In the late 1970s, I began sending my observations about the markets to clients via telex. The genesis of these Daily Observations (“Grains and Oilseeds,” “Livestock and Meats,” “Economy and Financial Markets”) was pretty simple: While our primary business was in managing risk exposures, our clients also called to pick my brain about the markets. Taking those calls became time-consuming, so I decided it would be more efficient to write down my thoughts every day so others could understand my logic and help improve it.
