Most consumers are aware that the price of an item and its value have an imperfect relationship. In a market-based economy, price and value tend to be correlated, but around the edges, they diverge based on consumer preferences.

In our last Portfolio Commentary, we shared the Stock Trader’s Almanac data regarding typical presidential election year patterns. At the time, we thought equity markets might follow an Open Field pattern, but we withheld judgement until after the first quarter of 2024.

Recently while looking through my bookshelves for something to read, I saw my copy of Barton Biggs’ Wealth, War, & Wisdom with the Foreword by Yale Endow-ment CIO, David Swensen.