Weekly Market Report – September 1, 2022

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Blue Sky Patio & Pickleball opened today at Regency Landing at 107th & Pacific Street – northeast of Interstate 680 & Pacific Street. Blue Sky also includes new locations of two popular Omaha restaurants: Noli’s Pizzeria and Cheeseburgers – A Take-Out Joint.

Clean Juice plans to open a store at One Pacific Place between Andres Tortillery and PLNK OMA. In addition to juices and smoothies, Clean Juice serves organic wraps, sandwiches, acai bowls and salads. The North Carolina-based company has 170 locations in 27 states. The Clean Juice location at 1308 Jackson Street has apparently closed.

Sinful Burger is opening a second location soon in Harvey Oaks Shopping Center near 144th & West Center Road in a former Greek restaurant space. The original Sinful Burger is located in Bellevue’s Twin Creek Plaza.

Café Monster, a new locally owned coffee shop and gaming business, has leased a 2,475 sq. ft. space in Frederick Square, according to Trenton Magid and Jordan Estee of NAI NP Dodge, who brokered the lease. Café Monster will be next to the future Omaha Public Library admin and circulation center. Also in Frederick Square, Concord Mediation Center will open soon at 2910 South 84th Street.

Omaha is getting a third Costco Wholesale store. The Omaha Planning Board will consider a rezoning request in order to build a Costco on the southeast corner of 180th & West Maple Road. Costco has existing locations near 123rd & West Dodge Road and in La Vista’s Southport West area.

Valo Wellness Spa opened last Friday in the former Parsow’s space at Regency Court. According to its website, Valo is “inspired by the Scandinavian value of Hygge and offers a full-day spa experience, innovative modalities and an all-encompassing approach to wellness.”

White Ivory Apparel will hold a grand-opening celebration September 10th for its new store at 928 Valley View Drive in Council Bluffs. White Ivory Apparel is a boutique store with a mission “to provide the newest fashion trends in a welcoming space with confidence, kindness and good energy.”

You could win a 2022 Subaru Outback Wilderness in celebration of the REI Co-op grand opening at Nebraska Crossing. The winner will be announced just after 9 a.m. on the Grow Omaha radio show’s live broadcast from the new store on Saturday, September 24th. Enter to win HERE now!

The “Restaurant & Retail Updates” section is sponsored by Anderson Convenience Market, featuring Quality AMOCO Fuels and serving Omaha since 1952, and proud to announce the return of Quality Amoco Fuels. Look for changes this Summer at Anderson Convenience Market – 8 Omaha area locations!

Learn more about Anderson Convenience market at www.Anderson1952.com

Review: At Dynamite, some dishes are on fire, while others lack spark

By Sarah Baker Hansen

Dynamite Woodfire Grill, the restaurant inside the new Farnam Hotel at 12th and Farnam streets, presents diners with an interesting proposition: Would you rather dine with us, or at The Boiler Room? With us, or at V. Mertz?

For its price point — our dinners, after tip, stretched to $300 one night and topped $160 a second — it’s a question worth asking. From the crowds we saw during both visits, lots of diners are certainly answering with a “yes” to Dynamite.

For me? I’m still not sure.

When Dynamite knocks out a hefty plate of short ribs, a nicely cooked piece of fish or a double smash burger from its massive wood-powered grill, it is very good.

But we also encountered stumbles, including a bland corn chowder and a steak that, while nicely cooked, badly needed salt. Seasoning missteps can be corrected, but for the price point, these kinds of mistakes shouldn’t happen.

Dynamite opened in spring 2021, bringing a high-end dining experience to the Landmark Center as part of a reimagining of the building. The restaurant sits off a large lobby area, where we saw many guests having a cocktail, and is adjacent to a bar called Catalyst, which faces Harney Street on the building’s opposite side. Catalyst also has a large outdoor patio, though it was closed when we visited.

