Stocks are in negative territory to start the week as fears of inflation (and higher bond yields) are starting to work their way through the minds of those who were skeptical about what seemed to be a daily rise in equities.
Do they have good reason to be worried about rising prices? Maybe … as Daily Shot shared a report showing U.S. copper futures are the highest in 10 years … and China iron ore and steel prices are double what they had been only one year ago.
Speaking of rising prices, two friends (one in Florida, one in Delaware) told me over the weekend that people – unsolicited – offered them incredible prices for their homes … well above anything they expected. Is this due to limited inventory for quality residences … or a mad rush before a perceived end to low-rate mortgages? Maybe it is both.
Being older, I do have a problem understanding things that are different … and I have to, occasionally, read things a few times before getting even a basic understanding. I will admit that I am trying to get my head around NFTs (non-fungible tokens) … and will have to read up on this a few more times. It seems that these represent digital assets … and in many cases the blockchain can verify that you are the unique owner of this asset – which you can trade. Okay … I get that (barely). I was intrigued though about NBA Top Shot through which it appears you can buy a video of a player making a shot … and as the ownership of this is limited … it is perceived to have value. And I don’t mean pay a few dollars … as some of the videos (many of which can be viewed on YouTube for free) sell for hundreds of thousands of dollars! I certainly have to read more about this as … so far … the thought of this is hurting my head.
Bitcoin has been on quite a roller coaster ride today as it jumped around 3.5% early this morning, then fell around 15% … and then climbed up around 9.5%. This is certainly not for the weak of heart … or, at least, those who watch short-term movements.
On a final note for today, it is snowing again and it just makes me long for spring even more.
I grew strawberries last summer … a favorite food … and a friend with an incredible garden suggested I put horse manure on them.
I tried that … but the results weren’t good at all.
I’m certainly going back to whipped cream.
Have a great day,
Joseph G. Witthohn, CFA
Emerald Asset Management PA, LLC
610 Freedom Business Center Drive
King of Prussia, PA 19406
Direct: (610) 285-9905
cell: (856) 625-7915
… As of 11:33 AM today …
Quick Look at the News
Stimulus talks continue … though each dollar sent out adds a bit to the nation’s debt. Can this continue forever? Some are starting to question this (Fee.org)https://fee.org/articles/economists-warn-we-can-t-keep-ignoring-the-national-debt-forever/
Certainly many things have changed since the onset of the virus … but one item behind the scenes and just now getting more attention is fintech (CNBC)https://www.cnbc.com/2021/02/22/forget-bitcoin-fintech-is-the-real-covid-19-story-jpmorgan-says.html
… and Mark Cuban claims that a business he would be starting right now would need to have a focus on blockchain (CNBC)https://www.cnbc.com/2021/02/22/mark-cuban-the-business-id-start-now-would-center-around-blockchain.html
… although things might be going a little over the top right now as prices for some NFTs (non-fungible tokens) are a bit … um … wild (Mashable)https://mashable.com/article/nyan-cat-meme-non-fungible-token-sale-300-ethereum/
With so much information tossed our way daily, it is hard to remember things. Well here we are with some ways that will help you not to forget things as they come in (Entrepreneur)https://www.entrepreneur.com/article/365440
… but there is a difference between forgetting and ignoring … as many of us choose to ignore the continuing (and growing) problem with plastic … much of which we are ingesting (TheInertia)https://www.theinertia.com/environment/hundreds-of-fish-species-including-many-that-humans-eat-are-consuming-plastic/
It is a hot day … and the fields are full. Well who is going to pick all that fresh fruit? Don’t worry. A robot is on the job (WeForum)https://www.weforum.org/agenda/2021/02/flying-ai-robot-harvest-fresh-fruit/