Good morning. I am back from a golf trip to Georgia which was just absolutely fabulous … though my first stop back home was to Costco to replace the many balls I lost deep in the Georgia woods. A highlight (or lowlight) was something I never experienced before … an earthquake … and though (supposedly) mild at 4.1, was a bit terrifying. Investors today faced an earthquake of sorts … but a good kind … as a temporary cut in reciprocal tariffs gave hope that something can be worked out between the U.S. and China. Even so, it is important to keep in mind that things can change rather quickly … and one comment (or rumored utterance or crazy tweet) from either side could drive investors back to the sidelines. It might also be important to keep in mind that both sides will seek ways to position their moves as “we won” … as neither side will admit they “blinked” when realizing the potential damage of a full-scale tariff war. Futures quickly jumped following the news … with the exception of pharmaceuticals … as the Trump Administration announced the intent to have U.S. purchasers pay “the same price as the nation that pays the lowest price.” Even so … these are just words at this moment … as this might not be as easy to implement as it sounds (and we certainly don’t want companies to stop making certain drugs readily available). And there are also lobbyists to contend with. The pharmaceutical announcement makes the article below on the use of “robotic pharmacists” even more interesting … as one company is taking advantage of automation and, if this proves accurate, fast and cheap, the days of having Mr. Gower behind the counter making a mistake could be in the past. (By the way, this is a reference to “It’s a Wonderful Life” for those unfamiliar). But what if there is an error and a patient suffers? Does the liability sit with the pharmacist on duty? The pharmacy itself? … or the robot manufacturer? Speaking of errors … just what the heck is going on at Newark Airport? Planes are flying in and out of there all the time … and to have a system go out for 90 seconds … well … we just need to be thankful it wasn’t longer, and no major incidence occurred. But there have been 3 recent malfunctions (system outages) over the last 2 weeks. Flying out of Newark? No thank you. On a final, joyful note for today … just down the block from my home is Villanova University … where the new Pope … Leo XIV … attended school as a math major. Combining that background with the priesthood … certainly shows he not only fully understands a great deal about sin … but also cos. Have a great day, Joseph G. Witthohn, CFA Have any questions? Please contact info@teamemerald.com
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