I like the eye-catching design of all the spaces, and the vibrant, chatty crowds. It’s a fun place to hang out, for sure. Service, across the board, is friendly and knowledgeable.

Executive Chef Robert Murphy said the grill is a “wow factor” for many guests, and it plays a big role in how the menu is developed. When he developed the most recent iteration of that menu, he said the grilled flavor shows up here and there across the board, in things like charred corn or mushrooms.

The cooks working that grill are encouraged to chat with customers, something we experienced during our second dinner, when we sat at the bar next to the kitchen.

That open kitchen and searingly hot grill served some dishes we really enjoyed, particularly when it comes to seafood.

A shrimp and polenta dish on the appetizer menu arrived with four large, perfectly cooked shrimp on top of a bed of rosemary-scented polenta, small squares of crispy pancetta and a drizzle of verdant roasted garlic gremolata.

The only thing we didn’t enjoy were the rectangles of half-melted pecorino Romano, which seemed like an unnecessary addition to an otherwise delightful dish.

Also nice is the miso-glazed Jail Island salmon, an Asian-inspired dish that came served atop some tender, big bok choy leaves and topped with roasted wild mushrooms, chili and a dashi-based sauce. I was unfamiliar with Jail Island salmon, but research told me it’s sustainably raised off the Atlantic coast of Canada. It tasted fresh and had a nicely executed, medium rare center and a crisp char on its exterior.

Lots of people have mentioned to me the complimentary cornbread that comes at the start of any meal at Dynamite and, for a freebie especially, this bread is soul warming. It comes warm in a cast iron pan with a side of honey butter; I kept it to one wedge but could have easily eaten several more of the crumbly but moist bread dotted with fresh herbs.

Reuben croquettes on the appetizer menu immediately caught my eye, and I was reminded of the old Localmotive food truck rounder when they arrived. These are more cream-cheese forward than an actual Reuben, and the flavors of corned beef and sauerkraut are more subtle than I wished for. Nevertheless, I’m guessing these have to be a crowd pleaser.

There’s lots of beef on the menu at Dynamite, including a full lineup of Certified Piedmontese steaks. We tried the 14 oz. boneless prime ribeye, one of my favorite cuts. It’s an enormous slab of meat, and comes with a side sauce — we got mushroom demi glaze — and a side dish. The meat is incredibly tender, and the sear on the exterior well-executed. I just wished the steak had been salted to bring out its flavor. A drizzle of the demi glaze did help, but I generally prefer my beef without a sauce.

Murphy said each cook in the kitchen is supposed to reference the recipe for each dish, even if they have made it many times.

“Salt is the most under and over used ingredient in the kitchen,” he said, also noting that the restaurant, like many others, has faced staffing and retention challenges.

Much better was the short rib, another massive slab of beef that put me in the mind of an old-school pot roast turned up to eleven. The flavor of the open fire is all over this dish in the best way: tender meat and plenty of seasoning with a smoky finish. Wood-roasted chanterelle mushrooms are nicely done, and the polenta is creamy and rich. Roasted whole heirloom carrots and bright green peas finish the dish.

We both liked Dynamite’s double smash burger, made with Morgan Ranch wagyu and cooked to a medium-pink center. It comes topped with American cheese, a smoky tomato bacon jam, pickles and crisp fried shallots. My only issue: I wish the bun had been warmed.

Side dishes are mostly good. The French fries are airy, crisp and salty. We upgraded the steak’s side dish to the truffle macaroni and cheese, which was absolutely delicious. For those old-school readers, this is Marks Bistro-level mac and cheese, with plenty of truffle flavor, al dente twirls of cavatappi, creamy cheese and a crisp panko finish. It’s worth the extra few bucks.

We split a bowl of the hatch chili corn chowder, a special one night, and found it disappointingly bland, with almost no flavor from the seasonal chili or the corn, the two reasons we ordered it.

