Sigma Signals

Week of January 22, 2024

On a recent stay in Pasadena for the Rose Bowl college football classic, I endeavored to find a way to block out the New Year’s Day midnight firecrackers while staying at the hotel. I noted a new feature on the sleep app on my iPhone that provided a “brown noise” feature as distinct from “white noise” (Google for explanation). It occurs to me that the global capital markets transitioned to “brown noise” from “white noise“ in the past several months with the conceptual “noise” in this instance defined by the New York Times 2012 Best Sellers book, THE SIGNAL AND THE NOISE. We are subscribers to the veracity of understanding the difference between “Signal” and “Noise.” Our SIGNALS remain unchanged this week.

Bob Bilkie, CFA