Most would argue we are late in the bull market that started after the great recession. I’d agree with that, but at the same time argue that current economic numbers are distorted by tariffs.

When companies reported earnings for the third and fourth quarter of 2018, many mentioned tariffs as the cause of weaker than expected results. The Federal Reserve has taken note of the weakening in economy, too. It’s no surprise that the job creation numbers that came out today were very weak at 20,000. It is a surprise that there were 160,000 fewer jobs created than expected to be created. That’s a extremely large miss. On a positive note, the unemployment rate remained steady at a low 3.9%.

I take solace in believing we will get through this. A trade agreement will get worked out and corporations will adjust and be fine. The sky is not falling, and, if trade is resolved, there is no reason not to believe the economic numbers (and stocks) will improve. As Benjamin Graham would say, sometimes Mr. Market can be irrational. Use that to your advantage.