We were led to believe that terrified Americans would reign in spending in the face of troubling storm clouds … but strategists were fooled once again and found we were willing to open up our pocketbooks and do some buying. And why not? Even in the face of bad news (and I am speaking from experience) spending money makes many of us feel good.
Still, stocks are down to start the day as positive news on sales was diluted a bit by a rise in unemployment claims … which AP Economics Writer, Christopher Rugaber, attributes to worsening infection data. Even so, one question asked in an article included below is … with all the uncertainty and on-again, off-again virus concerns … does the unemployment rate even matter anymore?
For those who choose to worry, instead, about our nation’s debt (which now stands at $28.7 trillion, according to USDebtClock.org) … there is another proposed program to ponder … as the Administration is considering a paid leave policy for people who need to take care of family or themselves. This might be more attractive today as there are, supposedly, cases of sick employees coming to work (and possibly affecting others) simply because they couldn’t afford to stay home. It should be pointed out that, according to the article, the U.S. is one of only a few countries without such a program – though you can be sure the Norwegian plan of allowing new parents 52 weeks of paid leave will certainly not be even considered.
Electric Vehicles (“EV”) are continuing to gain attraction.
Lucid Motors (disclosure: I personally own the stock) just announced one of their cars will offer 520 miles of range on a full charge. I will have to say something about charging though … be careful. I left my Tesla charger “on” the other day … and I don’t know if it was a surge or not … but came home to find the plug absolutely fried and the outlet completely burned out. I don’t know what would have happened if I was plugged in at the time … but all I know now is that this will be a very expensive thing to fix. Meanwhile, if you see a hitchhiker on the road, please slow down. It might be me.
I also read this morning that the ex-owner of the Philadelphia Phillies, Ruly Carpenter, died. What intrigued me in the article I read on DNYUZ was that he sold the team in 1981 claiming he was troubled by the rising salaries. This cause me to immediately jump to the internet to find the statement in ESPN that the average baseball salary is $4.17 million/year. The average. Was he right to be concerned? Yep. Tom Seaver, at the time Ruly sold the team, was making $375,000 … and was baseball’s highest paid pitcher at the time. Mickey Mantle’s lifetime salary? Yes, it was a long time ago but his lifetime salary was $1.12 million. That equates to $9 million in today’s dollars … which means Francisco Lindor will earn in 173 “at-bats” what Mickey Mantle earned in his entire career.
No wonder they try to charge me $11 for a beer when I attend a game …
… but at least I get to keep the cup.
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 11:43 AM today …
Quick Look at the News
Amid virus fears and concerns over a slowdown in economic growth, retail sales were expected to drop in August. Once again, forecasters were surprised (CNBC)https://www.cnbc.com/2021/09/16/retail-sales-unexpectedly-rise-0point7percent-in-august-vs-expected-decline-of-0point8percent.html
… although some strategist frowns are due to concerns over the employment situation … but with all that is going on (and government stimulus) data has become meaningless (TheConversation)https://theconversation.com/just-4-5-jobless-during-lockdowns-the-unemployment-rate-is-now-meaningless-167805
Paid family leave (including medical) is in the works right now in Washington … as the U.S. is one of the few countries without such a policy (CNBC)https://www.cnbc.com/2021/09/16/workers-may-soon-be-entitled-to-paid-family-leave-here-are-details-.html
… but many probably feel it great that any program includes medical … for with increasing obesity rates quite a few may need to take advantage of something like this (USAToday)https://www.usatoday.com/story/news/health/2021/09/15/cdc-report-states-high-obesity-rates-nearly-double-two-years/8348219002/
One of the best things to reduce the risk of dementia is to drink tea. Of course, more studies need to be done as this was based on a limited subgroup of people (BestLifeOnline)https://bestlifeonline.com/news-tea-dementia-risk/
What? No more passwords? This could be in the future as Microsoft is assessing a variety of options that would make these unnecessary (USAToday)https://www.usatoday.com/story/tech/2021/09/15/microsoft-option-no-password-accounts/8346212002/
The statements above are supplied for educational purposes only. The statements depict the viewpoints and opinion of the author and are not necessarily the views of Emerald Asset Management or its affiliates. The information described herein is taken from sources which are believed to be reliable, but the accuracy and completeness of such information is not guaranteed by us.