As you know we send out a daily email which gives a brief summary of what happened in the markets that day. For those of you who are not clients of ours, or are relatively new followers, I thought I might take a moment to explain the origins of our daily email and why we continue it today.
Back in September of 2008, as the financial crises began to explode, we were overwhelmed with how to communicate with our clients about what was happening and what the ramifications were for everyone’s investments. Remember, here in Houston we were dealing with the aftermath of Hurricane Ike and communication was difficult enough as it was, but being able to reach everyone on a daily basis to explain what was going on was going to be a challenge. It was at that point we began to communicate daily through an email that went to all of our clients at the close of trading each day. Being with a broker/dealer at that time, we struggled with regulations that maintained that all communications had to be cleared by our “home office”, but desperate times called for desperate measures. Months later we did find a way to get our “home office” to approve our daily commentary, but it wasn’t easy.
Regardless, this was the birth of the daily email. For the first couple of years, we were attempting to keep everyone aware of what the Fed and Congress were up to, as well as how the markets were responding to each “fix”. We still have all of those emails, and it is “fun” to look back and remember the investing psyche at the time. Yes, we sounded a bit flustered at times too. Nevertheless, the email, combined with an occasional conference call was our way of staying in touch with all of you the best we could through very difficult times.
As times quieted down and markets regained some “normalcy” we began to write a little less frequently. Our clients, though, made us aware that they enjoyed the daily reports regardless of whether it was a time of emergency or not, so we went back to the daily reports that continue to this day. Now, this daily update is not designed to give market advice or pick stocks to buy or sell. That would not be appropriate, as we are aware that many of the folks who read our notes are not clients of ours and we have no idea what their needs and desires are. The daily update is simply designed to give you a quick look at that day’s trading action and perhaps an insight or two on why things moved the way they did (hopefully we make you laugh a little once in a while, too). If you are not a client of ours, but have thoughts or questions about what we discuss, don’t hesitate to email us back or give us a call. If you would really like to look under our hood, come on in for a visit. We always enjoy explaining to folks how we do things.
So, there you go. That is the origin of the daily email. As long as you all like it, we’ll keep sending it. We hope it is helpful and entertaining. Talk to you later this afternoon.