What is the "Point"?

Where were you on November 14, 1972? I don’t recall much, as I was only 4 years old, but I do have a memory of it. We had one black & white TV in our home that was always tuned to Walter Cronkite at 5:30 PM on the local CBS affiliate (it was one of only four choices if you counted PBS).

My earliest memories are of watching Apollo rocket launches and splashdowns on that TV. While I don’t remember exactly why I was paying such close attention on this day, I suspect that my mom had mentioned that they may show the astronauts or the rocket pad at Cape Kennedy, as the Apollo 17 mission was scheduled around that time. While this tactic may have kept me out of her hair while she was cooking dinner, it also led to me to asking questions. A LOT of questions.

“What is Vietnam,” I would ask?

“A country,” would be the reply.

“What is a Watergate?”

“A hotel.”

But sometimes, the answer would just be, “Ask your father when he gets home.”

On this day, Mr. Cronkite had led the news with a headline that announced that the Dow Jones Industrial Average had just exceeded 1,000 points for the first time in history.

“Mom, what is the Dow?”

“It is where you can invest in companies,” she said.

“What does it mean to be at 1,000 points?’

“Ask your father.”

Long Term Care Is No Holiday

You’ve seen the commercial.

A surgeon removes his mask as he is finishing an operation when a nurse observes, “You’re not Dr. Stewart!?”

To which he replies, “No, but I did stay at a Holiday Inn Express last night.”

In a financial planning version of life imitating art, there was a story (Exhibit 1) widely reported this week about Terry Robison, a Houston man that posted his plan on Facebook for how he is going to live out his old age in a Holiday Inn instead of a nursing home.

Where Did They Go?

“Bulls Return,” read the headline on a daily newsletter that I subscribe to. The article wasn’t referring to next month’s Rodeo Austin. The subject was the stock market, or more specifically, the mostly upward price movement since the big selloff last Christmas Eve.

But if the bulls (buyers) have returned, that implies that they left. If they left, where did they go?