Yesterday, the broader market (SPY) slid roughly 2%, while the 10-year Treasury yield hovered around 4.55%. In times of minor turbulence, the financial press invariably hunts for a macro narrative, but we see nothing more than the ordinary ebb and flow of Mr. Market's mood. Interestingly, Coca-Cola (KO) bucked the trend and climbed over 2.5%. That is a pleasant reminder that a wide moat and highly predictable cash flows offer their own kind of ballast when the rest of the market gets jittery.

Our portfolio is currently anchored by outstanding franchises like Coca-Cola, Berkshire Hathaway (BRK-B), Johnson & Johnson (JNJ), Visa (V), Procter & Gamble (PG), and Apple (AAPL). We aren't in the business of guessing what these stocks will do next week or next month. Instead, we are focused on what these businesses will earn over the next decade. At current valuations, we aren't seeing the kind of fat pitches that would warrant aggressive deployment of our remaining $8,796 in cash. A 10-year Treasury yield at 4.55% demands a healthy equity risk premium, and across our watch list, prices currently reflect fair value rather than offering a compelling margin of safety.

Consequently, we aren't going to invent reasons to trade. Activity for its own sake is the enemy of compounding. We will sit quietly, let our businesses operate, and wait for Mr. Market to offer us something irresistible. Holding all current positions and doing nothing today.