The restaurant’s menu is on an electronic tablet, and it displays a photo with each dish. Some of the photos have been updated to what the current menu items look like, and some have not. In particular, the salmon, the burger and the Reuben croquettes the diner receives look different from what’s pictured. If one orders with their eyes, they might be surprised with what arrives at the table.

Dynamite is expensive. We spent $32 on two cocktails plus tip one evening at Catalyst, before we even sat down to dinner. The miso salmon and short rib entrees are $37 and $36 respectively, and the ribeye clocks in at $65. An Old Fashioned cocktail another night set me back $15.

Pricing has been a challenge since he started around five months ago, Murphy said, especially with proteins, beef in particular.

Rather than changing menu prices weekly, he said he built in a “safety net” so while prices may change, the restaurant can stay closer to being profitable.

“It fluctuates up and down, but it never becomes a critical path,” he said.

At the end of the day, he said he ultimately tries to focus on the restaurant’s end goal.

“We want to introduce new flavors and new dishes, but also keep the integrity of what we are trying to do,” he said.

Though prices are higher at all restaurants because of supply chain challenges and rising food costs on the back end, Dynamite’s prices, to me, feel more “special occasion” than “random Wednesday night.” Its prices firmly sit next to the aforementioned Boiler Room and V. Mertz, and all of the city’s high-end steakhouses.

There’s a lot to like here, to be sure. But, to me, Dynamite is currently a step behind some of those restaurant companions.

Dynamite Woodfire Grill
1299 Farnam St., inside the Landmark Center
https://dynamitewoodfiregrill.com/

Hours:
Monday through Friday: 5p to 10p
Saturday and Sunday: 7p to 1 & 5p to 10p
(402) 982-499

Sarpy County Reduces Tax Levy While Funding Major Construction Projects

Sarpy County is the third largest county in Nebraska, and in most years, the state’s fast-growing one too. It’s home to Bellevue – which at a population of 66,984 is the third-largest city in Nebraska – and the Omaha suburbs of Papillion, La Vista, Gretna and Springfield.

The county’s 2021 population was 193,418, up from 158,840 in 2010. In addition to its fast growth, Sarpy County enjoys a robust and rapidly diversifying economy. Based on recent happenings, that growth and related economic prosperity might actually intensify…

The Sarpy County Board earlier this week approved a Fiscal Year 2023 budget that reduces the county property tax levy by 4 percent while prioritizing several key initiatives.

Under this budget, the county levy is 28.496 cents per $100 valuation, making it Sarpy County’s lowest levy since at least 1985.

“This budget focuses on funding critical projects like the new Correctional Center and expanding our county roadways, while also taking action where we can on property taxes and lowering our mil levy,” said Don Kelly, chair of the Sarpy County Board of Commissioners. “We as a board are proud this budget reduces our levy, especially as property valuations rise across our growing county.”

The $289 million budget strengthens the county’s budget reserves and includes the hiring of 33 new employees, mostly to staff the Sarpy County Correctional Center set to open in 2023.

Major projects funded in this budget include:

• $84.8 million for road projects, which includes $59 million from a 2022 highway allocation pledge bond
• $22.3 million for American Rescue Plan Act funded projects
• $8.8 in to complete the Correctional Center

Under this budget, a Sarpy County resident with a home valued at $200,000 will pay $569.92 annually, or just over $47 per month, for all county services. Those services include a 24-hour, 365-day-a-year 911 center; a Sheriff’s Department with deputies committed to keeping Sarpy County safe; and a Public Works Department that plows and maintains thousands of lane miles of roads.

Sarpy County receives only 12 percent of all property taxes collected in the county. The remaining 88 percent goes to public schools, cities, Sanitary Improvement Districts, the Papio-Missouri River Natural Resources District and other taxing entities.

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United Airlines is resuming a daily non-stop flight between Omaha’s Eppley Airport and San Francisco International Airport (SFO) starting September 7th. The non-stop flight was suspended in 2020 because of the pandemic. In January, United will offer two daily non-stop flights between Omaha and SFO.

