The storm has passed

I've changed the banner picture on the blog, after just over a year of using a photo that was shot (by my son-in-law) just after a storm. I thought the stormy picture was appropriate given the extreme degree of stress in the markets at the time. It's now clear to me, and I think to many others (but certainly not all, especially those who think that 3.5% yields on T-bonds represent an attractive proposition) that the worst of the economy and the markets has passed. A return to normality may still be a ways off, but it is not so far off that it's impossible to see. So it's time for a photo of the beach that is representative of what it looks like most days. It's not as exciting as the stormy photo, but it is more tranquil, as I hope the markets will be in the coming year.