Good morning.

I wasn’t going to write today … as I have some kind of an interview for a website this morning and a class to teach shortly after … but with futures the way they are felt compelled to stop my preparation and put some things down on paper in a short note.

Frankly, I am in a bit of a funk right now as I see a market that promises to open with a sharp decline as the U.S. –  EU battle continues over Greenland.

… but that is not the only thing in the mix … as the President also has created a “Board of Peace” … seen by some as a potential rival to the UN … and threatens tariffs against those who do not join.
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Since that isn’t enough, the U.S. is calling a UK move to give islands it “owns” independence an act of “great stupidity” … even though a few months ago the U.S. applauded the move.

Meanwhile many consumers in the EU are boycotting purchases of U.S. goods … and there is growing concern U.S. treasuries will be sold off even as Secretary Bessent points out such a move would “defy logic” … and it presently only seems like a threat without any public action.

Regardless of what happens this week … ignoring what promises to be a down day in the market … by the end of this week we should have … hopefully have … an indication of how this movie ends

… and whether or not the critics see it as a comedy … or a tragedy …

… appears to firmly be in U.S. hands.

Have a great day,

Joseph G. Witthohn, CFA

Have any questions? Please contact info@teamemerald.com

A Look At The News | January 20, 2026 As of 7:41 AM today … Tensions are high as world leaders meet in Davos … and stock market investors are presently sitting in the crosshairs (CNN) https://www.cnn.com/politics/live-news/trump-administration-news-01-20-26   … but European leaders are being advised not to retaliate against the U.S. … though this advice does come from the U.S. (TheGuardian) https://www.theguardian.com/business/2026/jan/20/scott-bessent-europe-trump-greenland-tariff-us-wef-davos   We move on from Greenland discussion for a moment and to the proposed “Board of Peace” which seems to have the same goals as the parent UN but at a high entry fee (NPR) https://www.npr.org/2026/01/20/nx-s1-5682816/trumps-board-of-peace-has-several-invited-leaders-trying-to-figure-out-how-itll-work   Greenland is not the only island whose sovereignty is being challenged today as the UK is handing over one of its own territories … and the U.S. is not happy about it (APNews) https://apnews.com/article/trump-britain-chagos-islands-greenland-0a6ac404299861b43769f57930839825   Is it only the military aspect surrounding Greenland that makes it attractive?  Maybe not … as some hard-to-reach rare earth minerals are also highly desired (visualCapitalist) https://www.visualcapitalist.com/how-greenlands-rare-earth-reserves-compare-to-the-rest-of-the-world/   We keep hearing reports of the crazy amount of coal being used by China and India.  One bit of good news is they seem to be cutting back … but the U.S. is picking up the slack (Electrek) https://electrek.co/2026/01/19/coal-use-dropped-in-china-and-india-in-2025-it-rose-in-usa-hiking-energy-costs/ 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.