Thoughts for Thanksgiving

Ben Pease of TD Banknorth appears on the byline of this monthly commentary.

Thanksgiving is quickly approaching. In many homes, it is a time for food, family and football. For turkeys, on the other hand, it's just another attempt to make it through the day. Survival isn't easy for the turkey, regardless of the season. All year, turkeys must avoid more than simply hunters, holidays and carnivores to survive; they have to be smart and keep their cool. One long-held wives' tale about turkeys is that they can actually drown by looking upward too long while it is raining. Or, that they are very prone to sudden heart attacks if startled or overly excited. True or not, life is certainly not easy for the turkey.

Well, some resurrected "turkeys" are beginning to come back to the financial markets. With the Dow Industrial Average breaking through new highs and climbing toward 12,200, many investors are dusting off their overabundance of optimism, dating back to the late 1990s. . . . Could we be heading back toward the "hot sector of the day" on the evening news and investment advice from the local barber? I hope not. Remember, stay smart, keep your wits, and don't drown in the optimism of others by continually looking up.

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We have a meaningful - if not somewhat tormenting - tradition at my home on Thanksgiving Day. As the food hits the table and our stomachs are growling in anticipation, we pause for a few moments to allow each person to declare what they have been thankful for over the past year. Generally, it includes things such as appreciation for family, new children, a promotion or a newfound relationship. I can't remember a time when I've heard someone say they were thankful for the recent bond rally, the FOMC decision, or XYZ finally beating analyst estimates. It is interesting, in this age of long hours and long days; the most valuable things in life are still free. Have a wonderful Thanksgiving. . . .