I posted the above image for subscribers on Sunday to remind investors that even if you miss a few hands having more chips than you started with is a huge advantage. So it is with investment portfolios. If you’ve lost a lot of money you’ll have to do very well over a long period of time just to get even. Knowing when to play and when to pass is a skill combined with some luck. We’re just fortunate to be on the sidelines having a larger stack of chips now than when the year began.

Am I bored? Well a little. We’re all anxious for markets to finalize whatever it is Mr. Market wants to do. But, staying cool, patient and disciplined is an imperative now.

I have to run off to the airport and meet our son.