Want to know what the impact of any public policy on a specific stock or the market at large is – track the financial impact.

Tax reform promises to help many companies, but will it help all of them? Not the housing industry, if you would believe the complaints from that sector. How about healthcare; not a favored group if Federal subsidies for insurance coverage are reduced.

It is nearly impossible to make major policy shifts that are universally positive. Just like terrible events produce some winners, mostly positive ones are likely to harm someone. This is not a reason not to move forward, but recognizes that shifts can take place that have investment implications.

We are watching the tax debate carefully and evaluating how it might impact where we see risk as well as opportunity. We will make the appropriate adjustments when we see what passes.

Stay steady, my friends.

The Lonely Bull