Park City Family Office thoughts on March 24th, 2020 by Chief Investment Strategist, Rich Gluck
- Today the Dow Jones Industrials surged 11.2%. Analysts and the media are attributing it to the pending fiscal package from Congress.
- OUR Spin: Be careful. Pundits and the media need to offer a story about why the market moves on a given day. Nassim Taleb calls this “The Narrative Fallacy“, the need to offer an explanation. Today’s gain ranks 5th of all. It displaced a gain from the worst month of the Global Financial Crisis. The top four gains all come from The Great Depression. Crises are marked by volatility. They see the biggest losses and the biggest gains. The coming fiscal package is a positive, no doubt. Does it mark the bottom? No one knows.