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

Good morning.

Looking at the weather map this morning … trying to plan the weekend … it appears that a storm is heading our way. But some economists … who base their assessments on data rather than clouds … probably feel the storm has already arrived.

The GDP number came out this morning and is … in a word … shocking. The decline in our economic activity was … on an annualized basis … 32.9% … and is cited as the worst quarterly decline in U.S. history. On top of that, the number of people filing first time claims for unemployment was over 1 million for the 19th straight week. Yikes!

In the face of just these economic numbers, there should be little wonder why the Dow is down almost 400 points at the moment.

As if this wasn’t enough … we still have the virus to contend with … and the number of deaths, which have been heading downward, suddenly spiked up. On Tuesday, reports showed the worst recording of fatalities since the end of May … and yesterday the toll jumped even above that sad number of the day before.

Still there is a battle going on with some not accepting or believing that masks are effective. And I try to stay out of politics (unsuccessfully) but one member of congress caught the virus and – as a past opponent of masks – is telling people he may have caught it because of his wearing a mask. Sadly I imagine that some will hear his comments … agree … and decide to go without their “virus-causing mask” … with all this in the face of medical experts telling us we risk another shutdown if recommendations are not followed.

And now we even have Dr. Fauci advising us to wear goggles too.

Crazy times.

I don’t enjoy arguing with people about masks. I do realize debate is futile and reading about it so often seems to be affecting my eyesight.

I’ll probably only continue my mask debate until I have to wear glasses.

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
wit@teamemerald.com
#flattenthecurve

… as of 11:21 AM today …

Quick Look at the News

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