Do you remember during the Great Recession how strongly the market reacted to anything said by Hank Paulson, Ben Bernanke, Jamie Dimon, and other banking elites?  Nothing they said was unimportant.  Eventually, the market recovered.

Do you remember a few years ago how strongly the market was focused on Greece?  Breathlessly, we followed every announcement by the ECB, by Germany, and by the Greek leaders.  Still, the market recovered.

Do you remember the last two years when the market was obsessed with when the Fed was going to raise interest rates.  Still, the market recovered.

Do you remember what a bright and shiny object the Ebola outbreak was, as our stock market dropped suddenly and dramatically.  Still, the market recovered.

Do you remember the beginning of this year when the market became obsessed with two shiny objects at once, i.e., the China slowdown and the collapse of oil prices.  Already, the market has apparently started to recover.

I suspect the next obsession will be the Eurozone, due to the Brexit possibility and the refugee problem, which could easily become intractable.  When that happens, I will remember what Warren Buffet said:

“In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.”