Capitalogix

The "Chart Of The Century" In 2024: A Look At Consumer Price Inflation

This post considers the “Chart of the Century” created and named by Mark Perry, an economics professor and AEI scholar. This chart has received considerable attention because it contains extensive information about the challenges faced by the Fed and other Washington policymakers.

The most current version reports price increases from 1998 through the end of 2023 for 14 categories of goods and services, along with the average wage and overall Consumer Price Index.

It shows that prices of goods subject to foreign competition — think toys and television sets — have tumbled over the past two decades as trade barriers have come down worldwide. Meanwhile, the costs of so-called non-tradeable items — hospital stays and college tuition, to name two — have surged.

From January 1998 to now, the CPI for All Items has increased by over 90% (up from 59.6% in 2019, when I first shared this chart).  

Lines above the overall inflation line have become functionally more expensive over time, and lines below the overall inflation line have become functionally less expensive. 

via Human Progress

At the beginning of 2020 (when I shared the 2019 post), food, beverages, and housing were in line with inflation. They’ve now skyrocketed above inflation, which helps to explain the unease many households are feeling right now. College tuition and hospital services have also continued to rise over the past few years—even in relation to inflation. 

There are many ways to interpret this chart. You can point to items in red whose prices have exceeded inflation as government-regulated or quasi-monopolies. You can point to items in blue as daily commodities that have suffered from ubiquity, are subject to free-market forces, or are goods subject to foreign competition and trade wars.

Looking at the prices that decrease the most, they’re all technologies. New technologies almost always become less expensive as we optimize manufacturing, components become cheaper, and competition increases. From VisualCapitalist, at the turn of the century, a flat-screen TV would cost around 17% of the median income ($42,148). In the early aughts, though, prices began to fall quickly. Today, a new TV will cost less than 1% of the U.S. median income ($54,132).

Compare “tradable” goods like cell phones or TVs (with lots of competing products) to less tradable “goods” like hospital stays or college tuition, and unsurprisingly, they’ve gone in opposite directions. In 2020, I asked what the Coronavirus would do to prices, and the answer was less than expected. If you don’t look at the rise in inflation but instead the change in trajectories, very few categories were heavily affected. While hospital services have skyrocketed since 2019, they were already skyrocketing. 

At this point, we’re pretty far removed from quarantine’s most extreme forces. Textbooks have come back down, as have childcare and medical care services. New cars and household furnishings have leveled out. Otherwise, the trajectories have been pretty unaffected.

We can look one step deeper if we consider average hourly income. Since 2000, overall inflation has increased by 82.4%, while average hourly income has increased by 114%. This means that hourly income increased 38% faster than prices (which indicates a 14.8% decrease in overall time prices). You get 17.3% more today for the same amount of time worked ~24 years ago.

It’s interesting to look at data like that, knowing that the average household is feeling a “crunch” right now. My guess is that few consumers distinguish between perception and reality. However, feeling a crunch isn’t necessarily the same as being in a crunch.

For instance, we must account for ‘quality of life creep,’ where people tend to splurge on luxuries as their standard of living improves. With the ease of online shopping and access to consumer credit, it’s become increasingly easy to indulge in impulse purchases, leading to reduced savings and feelings of financial scarcity. This phenomenon is a function of increased consumption (rather than inflation), yet it still leaves consumers feeling like they’re struggling to make ends meet.

 

Perry’s ‘Chart of the Century’ reveals the complex relationships between inflation, consumption, and economic growth. While households may feel financial strain, the data shows that income has outpaced inflation, and technology has made many goods more affordable. Nonetheless, our tendency to splurge on luxuries and increased consumption have contributed to a sense of financial struggle.

 

How can policymakers address the sectors experiencing significant price hikes, like healthcare and education, without stifling innovation in tradable goods and services? 

 

How do you think these issues will impact the Election?

Just Sardines In A Tincan...

I fly a lot.

In fact, I hit five million "butt-in-seat" miles on American Airlines in 2019 (back when frequent flyer programs were about flying frequently rather than credit card spending).

It is 2024, and I am now just below 5.5M.  That means I averaged a little over 100,000 miles per year, even through the COVID shutdown.

Yes, I expect that my travel will slow down.  But as I traveled, I didn't expect it to continue at the pace it did. 

Nonetheless, it has been good for me, and the time spent traveling has been productive.

I have a different workflow when I travel, and it works for me.

Ultimately, I believe that good things happen when you are in motion! 

