Good morning.

Comfort, concern, relief, anxiety, repeat.

Investors have been going through a complete range of emotions as they wake up daily to market-moving comments from the White House, trying to figure out what is serious and what is just a negotiation strategy.  But the money lost … and gained … is real and many find the resulting volatility not comfortable at all.

In this week’s episode, we had tariff threats again China repeated … then softened … and this morning threatened again with the claim that China is reneging on a handshake agreement made with the U.S.  Meanwhile, one court drove investors into a tizzy (an economic term) by stating many of the Trump tariff actions were “contrary to law” … but that didn’t last long as a higher court paused the halting action … and … well … the world watches as this likely will make its way all the way up to the Supreme Court (which seems to be finding itself so tremendously busy early in this administration).

And tariffs are not the only thing in the headlines this week. Space is shared with stories about Harvard and international students and deportations and a presidential sit-down with Jay Powell and … well … sorry.  I sometimes go off on these things and forget to even mention the market … which is slightly down at the moment but should be posting a positive number for this holiday-shortened week.

Two non-economic articles grabbed my attention in the last day, and I posted them below.

I was at a bar last week and a friend ordered a non-alcoholic beer and said something about the flavor being quite good … and becoming a favorite.  I discounted this, as I tried one long ago and had lasting “memories of ugh.” So, coming across an article claiming that non-alcoholic beer sales are higher than for ales … is reshaping my own thinking … and now it is in my plans to pick up a few bottles and try it again.

The other article that intrigued me … very much … has to do with aging.

I worked for a firm a while ago and a very-highly-paid friend told me he was thinking of leaving.  Understanding the great importance of money, I was shocked … but what he said next really stuck with me as he made the statement: “… it’s not the money. I just don’t feel like I matter.”

The article below that I am referring to has everything to do with this … as the view is that in order to stay sharp as you age, what is important is “having a sense of purpose.”  This ties in with another story I read on how 95-year-old Clint Eastwood continues to work … and excel … with his shared philosophies of “do something new or go home” and “I’ll work as long as I can, or until I’m truly senile.”

It seems if you retire and sit on a porch, watching the world pass you by … one thing will certainly happen.

The world will, in fact, pass you by

… and that would truly be a shame.

Have a great day,

Joseph G. Witthohn, CFA

Have any questions? Please contact info@teamemerald.com

A Look At The News | May 30, 2025 As of 11:27 AM today: While the tariff issues are being settled (we hope) inflation has been heading in the right direction and came near the Fed target for April (CNBC) https://www.cnbc.com/2025/05/30/inflation-rate-slipped-to-2point1percent-in-april-lower-than-expected-feds-preferred-gauge-shows.html   … but that might not be enough to calm investor’s nerves as China has been accused of violating what amounted to a handshake agreement with the U.S (NBCNews) https://www.nbcnews.com/business/business-news/trump-accuses-china-violating-geneva-trade-agreement-rcna209920   Unemployment claims jumped last week as some of the federal layoffs are adding to the rolls of those recently been laid off. The weeks ahead should give a better indication (USAToday) https://www.usatoday.com/story/money/economy/2025/05/29/unemployment-claims-surge-labor-market/83930646007   One item that seems to be gaining in popularity is non-alcoholic beer … as some are finding the booze buzz and the ensuing headache not to be desirable (CNBC) https://www.cnbc.com/2025/05/29/non-alcoholic-beer-to-pass-ale-in-sales-volume-this-year.html   While there has been recent discussion about pennies being just about worthless … it might be useful to toss a few in your birdbath (HomesandGardens) https://www.homesandgardens.com/gardens/putting-pennies-in-your-birdbath   Some think of retirement as sitting on a porch and watching the world go by, but this might age you quicker … as there is a major item that can keep you feeling vibrant (Upworthy) https://www.upworthy.com/psychologists-discover-the-key-element-that-helps-your-brain-stay-sharp-in-old-age The statements above are supplied for educational purposes only. The statements depict the viewpoints and opinion of the author and are not necessarily the views of Emerald Asset Management or its affiliates. The information described herein is taken from sources which are believed to be reliable, but the accuracy and completeness of such information is not guaranteed by us. Emerald Asset Management PA, LLC | 717-556-8900 | 3175 Oregon Pike, Leola, PA 17540 Want to change how you receive these emails? You can unsubscribe from this list. ———————————————————————————- The statements above are supplied for educational purposes only. The statements depict the viewpoints and opinion of the author and are not necessarily the views of Emerald Asset Management or its affiliates. The information described herein is taken from sources which are believed to be reliable, but the accuracy and completeness of such information is not guaranteed by us.