Ramblings of a Portfolio Manager or In defense of pigs…
That bulls and bears make money and pigs only get slaughtered is a well used maxim on Wall Street. This week it takes on a whole new meaning as an outbreak of Swine Flu threatens to derail the recent market rally. Will an influenza epidemic in Asia trim GDP growth enough to curtail its widely believed ability to pull the World out of the economic slump? Who remembers SARS? That was supposed to trim 50bps from Asian growth. It didn’t. Frankly, more people (assuming they are old farts like us) probably remember President Gerald Ford’s misguided Swine Flu inoculation program in the 70s than they do the SARS epidemic earlier this decade. Well, there you go, another comparison between this economy/market and that of the 70’s and we didn’t even intend to go in that direction! As earnings reporting season winds down, at least this will give the market something upon which to focus. Frankly, to us it looks more like a tempest in a pig sty than anything else but stay tuned…
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