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In his classic spoof rock documentary “This is Spinal Tap”, Rob Reiner interviews lead guitarist Nigel Tufnel, of the namesake band, who shows off the band’s guitar amplifiers, pointing out that theirs “go to eleven”. Unlike normal amplifiers, the band’s volume knob goes to “11” rather than the customary “10”. According to the addled Tufnel, this makes theirs “one louder”. This scene reminds us of the investment environment in the third quarter of 2019. The geopolitical noise impacting markets was “one louder” than any similar period we can remember.

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