Good morning. Following a soft opening gain, stocks are presently searching for direction … teetering between positive and negative territory for the session. There is some concern which could override recent reports on GDP growth … that a slowdown in consumer spending has started … but there are some questions as to whether or not consumers are really cutting back … or just being more selective with purchases. One example I will share is that I was invited to play golf tomorrow and seeing the stated “dynamic pricing” (which somehow has been made to sound positive), I turned it down … as $91 for a round of golf … at an average place … well … I just refuse … and will gladly play … and pay less … elsewhere. And I suspect many more … tired of gouging … will start to seek out “substitute goods” … for such things as selecting restaurants and food in supermarkets … with the thought that things have gotten a bit out of hand. Nearly $25 for a burger, fries and soda? Good luck with that. Not on my watch. Whenever I come across warnings on investments about to crater I … like many others … take notice … and it really caught my eye when I came across an article quoting Robert Kiyosaki as saying we need to prepare … and we are on the brink of another “Great Depression.” Shouldn’t he know? I mean … after all … he did write, “Rich Man, Poor Man” … which made him a very rich man indeed. Well … hold on there a minute, partner. I then did some searching and (per article below) found he made similar claims … not one or two … but many … almost one a year … and he has a record that US News & World Report charitably characterizes as: “atrocious.” My advice? I would probably lean more towards the first article below where Warren Buffett gives the view that going after average, boring, returns … pays off best over the long run. I know I’m beating a dead horse here and perhaps talking too much about it, but the famed “wealth transfer” has already begun … where Cerulli feels over $70 trillion dollars will be passed on to GenX and Millennials. Many … drawn in by experts on TV and TikTok … will be tempted to time the markets … but I just hope most will heed the lessons of someone like Warren Buffett over that of those who – for some reason – are able to get headlines. Meanwhile, I have my own issues. I was with my sister yesterday and she said I have gained a few pounds since she last saw me. No, I don’t get mad when she says I am overweight. I’m bigger than that. Have a great day, Joseph G. Witthohn, CFA Have any questions? Please contact info@teamemerald.com
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