Postcards: The Hardest Letters to Write

This market is all over the place, and there's no shortage of fear. When you're not trading, take a cleaner look into the long-term time frame.

Dear Fellow Expat:

It’s not easy to write about the markets every day.

There’s an unbearable amount of emotion.

This is about money.

One bad call will outweigh 10 good ones.

That’s the nature of our brains.

We just don’t handle loss well.

So far this quarter, I’ve been wrong about trucking.

I thought the bottom was in.

But it hasn’t arrived.

And it might get a lot worse.

Over the next few months… and years, our trucking industry faces systemic issues, and costs will accelerate.

Trucks, regulations, and diesel will become more expensive.

We're undergoing a forced EV transition, even while Chinese and Indian coal capacity surges. The per-mile cost of trucking just hit a record.

No one in Washington blinks… they just keep forcing their hands on the scale.

It’s going to get tougher out there.

As this green transition comes through and will be forced and doubled down upon over the next eight years, electricity will be more expensive while someone pats us on the head and tries to tell us tha…