Today is a big day on the current events front, so much so that I’ve seen it referred to as “Super Thursday.” We have the British election; the meeting of the European Central Bank (ECB), which will determine the course of monetary policy; and, closer to home, the testimony of former FBI Director James Comey. I’ve spent a lot of time recently discussing these events, both individually and collectively, and what they could mean for the U.S. economy and markets. On reflection, they provide a good example of how investors spend quite a bit of time focusing on things that do not really matter—and ignore things that do. But more on that later.

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