Joseph G. Witthohn, CFA
VP of Product Development Emerald Asset Management

Good morning.

Just a short while ago it seemed that every business publication was equating 2021 to be the start of another “Roarin’ 20s.”  Well, excitement seems to have waned a bit as many of the high-flying stocks of the past few weeks have seen a bit of a reduction in their stock prices … much to the chagrin of investors who convinced themselves that markets – and individual stocks – only move in one direction … up! Meanwhile, even though some of the high flyers are getting smack around at the moment, major indexes are up … so it appears rotation is underway.  

Something that is troubling at the moment, in my opinion, is not the demand side of the economic equation (for with savings up, the virus in possible decline and stimulus appearing imminent … consumer purchases could jump quite a bit) … but supply.  Not only has growth in new orders slowed a bit … according to Daily Shot … but the components being not readily available can cause any manufacturing process to come to a grinding halt.  

The result of supply problems is two-fold, for not only do prices rise but factory hiring stalls … for paying idle workers is not a good strategy (unless, of course, you happen to be a government).

One other bit of interesting news that might be distantly related is an article I saw on Bloomberg that claims vaccinated workers are getting more/better benefits than those who have not had the vaccine.  I can only imagine a “help wanted” ad in the future that demands education, experience and vaccine proof in order to be considered for a position.  I wouldn’t be at all surprised if this occurs.

But there is one other statistic I noticed this morning, reported by the Distilled Spirits Council as beer sales have dropped quite a bit … but quite the opposite is true for the sale of “spirits” … aka. “hard alcohol” which is up substantially.

It seems that with all that is going on, people feel the need for the harder stuff.

On a final note, I got my first shot of the vaccine the other day … with only minor problems.

I told my friend, the cannabis investor, that my joints were a little stiff.

He said I’m rolling them too tight.

I must admit, I have no idea what he is talking about.

Have a great day,

Joseph G. Witthohn, CFA
Vice President
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 11:56 AM today …

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