Construction has topped out at the Moxy by Marriott hotel on the southeast corner of 12th & Harney Street in the Old Market. The 6-story hotel should open early next year on the site that was once home to the Old Market diner. Topping out occurs when the last piece of structural material is installed.

The Sarpy County Chamber will hold a ribbon cutting September 21st for the Echo Park Apartments, a newly constructed complex at 7561 South 146th Street. The property offers studio, 1, 2, and 3-bedroom apartments with an on-site fitness center and “resort-style” pool. The 280-unit complex also has 2,400 sq. ft. of retail space for lease.

The Omaha City Council voted to rescind Tax Increment Financing for three projects that failed to move forward, according to the Omaha World-Herald. The projects included an apartment complex near 72nd & West Center Road, a conversion of an office building at 15th & Howard Street into apartments, and the rehab of a building near 14th & Jones Street.

The W. Dale Clark Library has officially closed. Temporary library services are now being offered in a storefront near 14th & Howard Street. Downtown’s new permanent branch will open in March at 1401 Jones Street. Now that W. Dale Clark is closed, the next task at hand is to empty the building and prepare it for demolition.

Mutual of Omaha spokesman Jim Nolan told KMTV recently that the company’s new skyscraper headquarters planned for 14th & Farnam Street will be “environmentally sustainable.” Nolan said, “We are deep into the design of the tower” at this time.

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Real Estate News from CoStar –  Commercial real estate property prices pulled back a fraction in July from the new heights reached a month earlier. But there were still signs of healthy demand.

Price declines hit across sales of all dollar amounts and in all markets. The higher-dollar deals in both large and small markets dropped the furthest, 0.8% versus 0.3% for lower-dollar sales. The easing came as transaction volume fell to its lowest level in five months.

The Creighton University Mid-America Business Conditions Index, a leading economic indicator for the nine-state region stretching from Minnesota to Arkansas, rose above growth neutral for the 27th straight month. The Business Conditions Index, which ranges between 0 and 100 with 50.0 representing growth neutral, dropped to a solid 55.5 in August from July’s 59.8.

The Council Bluffs Chamber will celebrate a ribbon-cutting September 8th for OrthoNebraska’s new location at 1260 Valley View Drive in Council Bluffs. The new building is directly north of an existing CHI Health clinic.

INSIDE Public Accounting has included Omaha-based Lutz in its ranking of the nation’s largest public accounting firms. Lutz made its fifth consecutive appearance on the Top 100 list this year, moving from #83 in 2021 to #76 in 2022.

Omaha-based Scoular has invested in major upgrades at a pair of grain handling facilities in Kansas, which will boost unloading speeds and expand storage capacity for farmers and customers in time for fall harvest. The facilities are located in Coolidge (western Kansas) and in Pratt (south-central Kansas).

Buildertrend, an Omaha-based construction management software firm serving residential contractors, has launched Buildertrend Takeoff, a digital estimating solution that helps construction professionals efficiently calculate material needs and costs. The tool allows builders to plan and budget their projects within one cohesive platform, making it easy to upload digital blueprints, record measurements and create accurate estimates.

Tenaska has announced a joint development agreement with Toronto-based Cordelio Power to originate wind energy projects in select U.S. power markets. Cordelio is a renewable power producer that manages an operating portfolio of over 1,200 MW of renewable power assets in Canada and the United States. Omaha-based Tenaska is one of the largest private energy companies in the United States with 2021 gross operating revenue of $18.4 billion.

Berkshire Hathaway has sold 1.33 million shares of Chinese electric-vehicle maker BYD Co. for about $46 million, according to the Wall Street Journal. The sale, which came days before the car maker said its January-June profit tripled compared with a year ago, reduced Omaha-based Berkshire’s holdings in BYD from 220 million shares to 218.7 million shares.

