Stimulus talks continue in Washington, with payments being portrayed as a life raft for the U.S. economy in the face of the pandemic’s effect on everything from employment to consumer spending.
The problem, of course, is that no one knows when our present nightmare will end … and we are seeing organizations already cancelling events scheduled to take place in 2021. Even the Consumer Electronics Show (“CES”), the country’s trade show … with over 175,000 attendees … announced its January event will be “all-digital” … much to the horror of Las Vegas hotels and restaurants which are typically jam-packed with attendees. And regarding the comment about no one knowing when this will be behind us, there are views that this will never leave … much like the flu … and we will never be rid of our uninvited guest.
Meanwhile, little is fazing investors … with markets little changed, at the moment … and the number of reported U.S. virus-related deaths crossing 150,000 yesterday was met with little fanfare (and I had to search to confirm it).
It seems a growing number of my son’s high school friends will be staying at home this fall as we are fortunate enough to have virtual school as an option. Did I think long-and-hard about this? Yes, for about 11 seconds. There is so much information on a daily basis … a vaccine works … no, it doesn’t … yes it does … oh, wait … one is coming but we won’t know for months if it is okay … that I have decided not to play the game. I understand unknowns … but it is the misinformation that I am having trouble dealing with.
Meanwhile … half of the Miami Marlin baseball team tested positive for the virus and a growing number of NFL players have decided to sit out the football season. I love sports, but in the face of what is going on I just can’t feel the enthusiasm that I have in other years.
But there is something related to this that gets my nose a little out of joint.
A baseball player is suspected of having the virus and within hours the entire team is tested and results broadcast to the world. My friend Steve received his result … negative … 19 days after taking the test … and remaining in self-imposed quarantine. Why? Bill Gates broadcast the opinion that such delays make testing a complete waste of time … not only because of the inaccuracy of results … but because the time to get the result seems to be getting longer and longer. That is, of course, unless you are a sports figure. Then you and your family move to the front of the line … me and my family be damned.
I plan to get tested later today.
I’ll let you know the result sometime in September.
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
Some groups of parents don't want to send their kids off to school also don't want to keep them home. Their solution? Pool money, get friends involved and hire a group tutor (USAToday)https://www.usatoday.com/story/money/2020/07/28/parents-working-home-due-coronavirus-work-home-requirements-has-parents-pooling-resources-hire-tutor/5498620002/
Even with the evident rise in unemployment, some firms are hiring ... but how do they onboard new employees? Remotely (DNYUZ)https://dnyuz.com/2020/07/28/how-to-onboard-new-employees-virtually-during-the-pandemic/
How long will we be dealing with the coronavirus? While there was hope that one day we would wake up and it would be gone, some experts think it will be with us forever (CNBC)https://www.cnbc.com/2020/07/28/even-with-vaccine-we-will-be-dealing-with-this-forever-virus-experts.html
... and what frustrates a lot of people is not only the mask-wearing and change in the order of our lives ... but the inability to take a test and get a response in time to take some action (CNBC)https://www.cnbc.com/2020/07/28/bill-gates-says-delays-in-coronavirus-test-results-make-them-a-complete-waste-insane.html
Wealthier people are better able to afford top quality healthcare ... and that is good for them, as this group seems to have a higher degree of obesity and high blood pressure (NYPost)https://nypost.com/2020/07/27/wealthier-men-more-likely-to-be-obese-have-high-blood-pressure-study/
Baseball is back in full swing ... or is it? With players starting to come down with the virus, Dr. Fauci give the view that the entire season could be in jeopardy (ESPN)https://www.espn.com/mlb/story/_/id/29551792/dr-anthony-fauci-says-marlins-virus-outbreak-endanger-mlb-season
... and the NFL? Some players who have received a lot of money in the past feel they can live off of savings for a year and sit this season out (NYPost)https://nypost.com/2020/07/28/donta-hightower-three-other-patriots-opt-out-of-2020-season/