An old friend from college is part of a family that until recently owned a very large retail operation with stores throughout the Midwest. A few years ago the family sold the business for a price that could be measured in the billions.
In the past, family members would gather for an annual meeting during which the CEO, a family member himself, spoke about the macro-economy in concert with the micro-prospects for the business itself. They were at odds. His analysis of the former was generally negative, and was a reflection of the negativity that seemingly always informs economic commentary. As the great Ken Fisher points out, albeit optimistically, we’re always in the Dark Ages.
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