Pi – 9 – 23

by | Sep 4, 2023 | Archives

I hope you are having or have had a great Labor Day and feeling Wellderly!.

Here are links to the September market strategies.

See Keppler’s monthly Developed Market Strategy Update here.

See Keppler’s monthly Emerging Market Strategy Update here.

Keppler notes that in the first eight months of 2023, twenty developed markets were up and three markets were down. Ireland (+28.5 %), Japan (+25.3 %) and Italy (+24.6 %) performed best, while Hong Kong (-12.5 %), Finland (-10.7 %) and Portugal (-1.8 %) were the only losing markets.

Year-to-date, sixteen emerging markets are up and eight markets are down. The biggest winners in the first eight months are Turkey (+47.9%), Greece (+45.0%) and Egypt (+36.3%). Colombia (-21.8%), Kuwait (-4.9%) and Thailand (-4.2%) performed worst. Due to the poor performance of their currency in the first half of the year, Egypt’s and Turkey’s large gains in local currency turn into single-digit returns year-to-date if performance is measured in euros.

Wellderly is a great neologism (a newly coined term in the process of entering common use) that may help describe those who have gained more from experience than the cost of age.

There may be many things that appear to be screwed up in the world, but the reality is that many of us will live longer and richer than most of our ancestors.

So enjoy it!  Assume the world’s in perfect order and any time something appears wrong, it’s perception.  Adjust and adapt.  Take the rich bounty our crazy, rapidly changing world provides.

Every Labor Day I like to share a poem by the great poet, Khalil Gibran. He stated this thought about labor better than I in his poem (one of my favorites) The Prophet.  Here is that part of the poem with our best wishes for a fulfilling Labor Day.

Best to ya,


The Prophet
Khalil Gibran
On Work

You work that you may keep pace with the earth and the soul of the earth.

For to be idle is to become a stranger unto the seasons, and to step out of life’s procession, that marches in majesty and proud submission towards the infinite.

When you work you are a flute through whose heart the whispering of the hours turns to music.

Which of you would be a reed, dumb and silent, when all else sings together in unison?

Always you have been told that work is a curse and labour a misfortune.

But I say to you that when you work, you fulfill a part of earth’s furthest dream, assigned to you when that dream was born,

And in keeping yourself with labour you are in truth loving life,

And to love life through labour is to be intimate with life’s inmost secret.

But if you in your pain call birth an affliction and the support of the flesh a curse written upon your brow, then I answer that naught but the sweat of your brow shall wash away that which is written.

You have been told also life is darkness, and in your weariness you echo what was said by the weary.

And I say that life is indeed darkness save when there is urge,

And all urge is blind save when there is knowledge,

And all knowledge is vain save when there is work,

And all work is empty save when there is love;

And when you work with love, you bind yourself to yourself, and to one another, and to God.

And what is it to work with love?

It is to weave the cloth with threads drawn from your heart, even as if your beloved were to wear that cloth.

It is to build a house with affection, even as if your beloved were to dwell in that house.