Good morning.

A day after reaching another record high (I never get tired of writing this) stocks are in slight retreat this morning … as we near dates for both the next Fed update and the most recent tariff deadline.

Ah, the tariff deadline … quite important to watch as reports from CNBC, Reuters and a host of others talk about a “trade bazooka” … also characterized as a “nuclear option” … where the EU just says the heck with it and limits U.S. investments and purposefully slows U.S. trade with the EU.

Like many others … meaning probably everyone … I watched the incriminating video of the CEO and HR head (though maybe I should say ex-CEO and ex-head) of Astronomer over the weekend and one thing dawned on me.  Prior to the video, I had never heard of the company … probably like many others … and it is possible that once the negative publicity dies down this could result in a positive … especially since the company now has received tons of “free” marketing and the board took very quick, responsible steps.  Meanwhile, there is one important lesson.  It is, of course, unfortunate that a few families are forever affected … but it should also serve as a reminder to us all that cameras seem to be everywhere … and this will only increase. How you behave in public could make you famous … whether you want it or not.

A friend was chatting with me this morning and said he noticed smaller crowds during his vacation … be it at restaurants or even a concert he attended.  He also noticed traffic was much “lighter” than at the same time last year.  We debated if it was the economy … or something else (including people having “spending fatigue” following post-Covid madness).  I then came across an article on Yahoo claiming some have taken up a pledge of “No Buy 2025” … where they commit to avoiding non-essential purchases this year … which one CFP from Betterment calls “financial detox.”  It sounds impressive, but let’s hope it doesn’t gather too many converts. Our economy counts on Americans to do what they do best … spend money.  Thinking before spending is another matter entirely.

One other note included today was a bit disturbing … as the claim is that one out of every four (25%) in Generation Z, regret going to college.  Maybe times have changed … as I loved college … the friends I met there … and even the one or two things I might have learned.

I’ll never forget the time my roommate beamed with excitement when … after a few beers … he found out we both got a 4.0 for the semester.

You see … he had a 2.2 and I had a 1.8

They were great times.

Have a great day,

Joseph G. Witthohn, CFA

Have any questions? Please contact info@teamemerald.com

A Look At The News | July 22, 2025 As of 10:41 AM today: Is the tariff war about to worsen?  While things do seem to change daily, there are concerns the EU might not make a deal and retaliate against U.S. threats (CNBC) https://www.cnbc.com/2025/07/22/europe-has-a-trade-bazooka-against-trumps-trade-tariffs.html   … while additional focus is on the Fed … as U.S. Treasury head would like to see the Fed reviewed … to see if it has too drifted too much into non-monetary areas (Reuters) https://www.reuters.com/business/us-treasurys-bessent-says-federal-reserve-needs-be-examined-an-institution-2025-07-21/   Protein seems to be the new fad … as the popularity of protein powders and its inclusion in foods has soared.  But is it good for you?  Yes … but don’t overdo it (NPR) https://www.npr.org/2025/07/21/nx-s1-5447441/protein-powder-supplement-teen-boys-nutrition   Around 25% of “Gen Z” workers regret going to college … which is a sad thing … especially for those in this group saddled with student debt (Newsweek) https://www.newsweek.com/one-four-gen-z-workers-regret-going-college-2101852   You will often see young kids … sometime very young kids … with a smartphone in hand as parents use this to keep them occupied.  Note that it might cost them later in life (ZMEScience) https://www.zmescience.com/science/news-science/how-handing-smartphones-to-kids-before-they-turn-13-may-damage-their-mental-health-for-life/   We used to think the sex of a newborn was basically a flip-of-a-coin … with each gender having a 50% chance of occurring.  But new data shows this may not be the case at all (TimesofIndia) https://timesofindia.indiatimes.com/life-style/parenting/moments/why-some-families-keep-having-boys-or-girls-harvard-thinks-its-not-just-luck/articleshow/122777160.cms 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. Emerald Asset Management PA, LLC | 717-556-8900 | 3175 Oregon Pike, Leola, PA 17540 Want to change how you receive these emails? You can unsubscribe from this list. ———————————————————————————- 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.