This section is sponsored by FranNet of The Heartland, the local, trusted franchise experts. They are “in the business of helping you get into business!”

Compiled by Grow Omaha co-founJeff Bealsder and sales trainer 

Leadership & Management

Surround yourself with smart and talented people. If you are in a leadership position, hire people who are smarter than you. That can be very intimidating. And a blow to the ego. Nevertheless, move forward with faith and conviction that you will be better served by teaming up people who are better than you at certain things.

As a leader, have no fear of hiring people you think might pass you up some day. It is better to be seen as a person who brings in and develops great talent than a person who protects the status quo by hiring mediocre or under-performing people.

When you do end up employing an ultra-talented, hardworking individual, don’t try to hide them or prevent them from moving up just because you don’t want to lose them. Great talent rises to the top. Let the exceptional person move up. In the long run, it will benefit you as they will remember and appreciate the role you played in boosting their career. A former employee who makes it big can become a huge ally for you in the future.

Regardless of your professional role, identify talented friends and colleagues and build close relationships with them. Another old saying tells us that you tend to become who you hang out with. “You become the sum of your five best friends.” Spending time with exceptional people makes you more exceptional.

Mentorship is one of the best professional development tools in existence. We benefit both by being mentored and by mentoring others. Find a successful role model and use that person as your mentor. Some mentors don’t even have to know they are your mentor – just study them and do the things they do. Other mentor relationships might be more formal. At that same time, mentor someone yourself. You actually become better in your work by teaching and coaching junior colleagues. As I once wrote in a previous article, you don’t know it until you’ve taught it. Mentorship is a classic win-win situation.

Here’s something that might help salve a bruised ego resulting from hanging around smarter people: There are different kinds of intelligence.

Just because a colleague is smarter than you in one area doesn’t mean he or she is better in another. Perhaps you struggle with creativity and idea-generation but have superior analytical skills. Team up with the creative person and together you can accomplish more. You might not be as quick to pick up operational details as a certain person but maybe you are better at building relationships and navigating institutional politics.

When it comes to intelligence and talent, we all need to identify our top strengths and biggest weaknesses. You can maximize your strengths and mitigate your weaknesses by joining forces with people whose abilities complement your own.

If you hire a team of exceptional people, it will be important to have a culture of accountability in your office. Top performers expect to be held accountable and they expect that other employees in the company will be too. Perhaps the most important person to hold accountable is yourself. If you hold yourself to a high standard as a leader, your talented employees (even the ones more naturally gifted than you) will respect you and hold you in high esteem.

Sales

The most important part of the year begins next Tuesday. It’s called “Selling Season,” the two-and-a-half-month period between Labor Day and Thanksgiving.

Things get done during Selling Season. Kids are back in school and vacations are over. Decision makers are zeroed in on their work and willing to make purchasing decisions. Selling Season is when sales pros can “make hay while the sun shines.”

Now that we are at the very beginning of Selling Season, what can you do to make the most of it?

Go on the offensive. Selling Season goes by fast, so there’s not a lot of time to sit around and think about what you’re going to do. Make a commitment to jump into it and get going.

To maximize this rich time of year, practice of the discipline of “time blocking.” That means you literally block out times during the week on your calendar during which you will prospecting activities. Consider your time-blocking periods to be non-negotiable, in that you refuse to do anything but prospect during these protected time periods.

In order to be most efficient during Selling Season, do your prospect research and pre-call preparation during the weekends, evenings or very early morning hours. Save the prime contact hours for direct communication with prospective clients.

Much of your success during Selling Season comes down to attitude, the right mindset. Autumn is a time for you to go the extra mile. Because prospects are more available and more focused on their work during the fall, we all need to work a little harder lest we waste an opportunity.

When you’re tired of calling, find the energy to make one more call. When you’re tired of knocking on doors, stop by one more office. When you don’t feel like conducting another pitch meeting on Zoom, dig deep.

