Ed Yardeni, sitting behind his desk at Yardeni Research, watched the tickers crawling with exhausted numbers. In his mind, the S&P 500 wasn’t just climbing—it was strutting, chest out, tail wagging, and nipping at the heels of new highs like a particularly stubborn sheepdog.
CNBC called, eager for prophecy. Ed obliged, speaking with the steady patience of a man well-acquainted with both overcooked optimism and fried pessimism.
“It’s a bull market still—a bull with good legs and a decent sense of humor. Markets wag forward because the economy’s tougher than it looks. Sure, we’ve had soft spots, but mind you, that’s old news. The sort of news you wrap yesterday’s trout in. Folks worry; that’s their business. Uncertainties, they fade like daylight in winter. And chickens—oh, the chickens—they’re counting their trade wars before they hatch. But even that’ll settle before we finish our summer lemonade.” 🐂
The market, Ed mused, was like a scruffy old hound—sniffing anxious corners, ignoring the alarm bells, chasing bones of doubt bigger than its stomach. Stocks, those sly creatures, loved a “wall of worry”—and if there was a worry shortage, someone would invent more.
“Risk, of course. Always with us. Like a stew, there’s always something floating around in it. Markets like to climb with the weight of all those hands wringing on the sidelines. What’s funny—here we are, brushing against records, and the mood out there is as nervous as a cat in a room full of rocking chairs. No cheering, just wary glances and ‘I’m not sure about this.’ That’s how you know the market’s healthy—nobody believes in it.” 😏
On Friday, the S&P 500 finished its day at 6,173—another notch in the post for the history books, or at least for the barroom arguments.
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2025-06-29 22:29