If you are one of the few who recall (or even care about) my writing of just over a month ago, September was to be a volatile month … but results presented a pleasant surprise. The S&P Index returned over 2% for the month and, as a result, ended the quarter hitting another new record.

The year has not been too shabby either, as the market historically has returned just over 10% a year and, only 9 months into the year, we are around double that amount … even considering today’s early decline.

But there are a couple of storm clouds on the horizon and the effects are unknown.

Israel troops moved into Lebanon just a short while ago and concerns are raised over the possibility Iran will enter the battle.  The dockworkers’ walkout has begun and, while a short-lived strike should have only a minor effect, longer term job action would have big implications.

And we still have the tragic situation in Western North Carolina front-and-center, as both political candidates publicly assess how they can best use this for political gain.  Sorry if I sound cynical on this, but the people are desperately in need to real help … not being part of photo ops.

Happy birthday to Jimmy Carter. I normally don’t comment on things like this, but it is notable that he turns 100 today.  A scary thought (especially for those who haven’t planned for the possibility) is the typical retirement age is 65 … so being around 35 years after that?  Fortunately, or not … some of us should actually reach that age.

My final comment today has to do with a move by Gavin Newsome that I hope is adopted by every state.

Do you know how you see food in your fridge … or cans in your closet … and get horrified when you see it is past the expiration date?  You are left wondering if you can still safety eat it, one day … or one week … or, in some cases 3 years … after the listed “sell by date.”

This might be a thing of the past.

California will, instead, switch this to something like a “best if eaten by” date.

Sometimes things do quite well … even if they are around far beyond the expected expiration date

… just ask Jimmy Carter.

Have a great day,

Joseph G. Witthohn, CFA

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