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Investing in the financial markets necessarily involves one’s ability to change perspectives over time. Often the job of assessing what is important at any particular point becomes increasingly difficult in a period of heightened short-term volatility. Not difficult in terms of staying focused on the factual reality of the economy, corporate earnings, etc., but difficult in that the financial media feels compelled to come up with rationales for daily movements in asset prices. Possibly the single greatest task of any investor today is filtering out white noise. And there’s more of the white noise than ever before.

So said the Contrary Investor; and I could not agree more given my sense that the media remains “long” volatility. Indeed, every time volatility increases, so do my phone calls from the financial media as they feel "compelled to come up with rationales for daily movements in asset prices"; last week was no exception. Verily, the week seemed to build on the previous week’s smackdown with Bloomberg’s Erik Schatzker, who I actually like very much, but challenged me on the point that it was the media that first termed the “fiscal cliff” Armageddon. I had averred that it would certainly not be Armageddon, holding fast to the belief that when something absolutely had to happen inside the DC Beltway it has typically happened. My comments were:

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