Summer Stalemate and Happy Father's Day

Happy Father's Day to all of the Fathers, may it be a special day. At the end is a segment on the history of the day.


Summer Stalemate

In the game of chess, a stalemate occurs when neither side can win. This same thing is happening this summer between stocks and bonds. This summer we have seen some significant events in Europe with Russia and Ukraine and in Iraq. In the past this would have sent stock prices lower and bond yields lower. This summer both stock prices and bond yields have held relatively steady.

This has been somewhat surprising as some large investors and hedge fund managers have invested in financial derivatives like options and futures contracts with the result being financial loss. These experts believed that they had sufficient insight and could predict the future.

The best strategy for the summer stalemate, and in general, is to keep the appropriate portfolio blend of high quality investments that matches an individual's risk level. If an event occurs that creates a loss in stock market indexes of 10% or more, a prudent investor shifts temporarily and takes advantage of it. Personally, I hope the summer stalemate continues.


Father's Day History - Wikipedia

Father's Day was inaugurated in the United States in the early 20th century to complement Mother's Day in celebrating fatherhood and male parenting.

After the success obtained by Anna Jarvis with the promotion of Mother's Day in the US, some wanted to create similar holidays for other family members, and Father's Day was the choice most likely to succeed. There were other persons in the US who independently thought of "Father's Day", but the credit for the modern holiday is often given to Sonora Dodd, who was the driving force behind its establishment.

Father's Day was founded in Spokane, Washington at the YMCA in 1910 by Sonora Smart Dodd, who was born in Arkansas. Its first celebration was in the Spokane YMCA on June 19, 1910. Her father, the Civil War veteran William Jackson Smart, was a single parent who raised his six children there. After hearing a sermon about Jarvis' Mother's Day in 1909, she told her pastor that fathers should have a similar holiday honoring them. Although she initially suggested June 5, her father's birthday, the pastors did not have enough time to prepare their sermons, and the celebration was deferred to the third Sunday of June.

It did not have much success initially. In the 1920s, Dodd stopped promoting the celebration because she was studying in the Art Institute of Chicago, and it faded into relative obscurity, even in Spokane. In the 1930s Dodd returned to Spokane and started promoting the celebration again, raising awareness at a national level. She had the help of those trade groups that would benefit most from the holiday, for example the manufacturers of ties, tobacco pipes, and any traditional present to fathers. Since 1938 she had the help of the Father's Day Council, founded by the New York Associated Men's Wear Retailers to consolidate and systematize the commercial promotion. Americans resisted the holiday during a few decades, perceiving it as just an attempt by merchants to replicate the commercial success of Mother's Day, and newspapers frequently featured cynical and sarcastic attacks and jokes. But the trade groups did not give up: they kept promoting it and even incorporated the jokes into their adverts, and they eventually succeeded.

A bill to accord national recognition of the holiday was introduced in Congress in 1913. In 1916, President Woodrow Wilson went to Spokane to speak in a Father's Day celebration and wanted to make it official, but Congress resisted, fearing that it would become commercialized. US President Calvin Coolidge recommended in 1924 that the day be observed by the nation, but stopped short of issuing a national proclamation. Two earlier attempts to formally recognize the holiday had been defeated by Congress. In 1957, Maine Senator Margaret Chase Smith wrote a proposal accusing Congress of ignoring fathers for 40 years while honoring mothers, thus "singling out just one of our two parents". In 1966, President Lyndon B. Johnson issued the first presidential proclamation honoring fathers, designating the third Sunday in June as Father's Day. Six years later, the day was made a permanent national holiday when President Richard Nixon signed it into law in 1972.