Here at Elm Creek Partners, we couldn't agree more. And we'd take it one step further...Health over money.

Of the 229 respondents across TX Mfg, Services & Retail who reported supply chain disruptions, 62.9% expect the worst to have passed within 6 months. That’s not “transitory” considering disruptions have been ongoing since the trade war started. But it is good news. ht Peter Boockvar

Here at Elm Creek we've made most of these mistakes and can add a few to the list. Making mistakes is part of the learning process.

What are some of your favorites?

Congratulations to our good friends and crosstown neighbors Satori Capital

This is substantial inflation for real. It is not reflected in price indices but it will be or should be soon.

Score one for the hometown team...

re: Due Diligence

Many Fed officials, when talking about their asset purchase program, have concentrated their remarks on MBS given “white hot” housing market. Today’s jobs report reinforces that Fed will taper MBS first. We should watch Fed commentary for confirmation ahead of July FOMC Bloomberg

Sunday reminder...

I have always liked this matrix that Philip E. Tetlock developed. Applies the stages of skill acquisition to key aspects of judgment. From our report in 2013, "Cultivating Your Judgment Skills."

My favorite John Madden quote should be remembered by all traders and investors: “The road to Easy Street goes through the sewer.”

zc.vg/WEtjr

What can one person with a clear and simple goal accomplish... Watch “KFC | Michelin Impossible” on #Vimeo vimeo.com/365655884