This story was originally published here.
It was the summer of 2016. My wife and I were vacationing in Cinque Terre, a picturesque collection of Italian villages along the Ligurian Sea.
Settled in the Medieval Age, the recognizable scenery and pastel homes of the area appear like they organically sprouted from the cliffs.
After a two-hour hike from our neighboring village, we descended the steps into Manarola, a nearby sleepy fishing community.
We were sweaty, thirsty and looking for the best zuppa di pesce in town.
But that would have to wait.
When we saw a group of locals jumping off a 40-foot rock structure, my wife knew exactly where I was headed.
“You’re not really going to jump off that, are you?” she asked.
“You know me better than you think!” I replied.
As I climbed up the rocks, I revisited my fear of heights. But that wasn’t going to deter me from jumping off an Italian cliff. “When in Rome…”
I bent my knees and projected myself outward over the rocks. Within a few seconds … “SPLASH!”
I landed in the briny water that was a bit cooler than I was expecting.
In this case, there was a degree of risk. There were rocks I needed to jump over. I could have slipped and hit my head.
Even more embarrassingly, I could have belly-flopped into the water in front of hordes of tourists.
But there was no uncertainty.
I could see that the water was clear and deep enough for my landing. I also saw there was a place for me to swim and exit the water safely. And the locals were all successfully making the jump.
When investors make decisions about the market, they consider risk and uncertainty.
There’s always risk.
However, market bottoms occur on uncertainty. That’s what happened in March.
It was uncertainty, not risk, that led to a 34% plummet in the S&P 500 Index in a little over a month.
But things don’t remain uncertain forever. And when they become less uncertain, it paves the way for a rally higher.
That’s why we won’t see those lows of March anytime soon…
Editor's Note: Click here to keep reading.
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