April 2022 – Richmond Writing

Word of the Week! Volatility

This post, so close to the end of the academic year, begins a new series focused on words that every undergraduate should know from the realms of business and economics. I’ve covered one before, amortize, but that’s rarely a concept needed in one’s 20s.

So I’ve asked faculty and professionals for words that they feel every undergrad needs. Kristopher Olexy, of Capitol Financial Solutions, recommended this term and another I will cover here soon.

Why begin with volatility now? We live in volatile times. You’ll find a good entry on the term at the OED, yet it does not capture Mr. Olexy’s sense of market volatility. He means rapid and unpredictable movements of the stock markets. As a long-term investor I don’t tend to panic with the DOW drops, but many ups and downs in he broader S&P 500 can give me the jitters.

So what does “market volatility” mean? I turn to an investment source for beginners, from Fidelity International:

when a market or security experiences periods of unpredictable, and sometimes sharp, price movements.

People often think about volatility only when prices fall, however volatility can also refer to sudden price rises too.

Let’s see how the S&P has done over the past year, using data from Bloomberg’s free market charts: year-to-date return? Down more than 12%!

Should I panic? When I look at the one-year return, there’s an increase of 1.32%, not enough to outpace inflation but rosier than that big drop. And the five-year return? Nearly 92%. Now I feel good.

So has the past year been one of market volatility? If so, why?

It looks volatile. If you’ve not been under a rock, factors driving volatility include the war in Ukraine, the lingering pandemic, associated supply-chain and labor shortages, political turmoil in the United States, energy prices. All these variables, the Fidelity site notes, increase volatility.

While I’d rather live in boring times, we have to play the market we have, as investors large or small. My students recently expressed their love for crypto-currencies, an investment vehicle I would not touch with your money. But they are young and can take a greater risk on a very volatile market for crypto. I won’t. Stocks can be unsettling enough.

Aside from that, what should a college student know about market volatility? Not panicking at a first drop in prices is one. Volatility is normal, within reason. It’s also good to accept more of it when young, because too few grads start investing early enough (I did not until my 30s). Imagine putting a few hundred away in one’s 20s, each month, and seeing that blossom into hundreds of thousands by retirement, in addition to other investing and despite volatility.

So I tell college grads not “plastics,” the mantra from the coming-of-age film The Graduate. I tell them to “start investing now. Volatility is okay at 20. At 60, you might lose sleep over it.”

Do you have a word or metaphor for this blog? Send them to me by e-mail (jessid -at- richmond -dot- edu) or leaving a comment below.

See all of our Metaphors of the Month here and Words of the Week here.

Image courtesy of Pixabay

Word of the Week! Blackberry Winter

Until a week ago, I did not know this phrase. Singer-songwriter James McMurtry, son of two renowned wordsmiths, used it on stage but didn’t explain what the “old timers” meant by it. He has an ear for language that seems on the verge of disappearing.

Since I write this post on a day of Blackberry Winter, let’s explore the idea. First, I’m surprised that the OED has this regional colloquialism in its pages online. What the definition does not explain, however, concerns the usefulness of a day like today, that last cold-snap before the agony of our region’s hot, humid summer (I detest humidity and prefer cold weather to hot).

The term has its first recorded usage in the 19th Century, so it’s new by linguistic standards. But the idea is old: a late cold front reportedly can help blackberries “set” on their canes, to insure an abundant harvest. Readers can find other “little winters” discussed in this entry at a gardening blog.

I’m a minority in my preferences for cold and snow. So be it. I hope we’ll remember that a cold snap has salutary effects on our food supply, just as those humid July nights make certain a red tomato. If you only know food from the grocery store, it’s worth pondering. Here’s to our Blackberry Winters and Red-Tomato Summers.

If you want to hear McMurtry sing about a Blackberry Winter, here it is.

Do you have a word or metaphor for this blog? Send them to me by e-mail (jessid -at- richmond -dot- edu) or leaving a comment below.

