1) In a distant Indian village, a seer brings an elephant under the cover of the night.
He keeps it hidden in a dark tent and invites the local villagers to come take a look.
He keeps it hidden in a dark tent and invites the local villagers to come take a look.
2) As seeing in the darkness was impossible, no one could tell what it was. Each person touches the creature with his hand to get an idea.
3) The first person felt the trunk, and perceived it as a water pipe.
“Oh, no! It’s a rope,” argued the second after touching the tail.
“Oh, no! It’s a rope,” argued the second after touching the tail.
4) The hand of the third touched its ear, which was moving back and forth. He claimed it was a large fan.
The fourth person touched its leg. He thought, “I find it still and sturdy, like a pillar.”
The fourth person touched its leg. He thought, “I find it still and sturdy, like a pillar.”
5) The last person, the cleverest of the lot, stretched out his hand and held the elephant’s tusk.
“You’re all wrong!” he said. “This is a rounded sword made of porcelain.” He was proud of his description.
“You’re all wrong!” he said. “This is a rounded sword made of porcelain.” He was proud of his description.
6) As each person found fault with the next, they began to quarrel.
7) The seer breaks up the fight, “Each one of you grasped some aspect of the creature, but none was able to describe it as it really was. If you put your partial views together, the truth will reveal itself.”
8) This parable calls attention to a lack of objectivity and consideration of other approaches and perspectives when trying to understand the nature of things.
9) There are limits to individual perception and our biases can blind us, preventing us from seeing things as they are.
10) In order to obtain a more complete investment perspective, closely study the interaction between stocks, bonds, currencies, and commodities.
11) It's hard to tell what the market is going to do by looking at just one group.
They are all linked and impact one another because they are all manifestations of the business cycle.
They are all linked and impact one another because they are all manifestations of the business cycle.
12) In the dark world of global macro, intermarket analysis helps incorporate the influence of each asset class to forecast macro trends.
13) The successful investor knows the relation between the different parts of the market and has acquired an ability to see the whole picture.
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