If you maximize your efforts and intensity during Selling Season, you’ll have a happier holiday season and you’ll likely be in an enviable position heading into 2023.

Wisdom

“Leaders think and talk about the solutions. Followers think and talk about the problems.” – Brian Tracy

“Do what you feel in your heart to be right, for you’ll be criticized anyway.” – Eleanor Roosevelt

Grow Omaha University is sponsored by MyStaff Inc, a locally owned staffing firm whose purpose is helping Nebraska companies recruit for corporate office positions.

My Staff Inc – Our team helps you find yours!

Free Coworking Day and Happy Hour on September 8th: Modus is hosting a FREE coworking day on the second Thursday of each month from 8am-5pm! Stick around after 5pm for a complimentary happy hour. Unlimited Amateur coffee and Artemis tea are always available! Plus additional catering from a local Omaha business!

Pups & Poses on September 3rd: Dog owners come out for a FREE, fun, pup-friendly yoga class. Folks are encouraged to stay after class to enjoy the community. Dogs are not a prerequisite to attend the class! If you do plan to bring yours, ODB requires you to create a profile & upload their vaccination records. All humans must be 21+ and have a valid ID.

CreativeMornings – Depth on September 9th: Lydia Kang is an Omaha physician and author of fiction and non-fiction.Lydia will discuss this month’s CreativeMornings topic, Depth, with regards to novel writing, fictional character development, creativity, and living in a world that is increasingly made up of soundbites and screens.

Tacoberfest 2022 on September 9th: Enjoy plenty of Scriptown beer, polka, mariachi and MULA tacos at this year’s Tacoberfest from 5 pm – Midnight. All ages are welcome!. Live polka music will be provided by South Omaha legends Sheelytown and Mariachi from Los Suprimos in the outdoor beer garden. Bavarian pretzels, churros, and MULA tacos will also be available for purchase!

Husker Football Watch Party & Tailgate on September 10th: Bushwackers is the place to be on Husker Game Day! Reserve your tailgate spot or general admission tickets for a cant-miss gameday celebration! Get your very own tailgate spot backing to the 27ft LED screen and host your tailgate the way you want. Outside food is welcome at tailgate spots. We’ll be giving out a prize for the best tailgate food!

Little Bohemia Walking Tour on September 3rd: The 1880’s brought an influx of Czech immigrants who made Omaha their home. On the south side of the city, a piece of their homeland seemed to have been transplanted into America’s heartland. The scent of authentic cooking, folks dressed in traditional Czech styles, and open conversation in the Slavic language were once common. This tour explores the people, the history, and the buildings of Omaha’s Little Bohemia.

Harvest Party on September 10th: Enjoy live music by bluegrass-inspired Daniel and the Deliverance. Grab a bite of fresh, wood-fired pizza from Mootz, and shop popups from more of your local favorites. At the honey-tasting, you can sample a surprising lineup of natural honeys – each with their own distinct color and flavor. Try your hand at screen-printing with friends from The Union for Contemporary Art, and take home a limited print by local artist Dan Crane.

Grow Omaha University is sponsored by MyStaff Inc, a locally owned staffing firm whose purpose is helping Nebraska companies recruit for corporate office positions.

My Staff Inc – Our team helps you find yours!

NP Dodge Real Estate has added several new residential sales associates this year including Afi Eklo, Alexis Alarcon, Daniel Monarrez, Dominique Smith, Ebony Turner, Eduardo Garcia, Emma Carlson, Euphemia Keleekai, Judith MD-Kelsey, Kalyani Nannapaneni, Kelly Gray, Leslie Christensen, Madison Sapienza, Mary Cerone, Matthew Patterson, Nathan Schutjer, Pamela Wonders, Porscha Phelps, Rozalind Elliott, Sara Lewis, Scott Hayes, Shawn Perovich, Summer Stearns, Teresa Weeder, Traci True and Venny Vargas.”

