Posted by: Tom Keene on January 31, 2012
There lay certitude; there, in the daily round. All the rest hung on mere threads and trivial contingencies; you couldn’t waste your time on it. The thing was to do your job as it should be done.
—Albert Camus, The Plague, 1947.
It has been “a daily round.” The dithering of Europe. The dithering of an awkward Davos. And, now more “threads and trivial contingencies.”
The markets price expectation, with a capital sigma. Within the alpha, beta, gamma and other Greek dynamics, we “price” what we believe. Not, what we “hope.” (Please, please, circle and beware words like hope, paradigm and synergy.)
John Gapper, of the FT, nails this “awkward time.” It was awkward in Camus’s masterpiece.
Look East for salvation (my faint recollection of Camus). Or, look north-central to Frankfurt.
It is time. The plague is upon us. We, through markets, will apply market-clearing initiative.
For the Davosian elite it’s different. It is time for them to do their job…as it should be done. Discuss.