Many people, however, are focused on the hassle.

The practical realities of travel mean I spend some time thinking about the things airlines do well or poorly.  Nonetheless, I appreciate the benefits more than the frustrations.

As you probably noticed, Airline Status means much less today than it used to (which is why it feels even more important to get).  Every week, the airlines seem to make the space between seats smaller while the time it takes to find overhead luggage space gets shorter.  It seems like most airlines could change its slogan to "We are not happy until you're not happy."

Yet the planes themselves are getting better.  Here, for example, is what an empty 787 looks like. 

It looks more like a set from Star Trek than the hellscape passengers complain about regularly. 

What about the boarding process? 

Here is a video that presents the findings from studies on experimental boarding methods that work better. 

via CGP Grey

If you really don't like commercial flying, you can fly on any of the "economical" private options like JetSmarter or WheelsUp. Or, better yet, you could be like this guy and buy the world's only private Boeing 787 Dreamliner. 

via Sam Chui

You can rent it out for a measly $70k an hour ... What a bargain!

Of course, you could also use Zoom.  Times are changing!

I fly a lot.

In fact, I hit five million "butt-in-seat" miles on American Airlines in 2019 (back when frequent flyer programs were about flying frequently rather than credit card spending).

It is 2024, and I am now just below 5.5M.  That means I averaged a little over 100,000 miles per year, even through the COVID shutdown.

Yes, I expect that my travel will slow down.  But as I traveled, I didn't expect it to continue at the pace it did. 

Nonetheless, it has been good for me, and the time spent traveling has been productive.

I have a different workflow when I travel, and it works for me.

Ultimately, I believe that good things happen when you are in motion! 

Many people, however, are focused on the hassle.

The practical realities of travel mean I spend some time thinking about the things airlines do well or poorly.  Nonetheless, I appreciate the benefits more than the frustrations.

As you probably noticed, Airline Status means much less today than it used to (which is why it feels even more important to get).  Every week, the airlines seem to make the space between seats smaller while the time it takes to find overhead luggage space gets shorter.  It seems like most airlines could change its slogan to "We are not happy until you're not happy."

Yet the planes themselves are getting better.  Here, for example, is what an empty 787 looks like. 

It looks more like a set from Star Trek than the hellscape passengers complain about regularly. 

What about the boarding process? 

Here is a video that presents the findings from studies on experimental boarding methods that work better. 

via CGP Grey

If you really don't like commercial flying, you can fly on any of the "economical" private options like JetSmarter or WheelsUp. Or, better yet, you could be like this guy and buy the world's only private Boeing 787 Dreamliner. 

via Sam Chui

You can rent it out for a measly $70k an hour ... What a bargain!

Of course, you could also use Zoom.  Times are changing!

Happy New Year!

I love planning for the new year – both personally and professionally.  To read about my professional planning, check out this article. 

I've always been a big-picture person, so I tend to think in 5, 10, and 20-year increments ... but thinking about the coming year is helpful, too.

I think about it a bit like using a map.  Even if you know your intended destination, you still have to start with 'where you are' to figure out the best way to get there.

There are seemingly infinite potential paths ... but motion in a direction isn't really "progress" if it doesn't take you towards your desired destination.

At midnight tonight, it'll be 2024.  I know a new year isn't really a blank slate, but I've always enjoyed the symbolism.  So, I thought I'd revisit how I set New Year's resolutions. 

To start with, resolutions only work if you actually "want" to make them happen.  It's one thing to hope that something magically falls in your lap; it's another to want to do the work. 

With that being said, here are some tips. 

• Focus on What You Want.
• Focus on Why You Want It.
• Focus on Ways You Might Get it.
• Focus on Evidence of Progress.

Below, I'll take you through an example of each of the four steps.

Moving Towards a Solution, Rather Than Suffering From the Problem.

Before I got back into my health, my first instinct was to think, "I need to lose weight."  Knowing that "you're fat" isn't helpful … my head quickly translates that to something a tad more positive, yet generic, like: "I choose to be healthy and vital, and to live a healthy lifestyle."

Blah, blah … They are just words.  What I needed was something specific, measurable, and actionable.  How about: "I will lose 15 pounds and stop eating after dinner."  OK, but that isn't inspiring, and there isn't much for me to do.  I can do better than that.

Figure-Out a Big Enough WHY, Rather Than Worrying about the HOW's.

This post isn't about health and fitness; it is about the mindset and techniques you can use to set empowering goals and plans in any situation.

