“Fraud and falsehood only dread examination. Truth invites it. Whoever commits a fraud is guilty not only of the particular injury to him who he deceives, but of the diminution of that confidence which constitutes not only the ease but the existence of society."
Blake, The Whore of Babylon
Dr. Samuel Johnson
"Price discovery is not a sexy function of markets, but it is critical to the efficient allocation of scarce capital and resources, and to the preservation of the long term wealth of investors and the economy as a whole. If price discovery is compromised by manipulation, then we will all be gradually impoverished and the economy will be imbalanced and unstable."
London Banker, Lies, Damn Lies and LIBOR
"The truth is incontrovertible. Panic may resent it, ignorance may deride it, malice may distort it, but, there it is."
Winston Churchill
"Then the kings of the earth, their nobles and their commanders, the rich, the powerful, and every one of their willing slaves and free men, hid in the caves and among the rocks of the mountains. And they cried to the mountains and the rocks, 'Fall on us, and hide us from the face of the one who sits on the throne, and from the righteous anger of the Lamb.'"
Rev 6:15-16
Stocks attempted once again to shake off the fears and risks, and close out the week on their new highs.
Alas, this was not to be, and stocks retracted a bit on the recollections that the coronavirus does exist, and that it is spreading and making people sick.
Gold and the Dollar closed up a bit, as did the VIX. Silver gave up a bit.
Have a pleasant weekend.
