March is a darned famous month: In 44BC Julius Caesar lost an argument with some senators; 1789 the US Constitution became law of the land; in Downtown San Antonio 1836 saw the end of the fighting, end of Davy Crockett and beginning of Fess Parker; Albert Einstein arrived on 3/14/1879; and, rather ignominiously, 3/11/2020 the World Health Organization declared Covid-19 officially a pandemic.
This year we’ve seen the price of a barrel of Brent Crude rise from ~$68 to $110.56 as I write this – an increase of nearly 63% and the month isn’t over; in February my hometown of Denver reported the 3rdwarmest February on record; and, no less than Ray Dalio has opined “It’s Official: The World Order Has Broken Down”. This might make Caesar’s day look a wee bit less dramatic when taking in to account the impact to those of us who buy that barrel of crude; water their Denver lawn in the middle of winter; and, hear UN Secretary-General António Guterres say “The stakes could not be higher.”
I am not here to comment on politics. In my opinion, those who would aspire to be politicians are the wrong folks and those who are the right ones are too smart to crawl, walk or run for office. My blog is a place for me to share my meager view(s) of the world, my country, my state, my business of finance and the thoughts running ‘round my discursive mind. So given the state of affairs we’re in, my counsel is to look for sanity and safety in your personal and professional life. Keep your fiscal house in order as well as your general demeanor as neither has a rabbit hole that will serve you and your family.
I wish I had good news for you – heck, even for me. I am just reporting what I see and will close with a lovely book recommended to me by a friend and colleague: “The Importance of Living” by Lin Yutang who once said “There is so much to love and to admire in this life that it is an act of ingratitude not to be happy and content in this existence.” After all, ya gotta play the cards you’re dealt!
Oh, wait: I forgot to talk about leasing and project finance: Let’s see…tax credits are trending down – close to the 85¢ on the dollar; the 10 year Treasury is surprisingly stable on the year; and, we are writing some super low rate muni leases with a recent 3.649% for a bit over $8M and 7 years. And remember, in 16 days it’s MLB’s Opening Day so all is right with the world!