See all of our Metaphors of the Month here and Words of the Week here.

Image courtesy of Wikipedia

Word of the Week! Sybaritic

Theatre of Sybaris

Here’s a term (a metaphor, really) that I misunderstood. For the longest time, I believed that it implied sensual decadence, the sort we might associate with gluttons and pornographers. In other words, hedonism.

Wrong. Though excess is possible for sybarites, my guide to a more nuanced meaning of our word comes from Patrick Leigh Fermor’s excellent, three-volume account of a walk he took from The Hook of Holland to Constantinople. I’ve finished volumes one and two, A Time of Gifts and Between the Woods and The Water. Simply put, Leigh Fermor proved himself one of the finest travel writers of the 20th Century, among other things all starting with the letter P: polymath, prodigy for languages, patriot. You’d do well to pick up his books.

And yes, he was a sybarite who enjoyed drinking, art, natural scenery, and beautiful women. No wonder James Bond and Indiana Jones are said to have a bit of Fermor in them.

As a commando in the Second World War, his fluency in both German and Cretan Greek was so prodigious (another P) that he led a team of commandos disguised as German officers who captured Major General Heinrich Kreipe. While waiting for a boat to Egypt, Fermor and Kriepe sat in a cave, passing the time by smoking cigarettes and spouting lines of verse at each other in ancient Greek.

But like the man himself, I digress. Fermor’s digressions go on for pages, but they entertain. I’m not sure that a dissertation on Sybaris, an ancient Greek city in southern Italy “noted for its effeminacy and luxury” in the words of the OED entry, would prove even a shadow of Fermor’s words.

We today recoil at the use of “effeminate” in a pejorative, even misogynistic sense. In Fermor’s reckoning, however, anyone can enjoy good food, drink, art, or the company of witty, beautiful people. I remain uncertain about how the prosperous Greek city came to be associated with decadent enjoyment. Jealousy, perhaps, of the wine cellars and good life to be had in Sybaris? I’d prefer life there to, say, Sparta. Both cities are curious ruins today: perhaps that too is a warning about the virtues of moderation?

Yet forget moralizing and think luxurious thoughts for April, perhaps our most sybaritic month of all.

Do you have a word or metaphor for this blog? Send them to me by e-mail (jessid -at- richmond -dot- edu) or leaving a comment below.

Metaphor of the Month! Tomfoolery

Fool's Cap

In what seems now ancient history in the year 2019, I covered the metaphor of an April Fool. It is April Fool’s Day as I write this, so I sought about for another foolish word.

So who was Tom? A generic name, equivalent to our “Joe Blow” or “John Q. Citizen,” if we are to believe the etymology given by Merriam-Webster’s Online site. This origin gets repeated by sources found with Google. Thome would have been foolish indeed for his example to endure many centuries. Admittedly, we do still call miserly folks “Scrooges,” but we have Uncle Ebenezer (I played him in our 6th Grade Christmas play) to remind us of Dickens’s original humbugler.

As usual, I sought out the OED for clarity and authority on this matter. Thome Fole was English, right?

Yes indeed. Tom was a common name in Medieval England, and as the OED explains, the earliest recorded examples from the 14th Century likely refer to specific jesters named Tom. I’m reminded of a later Tom, “Poor Tom,” the madman Edgar feigns to be from King Lear. Later, the term simply became generic, with the older spelling “fole,” from the Anglo-Norman foole, becoming our “fool.” And there we have it.

Who else from myth or history has a name that became metaphor? Tyrants, certainly, and dictators. Think of all the “Little Hitlers” since 1945. Consider the many Lincolns who have freed people and scores of Cassandras trying to warn us (though we fools do not listen).

Send words and metaphors, wise or foolish, to me by e-mail (jessid -at- richmond -dot- edu) or leaving a comment below.

Image courtesy of Wikipedia.