So, while I could list many ways to lose weight (and I might even remember to do some of them), leveraging a driving force creates momentum.  In other words, the first step in "Doing" is knowing WHY you want something.

I really do want to be healthy, fit, and vital (it sure beats the alternatives), and I want to have the energy and confidence to live and enjoy my life fully.  The world is my playground, and I want to take advantage of more opportunities to play with family and friends.  However, to do those things, I must find better ways to live a healthy lifestyle.

The WHYs are just as important for business goals too.

Focus on Potential Solutions Rather than Problems or Challenges.

Obstacles Exist.  The bad news: I don't eat fish, and I don't like vegetables (unless French Fries are vegetables).  My joints aren't close to healthy from years of violent contact sports.  I rarely get 7 hours of sleep, and who'd have thunk it, but being the CEO of a startup is stressful.  The good news: none of those things matter ... and even if they did, it just would mean that I have a lot of room for progress.

It is natural to focus on obstacles.  But most obstacles are surmountable - with a big enough WHY, I'll even start to eat vegetables.  Instead of dwelling on the limitations, use them as a reminder to focus on potential solutions instead.  They are beacons marking the way.

How do you do it?  To focus on solutions, you can make two action-based lists: one is of things To-Do ... and another is of things Not-To-Do.

Here are some of the sample To-Do Items:

• I will drink more water than coffee.
• I will stretch or do basic calisthenics on days that I do not go to the gym.
• I will make a healthy shake as a meal replacement rather than a snack if I'm hungry between meals.
• I will focus on relaxation and meditation as much as I focus on strength & physical exercises.

Here is the actionable list of Not-To-Do Items.

• I will not buy new bigger pants or wear stretchy pants because of an expanding waistline.
• I will not eat snacks out of their container – and will portion out what I want first.
• I will not compare my current level of fitness to what I used to be able to do.  Instead, I will focus on my actions and improvement.

Create Healthier Habits.

It is easy to follow a routine.  So, here's another tip ... make your routine better.  Here are some examples of things you could do to make being healthier happen with less effort.

• Pre-sort your vitamins into daily doses, and keep them by the coffee machine.
• Buy healthy snacks, like fruit, raw nuts, or organic energy bars (instead of chips).  If Doritos aren't in your house, it's hard to eat them on any regular basis. 
• When you do snack, don't keep them near you.  Make yourself get up to get them.  That'll make it harder for you to binge. 
• Enjoy listening to music, audiobooks, or podcasts during your "exercise time." Dedicating time to something doesn't mean you can't be multitasking.
• Park at the end of the parking lot, so you get to walk.
• Meet with friends at the gym or a hiking spot rather than a bar or restaurant.

You get the idea.  Get in the habit of looking for ways to create better habits.  What habits could you alter slightly to make a big difference?  Which things can you automate or outsource?

For two books about the subject, I recommend Tiny Habits by B.J. Fogg and Willpower Doesn't Work by Benjamin Hardy. 

Focus on Your Progress.

In this case, it really is about the journey.  Instead of tracking how far you have to go ... notice how far you've come.  Utilize an internal locus of control.  It is about creating energy, momentum, and a sense of possibility.  You may have a big, hairy, audacious goal in mind.  That's fine, as long as you realize that reaching each milestone along the way is still an accomplishment.

• Find shoes that don't hurt your feet.
• Pick a gym or a personal trainer that you enjoy.
• Run more than two laps without stopping.

It doesn't matter what they are ... they all count, as long as you know that you are moving in the right direction.

Summary

The point of this exercise was not really to focus on fitness.  These techniques and goal-setting tools work in any situation.  The principles are:

1. First, figure out what you want and why it is important to you.  Only focus on the few things that are actually important to you. 
2. Second, find something you can do, right now, which moves you in the right direction.
3. Third, notice which things create (rather than take) energy.  Spend your time on those, and automate or create routines to take care of the rest.
4. Fourth, plan forward, but measure backward.  Set milestones so that you can recognize and celebrate your progress.

In my business, this translates to having a mission and vision - it's what we want, why it's important to us, and a basic strategy to get there.  Then, we create yearly "Big 3" goals that move us toward that long-term vision.  Then, the team creates SMARTs (goals that are specific, measurable, attainable, relevant, and timely) and KPIs (key performance indicators) so they know where to spend their time, and what milestones tell them they're on the right track.

It isn't magic, but it works.

Hope this helped.

How Long Do You Have Left?

