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  1. It’s time to buy stocks. People are fearful and it’s time to be greedy. Equity mutual funds have seen epic outflows recently; investors have fled to “defensive” stocks and bonds in droves; pessimism over the situation in Europe and unemployment here at home has become popular opinion; and stock valuations relative to bonds are about as cheap as they have ever been. All signs point to higher stock prices a year from now.
  2. It’s finally time to sell bonds. People are now willing to earn just over 1% on a 10-year treasury note. This isn’t a bubble but it’s surely some other form of madness. The trend is getting very long in the tooth and the tea leaves are telling me to take profits.
  3. Golf is hard. To see Adam Scott play nearly flawless golf at Royal Lytham for 68 holes only to finish with 4 bogeys and lose the Open Championship by a stroke was totally awesome and heartbreaking at the same time. Ultimately, Adam gave up the tournament by not finishing as strong as he should have but I think it’s more a testament to the amazing demands of a formidable, quixotic and beautiful game.
BONUS: It’s time to buy the Euro. This is purely a sentiment/technical call. The negativity is so thick you could slice it deli-thin and despite all the horrible news the price of the currency is losing momentum on the downside. Any slightly positive news and a short-covering rally could rip higher.

These are merely my personal opinions and should not be considered advice. Sometimes golf is easy. This happens to every golfer maybe once a season and should be enjoyed and appreciated for what it really is: a gift from the golf gods to keep you from breaking every club in your bag over your knee and deep sixing the whole set in the middle of your course’s pond.