MARKET WATCH
With summer in full swing, global stocks have been experiencing less volatility. Since our last letter, most markets are trading marginally higher, with lighter than usual volume.
While it would be nice to say placid markets are expected until Labour Day, current political leadership around the world might prove otherwise.
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IN THE REVIEW QUEUE
The Power of Moments
by Chip and Dan Heath:
The Power of Moments makes two important points: it explains how memorable moments help enrich and better our lives, and it shows how---- with some forethought, work, and ingenuity----- these life-altering moments can be created.
This book is clever, well read (I listened to it), and chalk-full of magical moments that changed people's lives. It has made me re-consider the role experiences play in my life and in the lives of those I care about. I love it when a book helps me change the way I look at things.
Five Lessons from History
by Morgan Housel:
History is the story of what happened in the past that led us to the present moment. Though it won't enable you to predict the future, history reveals patterns and possibilities you otherwise wouldn't consider. In this article, Morgan Housel shares five lessons he's learned from history to make better financial decisions. It's thoughtful and thought-provoking.
The Health Benefits of Music
by James Clear:
Music can make us laugh or cry. It causes tow-tapping, eerie silences and wide grins. In short, music moves us, like few things in life can. But can music heal? This is what James Clear considers in this balanced piece.
Decision Making Tweetstorm
by Shane Parrish:
Few things can improve the quality of your life like the ability to consistently make good decisions. This Twitter thread by Farnam Street's Shane Parish is a great summary of the most important variables involved with making good decisions.
The Pygmalion Effect: Proving Them Right
by Farnam Street:
"The Pygmalion effect is a powerful secret weapon. Without even realizing it, we can nudge others towards success. In this article, discover how expectations can influence performance for better or worse."
Niall Ferguson on Networks and Power - The Long Now Foundation
:
A Long Now Foundation talk with economic historian Niall Ferguson where he tries to answer questions, such as:
"Is our age likely to repeat the experience of the period after 1500, when the printing revolution unleashed wave after wave of revolution? Will the new networks liberate us from the shackles of the administrative state as the revolutionary networks of the sixteenth, seventeenth and eighteenth centuries freed our ancestors from the shackles of spiritual and temporal hierarchy? Or will the established hierarchies of our time succeed more quickly than their imperial predecessors in co-opting the networks, and enlist them in their ancient vice of waging war?"
The Tyranny of Small Debts, Compounded
by Seth Godin:
Seth Godin's recent blog post reminded me of the quote: "What the pupil must learn, if he learns anything at all, is that the world will do most of the work for you, provided you cooperate with it by identifying how it really works and aligning with those realities. If we do not let the world teach us, it teaches us a lesson."
Spending less than you make, planning for the long over the short term, while surrounding yourself with honest, hard-working people dramatically improves the chances that life will conspire on your behalf. But if you choose to finance your lifestyle with expensive credit, you will likely be taught an expensive lesson.
The Engineer's Lament: Two Ways of Thinking About Automotive Safety
by Malcolm Gladwell:
In Kahlil Gibran's classic book
The Prophet
, he wrote, "
Your soul is oftentimes a battlefield, upon which your reason and your judgment wage war against your passion and your appetite." In this 2015 New Yorker piece, Malcolm Gladwell tells the story of how the war between reason and passion was fought over automotive safety. I'll let you decide who was right...
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SELECTED INSIGHTS
"For me, and for many of us, our first waking thought of the day is 'I didn't get enough sleep.' The next one is 'I don't have enough time.' Whether true or not, that thought of not enough occurs to us automatically before we even think to question or examine it. We spend most of the hours and the days of our lives hearing, explaining, complaining or worrying about what we don't have enough of."
- Lynne Twist
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GOING, GOING, GONE 
- It was confirmed last Saturday that Kawhi Leonard would be leaving the Raptors to play for the L.A. Clippers. Global News looks at his legacy and impact on the city, while Billy Crystal, long-time Clippers fan, reacts to getting Leonard.
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The views of the author do not necessarily reflect those of Raymond James. This article is for information only. Raymond James Ltd. Member-Canadian Investor Protection Fund.
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