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I was born in Glasgow, a city carved by raw grit and humor, think of Sir Alex Ferguson and Billy Connolly. Not far from there, I began my career in Edinburgh, a mere fifty miles geographically, but an infinite leap in atmosphere. Imagine stepping into an aristocratic investment house, its rooms brimming with the ghosts of ambition and refinement. Suddenly finding yourself in the domain of tall men in their dead fathers' ill-fitting trousers. Aristocrats in suits hemmed just above their ankles, like ghosts of a forgotten mod era.

My first posting? The Japanese department, September 1990, nine months after the Nikkei’s spectacular peak at 40,000. I was young, unseasoned, but one thing I knew for sure: Japanese stocks were d-e-f-i-n-i-t-e-l-y not going back up anytime soon. Check the audio tape…

This week's show isn't about stock indices or investment attire. No, it’s about a curious creature, the tunicate. You see, the tunicate begins its life as a free-swimming entity, darting about the ocean with purpose and curiosity. It seeks, it explores, its a happy soul. And then, it finds its chosen spot, burrows its head into the seafloor, and, get this, it eats its own brain. Why? Because it no longer needs it. The tunicate’s life becomes rooted, passive, and fixed, content to filter nutrients from the passing current. A lobotomized existence, blissfully detached from the need for thought or movement.

It got me thinking. Is this not the state of many investors today? Consider the lobotomized meme stockholder, basking in the unthinking glow of rising markets. They’ve eaten their metaphorical brains, trading curiosity and action for the comfort of passive returns. They’re Holding On for Dear Life, foolish squirts I call them. 

Music or no music? You tell me. And are you getting the giggles when I get all meditative...

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