology, and that it has served him pretty well in what has been a difficult year.
10) That this space continues to attract a frankly baffling number of readers and a high calibre of interaction with other market punters and observers. Thanks for reading....
....and best of luck for the remainder of 2008.