We only have a limited time on this earth - and a lot of it is taken by frivolous activities. 

How much time do you think the average millennial spends on their phones ... or a baby-boomer sits in front of the TV?

The answer is a lot.

via dailyinfographic

Nine years in front of entertainment devices - another 10.5 years spent working.  You get the idea.

If you have goals you want to accomplish, aspirational travel, and lifestyle plans - this really puts the idea of finding and living your passion in perspective. 

Do you have the time to waste it?

VisualCapitalist put together a chart projecting longevity based on 2020 mortality rates.

 

via visualcapitalist
 

I turned 60 this July, so I only have 20 years left, according to this calculator.   I expect more!

There are some interesting statistical facts in this; for example, an average American baby boy can expect to live until 74 ... but if that boy turns 21, his life expectancy jumps to over 75. 

While these numbers seem pretty high, there are two things to consider. First, COVID heavily reduced these numbers because mortality rates went up. That likely won't continue (though it will likely continue to affect your insurance premiums and pension benefits). 

Also, remember that these numbers are based on 2020 averages, which likely differ from you (specifically considering your race, income, location, etc.). These numbers also don't take into account expected medical and technology advances, etc. 

Finally, I think Purpose is one of the most important catalysts of longevity. People often die when they retire ... not because they're done working, but because they're done striving. 

If you're not growing, you're dying!

The Cost Of Thinking Linearly In Today's Age

Humans can’t do a lot of things.

Honestly, the fact that we’re at the top of the food chain is pretty miraculous. 

We’re slow, we’re weak, and we’re famously bad at understanding large numbers and exponential growth. 

Our brains are hardwired to think locally and linearly.

It’s a monumental task for us to fathom exponential growth … let alone its implications. 

Think how many companies have failed due to that inability … RadioShack didn’t foresee a future where shopping was done online.  Kodak didn’t think digital cameras would replace good ol’ film.  Blockbuster dismissed a future where people would want movies in their mailboxes because they were anchored to the belief that “part of the joy is seeing all your options!” They didn’t even make it long enough to see “Netflix and Chill” become a thing. 

 

via Diamandis

Human perception is linear.  Technological growth is exponential.

There are many examples.  Here is one Diamandis calls “The Kodak Moment.”

In 1996, Kodak was at the top of its game, with a market cap of over $28 billion and 140,000 employees.

Few people know that 20 years earlier, in 1976, Kodak had invented the digital camera.  It had the patents and the first-mover advantage.

But that first digital camera was a baby that only its inventor could love and appreciate.

That first camera took .01 megapixel photos, took 23 seconds to record the image to a tape drive, and only shot in black and white.

Not surprisingly, Kodak ignored the technology and its implications.

Fast forward to 2012, when Kodak filed for bankruptcy – disrupted by the very technology that they invented and subsequently ignored.

via Diamandis

Innovation is a reminder that you can’t be medium-obsessed.  Kodak’s goal was to preserve memories.  It wasn’t to sell film.  Blockbuster’s goal wasn’t to get people in their stores; it was to get movies in homes.  

Henry Ford famously said: “If I had asked people what they wanted, they would have said faster horses.” Steve Jobs was famous for spending all his time with customers but never asking them what they wanted.

Two of our greatest innovators realized something that many never do.  Being conscientious of your consumers doesn’t necessarily mean listening to them.  It means thinking about and anticipating their wants and future needs.

Tech and AI are creating tectonic forces throughout industry and the world.  It is time to embrace and leverage what that makes possible.  History has many prior examples of Creative Destruction (and what gets left in the dust).

Opportunity or Chaos …  You get to decide.

Onward!

The Illusion of Choice

What happens doesn't matter nearly as much as what you make it mean ... and what you choose to do. 

For example, Dallas has been 100+ degrees almost all summer, and nothing stops.  You'll see people running outside, dogs walking, sports being played.  My son plays 8+ hour rugby tournaments in that heat, and no one bats an eye. 

Growing up in New England, we were woefully underprepared for that heat.  The world would stop.  On the other hand, 8 inches of snow was nothing, but a little bit of ice ... and Texas shuts down. 

Snow isn't 'good' or 'bad' … and neither was the change of plans.

Perspective.

Fund managers recognize the importance of sensibly diversifying risks and opportunities.

