07/20/13 The Last Shall Be First

Biblical references are highly relevant to life in general, and one way to frame the above quote would be in the context of the cyclical ebb and flow of human experience. Bill Miller beat the SPX 15 years running before giving it all back over a 5 year losing stretch. John Paulson, an overnight billionaire via bets on the collapse of the housing market in 2008, now apparently aspires to become a mere millionaire by betting on gold. In the 1800s small business merchants enjoyed greater social status than the local physician. 'Made in Japan' in the Sixties denoted something entirely different than it did in the Nineties. We often find high school quarterbacks punching clocks for companies owned by classmates who 'peaked' later in life, or permanently disabled pro quarterbacks driving home in pain from autograph signings. There's no end to the yin/yang of life. We spend a great of time trying to peer down the road/around the curve. Do things get better or worse? Well, I'm pretty sure all things (good or bad) come to an end, and then start heading back the other way. Bill Miller did OK last year, and John Paulson will eventually see gold prices moving his way. Physicians who once practiced unchallenged may need to clean up their acts. American automakers have already cleaned up their acts, and a few brands have begun to top the J. D. Power surveys. A few high school/pro quarterbacks launch highly successful second careers. What's next?