Week of 3/31/2022

We hope you’ll forgive our Spring Break-induced lapse in the Lowry Letter®. We made the most of a quick trip to UT with Joseph III. Arches National Park does not disappoint (pictures below).

A strong correlation exists between strong hands and greater longevity. Time to add some dead hangs and farmer carries to the daily regimen. This is some interesting history on the role of “General Mud” in Russia’s conflicts. In past wars, the thick mud of spring thaw has often favored Russia. This time, it may work against them. This is really interesting: Ernest Shackleton’s lost ice ship, Endurance, has been discovered in the waters of Antarctica’s Weddell Sea. Endurance was crushed and sunk by pack ice in 1915, during Shackleton’s failed attempt to cross the Antarctic continent, and remained lost to the depths for more than a century!

Ask the Joes® (and Cale) Q: Inflation isn’t going away. What should we do? A: The persistence and severity of inflation is still an ongoing question and Brad McMillan has some insight into what might happen, including a conclusion that inflation should move down by the end of the year and settle in a more reasonable range next year. The reduction in inflation should come from slower increases in housing prices and adjustments to energy costs. Supply chains remain a challenge for many industries, but we are already seeing a cooling in vehicle prices from absurd levels. So what should you do? We know we sound like a broken record, but we agree with Brad’s colleague Pete Essele that diversification “[while] certainly not the most exciting approach, it can be an effective method for portfolio allocators who produce sustainable, long-term value over time (although past performance is no guarantee of future results).” In other words, continue to let your goals and needs define your investment choices.

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