how irrational is the market. Today the jobs report came out and we learned that the US economy added 179,000 jobs in August, less than expected but still a good number, and the unemployment rate dropped to 5.1%.Next thing you know markets are down , not a little but a lot. The interpretation is that the FED will raise rates in September. Why do I dispute the rationality of the market? For one, less unemployment means more people buying goods, improvement in wages also means more people buying, good for businees, good for the economy. Also an increase from zero to 0.25 won’t make a big impact. That is also I am still confident that this too shall pass….. In the meantime, the deterioration of the Brazilian economy and the lack of direction in the government is worrisome, which reminds me of Seneca: If one does not know to which port one is sailing, no wind is favorable.