We opt to hear what we want to. This tendency is often accommodated by enablers who long ago realized that catering to this preference can win friends and influence people. It contradicts the dictum of under-promising and over-delivering. But is a sleight of hand that often buys time. It can also occasionally lead to heads-I-win, tails-you-lose outcomes, moments of severe disappointment and hurt people.

Today is one of those days. Maybe we can't handle the whole, unvarnished truth, but would be better served getting more of it and earlier. I don't want to suggest things are more nefarious than they might really be. But, consider today's market price action as an example of this in microcosm. It's also worth pointing out that, at least some of what is going on, is an unwind of the front-running and rote positioning that came with what was a well-advertised and potentially difficult month-end portfolio rebalancing exercise that we just completed. Possibly more than it seems. It won't take long to find out.