The popular definition of insanity is doing the same thing over and over again and expecting a different result. We disagree, and believe the true definition of insanity is doing the same thing over and over again KNOWING the result – but doing it anyway. Attempting to predict the next move or tweet in the U.S.-China trade dispute is truly insane. Friday served as a great example of this insanity, where both the negotiations and market response experienced incredible reversals. Over recent weeks, we have been anticipating a 3-5% correction given the level of overbought and optimism as the market approached our 2018 S&P 500 (SPX) target of 2,950, and with the SPX down roughly 4% from peak, we believe an unpredictable trade environment is beginning to be discounted. Insane market environments become highly emotional, which ultimately means increased opportunity as long as our fundamental thesis remains in place
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