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

Good morning.

This morning was so typical of the way things have been lately. I awoke to a story on Yahoo News of how stock futures turned negative due to concerns over a spike in the coronavirus. A few minutes later, on CNBC’s website, the headline was that cases were surging throughout the world but “… investors don’t care” … and I noticed stocks turned positive.

I think what really has me confused even more is I watch the number of deaths in the U.S. … and saw that yesterday’s reported result (via worldometers website) was the lowest in 90 days … even as the number of cases in certain states are reported to be “surging” … to use a word borrowed from the press … leaving me to wonder if one theory is correct … that many younger people are being diagnosed and have a strong survival rate. Meanwhile I’ll keep my mask on and keep my distance … as I have no real confidence … yet … in what any of the data show me.

This morning I saw two very interesting things in DailyShot that I would like to point out.

According to a chart by Yardeni, there are 6 stocks controlling a growing portion – around 24% – of the S&P (Facebook, Amazon, Apple, Netflix, Google (Alphabet) and Microsoft). This seems to be around double from what it was just 5 years ago and results in some concern if a future “tech wreck” will bring havoc to index adherents.

And has the pandemic raised a concern about your investments? A report sourcing Fidelity claims that almost a third of investors over the age of 65 sold off all of their stock holdings between February 20 and the middle of May … as did 17.5% off all stockholders. Those who remained out missed the 8% rally seen since May 15th … proving for the umpteenth time that market timing rarely works out.

Those who read my “stuff” (an economic term) know I write what is on my mind … and it sometimes strays from the economy and the markets. Today is no different.

I read that – due to protests- the Teddy Roosevelt statue is being removed from New York’s Museum of Natural History. I don’t want to enter into the “removing history” discussion but there are some fantastic – and scary – ramifications as this “remove them all” movement continues.

I learned over the weekend that William Penn owned as many as 12 slaves. There is not only a statue of him on top of Philadelphia’s city hall, but … of course … the Commonwealth in which I live is named in his honor.

If they remove the statue, that would be quite a feat … but will changing the state’s name be next on the agenda?

And, if so … what will we be called?


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 11:25 AM today …

Quick Look at the News


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