Be that as it may, as Mother Jones reported in the wake of the 2009 financial crisis, the nation's ten largest financial institutions held 54% of our total financial assets (compared to the 20% they held in 1990).  Meanwhile, the number of banks has dropped from almost 15,000 to barely 4,000. 

via Statista

Many people are shocked by a chart like this.  It must be 'bad' to have so much controlled by so few, right? 

But it isn't hard to find a version of this story playing out in other industries:  Print Media,  Music,  Broadcast Channels, and Consumer Products … this type of consolidation happens for a reason.

A firm that marshals more resources gains a competitive advantage and has more ways to win.

They benefit from economies of scale, transactional leverage, better distribution and partners, and more ways to diversify risks.  In addition, if they work to communicate, collaborate, and coordinate their actions (and data), they can unlock opportunities that others don't have (or can't see).

Here is a Chart Showing Some of the 'Winners' at that Game.

The following chart highlights our "Illusion of Choice."  A surprisingly significant portion of what you buy comes from one of these ten mega-companies (Kraft, Coca-Cola, PepsiCo, Kellogg's, Nestlé, Proctor & Gamble, Mars, Johnson & Johnson, General Mills, and Unilever).

It's amazing to see what these giants own or influence.  Click the picture to see a bigger version.

via visualcapitalist

Here is a more specific example.  You probably think you are familiar with Nestlé.  It is famous for chocolate.  But did you realize it was an almost $300 billion corporation … and the biggest food company in the world?  Nestlé owns nearly 8,000 different brands worldwide and takes a stake in (or is partnered with) many others.  This network includes shampoo company L'Oreal, baby food giant Gerber, clothing brand Diesel, and pet food makers Purina and Friskies.

Kind of cool?  Mostly terrifying...

Happy Father's Day 2023

This year, Father's Day was smaller than usual.  My wife, Jennifer, is in Indonesia, and my older son is on the west coast. 

Meanwhile, my younger son, Zach, took me to one of our favorite Asian restaurants with his new Fiancée, Sloane. 

I've been calling her my daughter-in-law since he brought her home (because some things are inevitable and easy to recognize). 

Reflecting on the past year, I'm grateful for my granddaughter (from my married son, Ben, and his wife).  And, I'm also grateful that Zach and Sloane got engaged and started to plan the rest of their lives together (and hopefully more grandchildren for me). 

As a father, having great kids is a double blessing.  On one hand, it's nice to be proud of who your kids are and the things they do.  On the other hand, it's also nice to feel proud of the small part you played in helping them become who they are.  

Of course, I also look back ... and spent some time thinking about my father and his terrific influence on so many lives.  

My Dad believed in setting high standards.  He explained that most people's lives are defined by their minimum standards.  Why?  Because once those standards are met, it is easy to get distracted by other things (and figuring out how to meet the minimum standards for them as well).

He was also my best friend. 

I see so much of him in myself, and in my children, and many of the aphorisms I teach come from him.  I'm grateful that I can still see his impact on the world. 

Hope you had a nice Father's Day weekend too. 

The Big Mac Index: Worth Paying Attention To?

Last week, I wrote about various “indicators” for markets that just don’t make sense — like the Superbowl Indicator.  The lesson from those indicators is that we crave order and look for signs that make markets seem a little bit more predictable, even where there are none.  This is especially true in complex systems like the stock market, where so many variables and factors are at play that it can be difficult to predict or explain why things happen.

Now, it doesn't mean there aren't patterns - and benefits to watching them. Warren Buffet has proven that. In order to improve your understanding of "markets" you can focus on the fundamentals of individual companies and industries rather than broader market trends. By conducting thorough research and analysis of financials, management, and competitive landscapes of companies, you can make informed decisions about which stocks to buy or sell. Another way to improve your understanding of the market is to focus on long-term trends and avoid getting caught up in short-term fluctuations.  It's about focusing on what doesn't change - instead of what does. But, ultimately, you should realize that if you don't know what your edge is ... you don't have one. And, market movements are getting faster, more automated, and harder to predict over time, not less. 

With that said, Wall Street is still inundated with theories that attempt to predict the performance of the stock market and the economy.  More people than you would hope, or guess, attempt to forecast the market based on gut instinct, ancient wisdom, and prayers.

While hope and prayer are good things ... they aren’t good trading strategies.

It’s true that there are many indices and economic indicators that can provide valuable insights into the workings of economies and markets.  While some of these indices may seem “out there,” or even frivolous, they can often shed light on underlying economic trends and realities.

