It’s easy to get caught up with the sentiments of the crowd. Investing, however, requires looking for opportunity when others are giving up. Remember the old Rothschild advice, “buy when there is blood in the streets.” We don’t need anything as extreme as that.

In fact, conditions in the U.S. are good. The problem is that investors keep looking for the clouds instead of sunshine.

We don’t want to be Pollyannaish and ignore obvious risks, but “obvious” is the key. Investors have already discounted many potential negatives, and imagine more.

At this point, they’re not looking for possibilities. We are and see we plenty of opportunities. Stay steady, my friends.

El Solo Toro