Ithaca |
I started seriously investing in the stock market again last summer for the first time since I had children, and have enjoyed conversations with other investors, reading the business pages off and on again, and following the ripple effects of politics and the economy on the markets.
So I look at my portfolio on Saturday, and blink. What?
What happened was what the New York Times called an exogenous event— “a sudden political or economic jolt that cannot be predicted or modelled but sends shockwaves rippling through global markets.”
The turmoil in Egypt has spooked the markets. The price of oil and other commodities have surged, and a sustained increase might choke growth in the US. The unrest may spread to more countries in the Middle East.
Then there is “the rising risk of food inflation, interest rate increases in China, and sovereign debt troubles in Europe.” said Sam Stovall, chief investment strategist of Standard & Poor’s Equity Research.
pray that the road is long,
full of adventure, full of knowledge.
The Lestrygonians and the Cyclops,
the angry Poseidon — do not fear them:
You will never find such as these on your path,
if your thoughts remain lofty, if a fine
emotion touches your spirit and your body.
The Lestrygonians and the Cyclops,
the fierce Poseidon you will never encounter,
if you do not carry them within your soul,
if your soul does not set them up before you.
Pray that the road is long.
That the summer mornings are many, when,
with such pleasure, with such joy
you will enter ports seen for the first time;
stop at Phoenician markets,
and purchase fine merchandise,
mother-of-pearl and coral, amber and ebony,
and sensual perfumes of all kinds,
as many sensual perfumes as you can;
visit many Egyptian cities,
to learn and learn from scholars.
Always keep Ithaca in your mind.
To arrive there is your ultimate goal.
But do not hurry the voyage at all.
It is better to let it last for many years;
and to anchor at the island when you are old,
rich with all you have gained on the way,
not expecting that Ithaca will offer you riches.
Ithaca has given you the beautiful voyage.
Without her you would have never set out on the road.
She has nothing more to give you.
And if you find her poor, Ithaca has not deceived you.
Wise as you have become, with so much experience,
you must already have understood what Ithaca means.
Constantine P. Cavafy (1911)
Read my new memoir: Rosaries, Reading, Secrets: A Catholic Childhood in India (US) or UK.
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My book of essays: Wandering Between Two Worlds (US) or UK
Chelliah Laity says
Hi Anita. I did realise that it was a quote from the NY Times but left a comment about it anyway as you had posted it on your blog. I agree about India. The corruption there is sickening.
Anita Mathias says
Thanks Jane. The quote was from the New York Times. I will italicise to make it clear that I was quoting.
It's interesting how Twitter, Facebook and texting spread the news of the demonstrations.
In India, mobile phone usage in dramatically spreading even in the most rural areas. Organising such a “revolution” will be easy–and perhaps overtime.
Chelliah Laity says
“The key risk to Asia — most notably to India — is if social unrest and economic disruptions in Tunisia and Egypt spread….'
I don't believe there's a tension between economic progress and liberty. This is a myth put out by Governments keen to be authoritarian.