One example of this is the Big Mac Index, which is published annually by The Economist.  This index is based on the idea of purchasing power parity, which suggests that exchange rates should adjust to ensure that the price of a basket of goods is the same in different countries.  The Big Mac Index uses the price of a McDonald’s Big Mac burger as a proxy for this basket of goods.  It compares the price of a Big Mac in different countries to determine whether currencies are overvalued or undervalued.

While the Big Mac Index is not a perfect measure of purchasing power parity, it can provide valuable insights into the relative value of different currencies and the economic factors that influence exchange rates.  By looking beyond the headline numbers, and digging into the underlying data and trends, investors and economists can gain a deeper understanding of the forces shaping the global economy.

Ultimately, the key to using economic indicators like the Big Mac Index is to approach them with a critical eye and a willingness to dig deeper.  By looking beyond the surface level and using data-driven analysis to understand the underlying trends and drivers of economic performance, we can gain a more accurate picture of the economic realities shaping the world around us.

In 2020, when I last talked about the Big Mac Index, the Swiss Franc was 20.9% overvalued based on the PPP rate.  That math was based on the idea that, in Switzerland, a Big Mac costs 6.50 francs.  In the U.S., it costs $5.71.  The implied exchange rate was 1.14, and the actual exchange rate was 0.94 - thus, 20.9 was overvalued.  At the time, the most undervalued was South Africa. 

As of the end of 2022, The Swiss Franc is still the most overvalued but has now increased to a whopping 35.4%.  Meanwhile, the South African rand has “increased” to only 45.9% undervalued, making the Egyptian Pound the most undervalued currency at 65.6%.

Click the image below to see the interactive graphic.

via The Economist

One of the main limitations of the index is that the price of a Big Mac reflects non-tradable elements such as rent and labor, which can vary widely across different countries and can distort the accuracy of the index.  This means that the index is most useful when comparing countries that are at roughly the same stage of development and have similar economic structures and cost of living. Consequently, while it can provide some useful insights into exchange rates and currency values, it is important to recognize that it is only a rough guide and has some limitations when comparing countries.

Another limitation of the index is that it does not consider factors such as taxes, trade barriers, and transportation costs, which can also affect the relative value of currencies.  These factors can be especially important in countries highly dependent on imports or exports. They can lead to significant disparities in currency values that are not reflected in the Big Mac Index.

Despite these limitations, the Big Mac Index can still be useful for gaining insights into global economic trends and currency values.  By using the index in conjunction with other economic indicators and data sources, investors and economists can achieve a more comprehensive understanding of the forces shaping the global economy and make more informed decisions about how to invest their money.

Obviously, there are more factors at play if something can be significantly overvalued or undervalued for multiple years without significant consequences. 

It is not meant to be the most precise gauge, but it works as a global standard because Big Macs are global and have consistent ingredients and production methods.  It’s lighthearted enough to be a good introduction for college students learning more about economics. 

You can read more about the Big Mac index here or read the methodology behind the index here.

The Twelve Days of Christmas ...

Most people know the song about the 12 Days of Christmas, but here's an interesting visualization of what presents were gifted by "their true love." 

via Neil R Kaye

 

I don't know about you ... but that's a ton of birds. Probably too many. Forty gold rings doesn't sound too bad (and less likely to become worthless than the NFTs they thought about substituting here). 

All together pretty noisy. 

Hopefully, you bought presents that your partner would actually enjoy. 

Merry Chrismakkuh

Today is Christmas ... and it is also the last night of Chanukah.  So, Merry Christmas and Happy Chanukah!  And Happy Festivus to anyone who doesn't celebrate either. 

For those that don't know, Chanukah is the Jewish festival of lights.  This is the holiday that involves lighting the Menorah (Chanukah candles), eating latkes (potato pancakes), exchanging gifts, playing spin the Dreidel (a gambling game), and enjoying a sense of family togetherness for eight days and nights.

That's a long time, right?!  Well, sometimes it seems even longer with my family. 

To help you stay in the right mood, here is a video of "The Chanukah Song," performed by comedian Adam Sandler on Saturday Night Live.  It became an instant classic (and he has since released a second, third, and fourth version.)

Here is the video.  And, if you're feeling left out - here's Adam Sandler's Christmas Song.

The cynic in me believes merchants invented the gift part of the holiday.

Regardless, the Capitalogix team has been festive, and the office has been filled with holiday cheer.  Here is a picture that some of the team took after our ugly sweater contest.

I hope you're having a wonderful celebration surrounded by people you love and food that would make your cardiologist feel safe buying a new Porche.