Matt Frankel

Just to name a couple of examples, real estate investment trusts that own government-leased properties have been collecting rent because the October and November payments were generally authorized already.

If it had kept dragging on, there would have been some disruption there.

Airlines are another one.

There have been some flight cancellations.

They never even really ramped up to that true 10% that they were talking about before the shutdown ended.

It was really only a week or so that we saw flight cancellations.

Another thing that the government reopening does is, it allows agencies to start releasing economic data again at the normal cadence for jobs, inflation, etc.

which has mostly either been paused or delayed.

That's why the Social Security cost of living adjustment was delayed.

This is essential for allowing things like the Fed to act with the latest available information in mind for investors like us to make informed decisions about the economic factors that affect our companies and things like that.

News vs. noise is always a big struggle for investors.

I don't always get it right.

No investor does.

Think of the pandemic era and how many things that seemed like they were here to stay now seem like ancient history, things like putting on masks and social distancing.

A lot of people thought that was just the new normal that was going to last forever.

I tend to try to compartmentalize things into temporary and permanent headwinds for my investing decisions, or potentially permanent.

There's really no world where the government shutdown would have drug on forever, for example.

It was clearly a temporary headwind.

As you mentioned, the market really dismissed it as such.

More generally in my investing, I love investing based on temporary headwinds when they affect stocks.