Good afternoon:.

If you want to make a case for why stocks should be down, there are plenty of things you can point to … such as the never-ending situation in Iran, increasing likelihood of rate hikes, food and gas prices cutting into budgets, and even consumer sentiment numbers that have fallen to a record low.

But if you traded based on somehow knowing all this negative news in advance, you would be severely disappointed … as the Dow hit a new intraday high today … and the S&P and Nasdaq are also doing just fine.

And what type of investors suffer from all this? Market timers. As they always have.

I find it interesting … in light of the Memorial Day weekend coming up … the unofficial start of summer … as high gas prices and beef prices supposedly will put a damper on spending and yet, we’ll somehow get through it. Maybe we’ll cut back a little … by using a lesser cut of meat or even using a bit more Hamburger Helper than we have in the past.

I just hope we take the time to take a breath and reflect on what we have, keeping in mind what the day is really about, being thankful for those who gave everything so we can enjoy our freedom today.

Okay, I’m off my soapbox but just want to share a moment of crazy that maybe does hint that we are going down a road that some might consider uncomfortable.

We are about to be introduced to the “Enhanced Games” … also called the “Steroid Olympics” … in which athletes are permitted to use skill-enhancing drugs to boost performance.

Investor Don Trump Jr. (and I would mention the name even if it was someone else) is promoting this as “real competition, real freedom and real records.”

… but … as is usually the case so many times … there is more …

The group behind this plan to advertise and sell performing-enhancing drugs to viewers … and we know what demographic will be most inclined to watch this.

You read that right.

I fear that this will lead some younger kids to see the “real records being set” with the thought that these drugs will help them achieve great things.

Want to lose weight?  Take an injection.
Want to run fast?  Take a pill.
Want to do well on an exam?  Use AI.

It is what we have become.

And I am unsure to what degree any of this is an improvement at all.

Have a great day,

Joseph G. Witthohn, CFA

Have any questions? Please contact info@teamemerald.com

A Look At The News | May 22, 2026 As of 11:49 AM today …   Consumers are getting a bit upset about inflation as the thought that the price jump was only temporary seems to be evaporating (CNBC) https://www.cnbc.com/2026/05/22/consumer-sentiment-hits-fresh-record-low-in-may-as-iran-war-fuels-inflation-worries.html   ,,, and this might become quite evident over the Memorial Day weekend … as the cost of travel (gas) along with burgers and steaks puts a deeper dent in many pockets (ConsumerAffairs) https://www.consumeraffairs.com/news/beef-prices-soar-as-americans-prepare-for-memorial-day-cookouts-052226.html   ,,, so what do people do when prices make things less affordable?  They cut back on certain items and things that were common just a short while ago, now seem like luxuries (FinancialPost) https://financialpost.com/pmn/business-pmn/the-4-50-gas-economy-fewer-nights-out-more-belt-tightening   AI does improve productivity and its use is increasing … but are we shooting ourselves in the foot?  Some may soon find themselves replaced by an employee who never complains (ABC) https://abcnews.com/Business/artificial-intelligence-eliminate-thousands-jobs-new-york-city/story?id=133181521   … but one thing that might need to be done with a few of these AI-focused machines … train them … and China’s increasing use of humanoid robots shows their seriousness (CNBC) https://www.cnbc.com/2026/05/21/china-robots-humanoid-job-training.html   If an athlete is on steroids, does that mean the performance is any less exciting?  A group thinks it could actually be interesting and we may soon see enhanced drug users compete (TheGuardian) https://www.theguardian.com/sport/2026/may/21/enhanced-games-explained-sports-most-controversial-event-unpacked 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.