We are spending a week at our favorite spot in paradise, the Napili Kai Beach Resort on Maui. It is so peaceful and beautiful that it's hard to get upset or excited about what's going on in the rest of the world.
Which is not so bad, considering that—apart from the impending failure and/or postponement of Obamacare—nothing much has changed. The economy is growing slowly, but it is growing and getting slowly better. There are no signs of distress in the financial markets or emerging weakness in the economy that I can see, and yet markets are still priced to caution and risk aversion. Risk assets still look attractive relative to cash.