Don’t Look Up
Today, 20 years ago, Pluto was officially downgraded to a dwarf planet when the International Astronomical Union changed the definition of what constituted a planet. Something big and well-known suddenly became relatively small and unimportant. In markets, we often fear the opposite: something that was ignored for a long time becomes pressing, setting off a cascading series of events. In the solar system of investing, the bond market is Saturn, with only currency markets being the larger Jupiter. Equities, corporate bonds, and commodities are the next three planets: Uranus, Neptune, and Earth. Crypto would barely qualify as Mercury.