Our Rotary club speaker today owns the dominant local wealth management company in our county. He spoke on the recent movements in interest rates, Japan yen-dollar trade and stock market gyrations. He said last week moves were predominantly by big money institutional investors. Monday’s rout included retail investors. He said prices fell hard because there were few takers, essentially the Michael Burry prediction. As you may recall, Burry said when retail investors get scared and reach for their funds held in index vehicles, it will be like trying to empty folks out of large room with mouse hole sized exits, thus prices crashing suddenly. The BAC shares I sold last Wednesday were given a minimum price point requirement, not sell at market because the market felt jittery to my gut.

At $300B+ cash on hand, Buffett, Weschler, and Coombs may have buy instructions in place at tantalizingly low prices on great companies. With the one day settlement requirement, there may be some big fish to catch for those with deep pockets should Burry’s prediction ring true. We, too, can do the same with options and buy instructions.

BTW, our speaker said his firm has approximately 150 widows and 35 widowers as clients, a startling statistic. We men need to take heed to get our estate and financial aspects in order for our longer living brides.

Uwharrie