High-water Mark

We instinctively knew making “Smooth Sailing” our commentary title last week invited retribution from the market gods. No sooner had we hit the “Send” button to our 50,000 subscribers when the latest round of tariffs on China was launched.

Having lived through countless market bumps, our editorial staff decided to press on regardless with our nautical theme. Spurred by another Greenwich Harbor tour over the weekend – via the 37-foot sloop Chanterelle – we assess the state of the market.

Sailing, more leisurely than motoring, allowed time to reflect on various maritime terminology we uncovered in our youth. Plimsoll line, for instance. Named after a 19th century member of Parliament who worried about overloaded ships lost at sea, it’s the bow mark delineating a ship’s maximum submersion level.

We considered this symbol during Monday’s equities sell-off. How much weight of uncertainty could the market bear? The move wasn’t surprising, given last Thursday’s ho-hum response to the Fed’s rate cut. It turned out not to be the final word from investors.