Allyson Ziegler has been promoted to vice president of segment marketing and direct-to-consumer sales at Mutual of Omaha. She joined Mutual as a senior marketing specialist in 2005. She was promoted to manager of direct-to-consumer marketing in 2014 and to director of campaign and creative strategy in 2017. Ziegler received a bachelor’s degree from the University of Nebraska at Omaha and a master’s degree from Bellevue University.

Lutz Financial, an SEC Registered Investment Advisor and an affiliate of Lutz, recently has added four additional owners. Nick Hall, CFP®, has been promoted to Investment Advisor and Principal. Joe Hefflinger, JD, CFP®, CAP®, has been promoted to Investment Advisor and Principal. Josh Jenkins, CFA, has been promoted to Chief Investment Officer and Principal. Chris Wagner, CFP®, CPFA®, has been promoted to Retirement Plan Services Advisor and Principal.

Mayor Jean Stothert has named Marco Floreani to the City of Omaha’s economic development team. Floreani was most recently executive director of the Mills County (Iowa) Development Foundation and Senior Director of Business Development for the Greater Omaha Chamber. He replaces Troy Anderson, who is now assistance city manager in Wichita, Kan.

Joe Zadina, PE, senior project manager with Lamp Rynearson, has joined the Millard Public Schools Foundation board of directors.

The “People in the News” section is sponsored by Baird Holm LLP. Baird Holm’s dedicated team of real estate lawyers has extensive experience in all aspects of real estate law, including purchases, sales, zoning and land use, leasing, and dispute resolution. Click HERE for more information.

Friday August 26, 2022 – This was the week of the Kansas City Fed’s annual Jackson Hole shindig, and like many previous weeks, the Wall Street media and the traders were hanging on their every grunt and groan.

But, this week was a bit different because it would not be an announcement from the FMOC, but rather a speech by Pope Jerry. Most of the week the trading volume was about 25% below normal, and for the first four days of the week, the market was basically flat.

THEN CAME FRIDAY.

The market was fairly quiet until Powell started to speak, and somewhere in the middle of his speech, there was a downward spike of 75 basis points followed almost immediately by an equal spike upwards. From there, the market just drifted down on a steady basis, with nary a minuscule upward jiggle, and ended the day closing down over 3%. An examination of the events of the day provide valuable insight into the real workings of Mr. Market.

First of all, the morning spike down – and then up – was not accompanied by any dramatic change in volume. The whole episode was instantaneous and only lasted about 10 minutes. This was not mom-and-pop or mutual funds sitting with their finger on a cell phone button, rather it had to have been the result of algorithms triggered by words in Powell’s comments. There is also circumstantial evidence that the hordes of traders at Morgan Stanly, Goldman Sachs, et al were involved. It is also highly probable that many of those involved started the day owning nothing and ended the day in the same position. Moral of the story is this had nothing to do with economic fundamentals and everything to do with trading to make money.

One possible and highly likely explanation for this is that once the momentum moves in a downward fashion and the algorithms or flash trading take over, it’s a self-fulfilling prophecy (and it just drifts south). During more normal days, we will see the market move up and down intraday which indicates that the algorithms are random and not like what we saw on Friday where there was a consistent move downward.

Moral of the story: Buffett has spent 50 years preaching and teaching that there are times when Mr. Market acts like a drunken manic/depressive. The only way to deal with him is to own an index fund that mimics one of the major index funds. “Forget the needle, buy the haystack.”

The Grow Omaha radio show broadcasts live every Saturday morning at 9:00, but now you can watch videos of each episode instead of just listening.

Grow Omaha’s brand-new website features video footage shot inside the radio studio during each week’s show!

Videos include News of the Week, Lightning Round, guest interviews, and “Grow Omaha Uncut,” a behind-the-scenes look at what happens during commercial breaks.

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