It is hard to know sometimes what is the cause and what is the effect. This is similar to the problem of mistaking correlation with causation, especially when the causation seems plausible. Such is an issue that I have faced of late with respect to my overall mindset, my outlook on the markets, and my professional choices. On the one hand, some suggest that I would be more optimistic and less morose if I stopped anticipating the impending doom or if I would choose to stop learning about bankruptcy and distressed debt. But I also wonder whether the latter are emergent properties of the former, or maybe whether all are independent, though correlated and similar in content. Such ponderings may be fruitless but after a week of a rollercoaster ride in the markets and my psyche, determining the root seems like a worthy venture.

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