Stocks are up again this morning as more locations (states and stores) “open up” … but a remaining concern is whether or not some have opened too soon. It’s a tough call … as shut downs began in March and three months later we are still facing increases in the number of cases in certain states.
I was part of a CFA-group discussion this morning (on Zoom, of course) and one of the questions brought up by a participant was the effect on different demographics of our society … I mean … it is easy to sit back and say kids can finish high school at home … but I have lightning speed internet connection and can easily place a call, jump in my car and pick up any tech-needed items from a local store … as they all seem to offer curbside service. But not everyone has this luxury … and, heck … some might not have good (or any) internet connection … or even a computer at home for that matter. So when I (and people like me) make decisions on how people can adapt in this time of uncertainty we must make the attempt to walk in someone else’s shoes … for what we think are easy solutions might not be simple … or even possible … for so many others.
Oh, my. I got off on a tangent and apologize … but the mentioned conversation is fresh on my mind.
I think I am just in a bit of a confused state as I see spikes continuing to rise in many areas and hear about more companies delay inviting a full complement of employees back at the office until sometime in the fall, or even into new year! I just read that casinos in Arizona closed for a second time and … sit down for this one … a commission in the Florida Keys just announced that masks will be mandatory until June of 2021! Wow!
What does all this mean? I have little hope that even the NFL season will get underway and certainly don’t plan to attend any games, even if this was at all possible.
… so hospitality businesses remain at below break-even levels … unemployment is high … the nation’s debt level continues to skyrocket … people, for the most part, are nervous … and the stock market? It continues to rise. Go figure.
I have to run.
As I was typing, my phone rang and I got a voicemail from someone who said his name was Johann Sebastian.
I’m wondering if I should call him Bach.
Have a great weekend,
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 11:25 AM today …
Quick Look at the News
Some areas are rethinking their past view about opening up their communities as coronavirus cases continue to present a problem (CNN)https://www.cnn.com/2020/06/19/health/us-coronavirus-friday/index.html
... but it is not only states that are unsure how to handle the virus ... for summer camps - which do not have a winter option for revenue - are unsure what to do (DNYUZ)https://dnyuz.com/2020/06/18/as-some-sleepaway-summer-camps-close-down-others-balance-the-risks/
It is certainly not easy to make decisions surrounding the virus ... for many think telecommuting is an option. Sure, for some it works ... but some "at risk" groups simply can't (USAToday)https://www.usatoday.com/story/money/personalfinance/2020/06/19/coronavirus-reopening-older-workers-cant-telecommute-raising-risks/3210953001/
... and there is another situation entirely ... as many in a good economic situation can get superfast speed internet and work from home ... but others are not as fortunate (CNBC)https://www.cnbc.com/2020/06/19/a-tale-of-two-coronavirus-recessions-some-thrive-as-others-suffer.html
So ... you are trying your best to stay safe ... and wiping down every surface ... but be aware that you actually might be doing this wrong (TravelandLeisure)https://www.travelandleisure.com/travel-news/cdc-coronavirus-cleaning-wrong
This weekend is Father's Day ... and if your dad is above certain age, some joint activities are out of the question. If you want a safe yet memorable holiday, the read on ... (ABCColumbia)https://www.abccolumbia.com/2020/06/18/how-to-have-a-safe-yet-memorable-fathers-day-during-the-covid-19-pandemic/