What Went Missing That Mattered Last Week

Something went missing last week. Let's start with the markets. Here's a quick rundown of the action.

Stocks were down for the second week, but not that much That makes a down January - so far.

Bond yields continue creeping up, but not that much.

Gold was up for the second week, but not that much. That makes for an up January - so far.

Other assets pretty much bounced around - up, down, all around.

Indicators and ratios we track remain pretty much as they've been for months now. Small caps, Transports, the VALUE Index all have noticeably diverged from the Dow and the S&P and the NASDAQ, each of which keep threatening to make even higher highs - even though they haven't quite managed that yet. A proprietary index we follow - one which has been pretty accurate for years and which has been bullish on stocks for years now - continues to show a bullish trend for stocks.

So nothing much has changed lately. What's missing last week was any variance from the nothing much has changed lately theme. 

Much as we all like our money, there's nothing we can find here that's particularly encouraging when it comes to the markets. But nothing too discouraging either. 

I guess on balance what's missing regarding our money isn't such a bad thing. We're pretty much static. No big gains, but no big losses. But given that no new trend has been revealed, we'll likely remain cautious. 

But money - as we all know - isn't everything. And every once in a while something or someone goes missing that makes us take note. A someone who went missing this past week makes us take note.

Alice von Hildebrand died on Friday at the age of 98. If you never heard of her, it's no surprise. But she was one of the finest folks I've ever met. And I did meet her a few times over the years. Not a friend; nor even an acquaintance. But I deeply admired and respected her.

You see, she was the widow of one of the great philosophers of the 20th century, Dietrich von Hildebrand. His influence in philosophical circles - especially Catholic philosophical circles - was unparalleled, in my humble opinion. I studied him in college.

Not only did I study his philosophy - a school dubbed Phenomenology - but I was privileged to meet him after attending a lecture he gave. He was already quite old, and not far from his own death. My philosophy professor, who also attended the lecture, introduced me. It was an unforgettably special moment.

Years later I learned why some called Dr. von Hildebrand a "lion." It seems he was a philosophy professor in Germany during the years the Nazis rose to power. He openly opposed Nazism. As you might imagine, his opposition meant the Nazis had him in their gun sights. He left Germany for Austria. When the Germans entered Austria as a result of the infamous Anschluss, Dietrich was on their hit list. Fortunately he escaped, eventually winding up here in America.

Alice, who was much younger than Dietrich, and a formidable teacher and philosopher in her own rite, championed her husband's work for the rest of her life. I've read a number of her many articles and listened to her video interviews. She was a kind, brilliant, beautiful soul. Of all the people I've known or known of, she was, to put it mildly, exceptional.

If you don't know her, look her up. If you care about Truth (with a capital "T"), if you care about goodness, about beauty (The True, the Good, the Beautiful), you'll want to become familiar with Alice von Hildebrand.

As opposed to what's missing in the markets, Dr. Alice von Hildebrand will be missed - terribly.