Good morning:.
Sorry if I am a little disjointed today … as my dryer completely stopped working. I mean it won’t even turn on … and the internet is telling me … the clumsy, non-mechanical me … that it might be able to be fixed in a “Do It Yourself” fashion … using some parts I am having delivered today from Amazon. Parts: $15. Appliance mechanic (if must come in): $250 – $300? New dryer: $1,100. I’m kind of nervous.
Investors, however, are not nervous this morning as the S&P set another intraday record though one thing I noticed is it is not so much the Nasdaq tech stocks driving this bus … but just how well small caps are doing … as measured by the Russell 2000. Often ignored to a degree … not having the headline swagger and being seen as higher risk … this asset class is, so far, having a pretty good year.
Economists seem to be getting on board with the thought that … due to recent reports on inflation (taming a little) and employment (a constant worry) … the Fed will take no action at all during the September meeting and take a bit more time to view the landscape. Then the next meeting will be late October … close to the midterm elections … and, as pointed out in the Wall Street Journal, a period where the Fed does not typically act unless a very big problem screams for them to make a move.
A recent report showed a drop in the unemployment rate, but this was helped by exclusion of people just not looking for jobs. When it comes to seniors there is, however, a bit of an economic divide.
On one hand, some seniors who invested over the years are now comfortable, helped by recent stock market gains and the ability to supplement Social Security with investment income. On the other hand, as noted in the article below, many seniors are still looking for work … not for the joy of daily activity, but because they financially must. For some, it may be a real challenge to be around 75 years old and try to figure out how and where to compete for a job.
While we talk about the “K” economy dissecting the entire country, individual sectors also see the effect.
As an aside, I typed the paragraph above … talking about seniors … and “copilot” jumped in and asked if it could “make it clearer” … so I accepted. I don’t like having AI write for me … as it cannot possibly know what is in my disturbed mind … but found this interesting. However, it is a habit I don’t plan to adopt.
The last article below includes a story on items that were to be “world changing” failed inventions … but didn’t work out. Included is Google Glass (one of which, used once, is somewhere in my garage), the “AI Pin” and, of course, the Segway.
Ah, the Segway … the “people mover” … which probably had the worst possible marketing on the planet … not due to an ad, but an action.
The year was 2010 and the new owner of the Segway company took his “people mover” for a short trip near his home in West Yorkshire, England.
He was probably enjoying his ride until … as so happened … the Segway took him off the edge of a cliff where he met his demise.
Lesson to be learned … it seems that “Look out Below” is not an advertisement theme that will sell many products.
Have a great day,
Joseph G. Witthohn, CFA
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