Good morning. Equity markets saw a jump at the open but have since settled down … and if you just looked at the numbers for the first time today, you’d get the impression that nothing has gone on at all. Still, we are near record territories, and it appears that … so far … inflation and employment fears have not resulted in investors moving to the sidelines. One possible reason for optimism is … as FactSet puts it … “big rallies lead to further gains” … citing a Goldman Sachs’ study claiming that “since 1975, there have only been six times the S&P 500 has rallied 30%+ in five months” … which it has … and in 100% of those cases, “ … the index ended higher in the following six and twelve months, with an average twelve-month gain of 18.1%.” Now, there is no guarantee that that will happen this time … but if you are invested and it doesn’t happen … you can always blame Goldman Sachs. Just crossing the wire minutes ago is news that a group of investors “… will take control of TikTok’s U.S. operations.” I don’t know what this really means other than a personal feeling this to be a good thing if only because it shows leaders of the world’s two largest economies are talking and can actually come to an agreement on something … anything … leading to who-knows-what ahead. But hold on a second … the first reports were that a deal was announced and now … at just around noon … I saw the White House shifted this to “approval of a pending deal” … meaning something could still go awry. But at least they are talking. Another of the administration’s stated goals has been to ease regulations … and one the FDA is considering certainly qualifies as Reuters reports nicotine-pouch manufacturers “… will no longer need to submit studies … including whether the product helps smokers reduce their smoking.” What? I guess, then, we’ll just take their word for it. Cough, cough. Meanwhile, fellow couch potatoes … there is great news reported below as studies show binge watching is good for you. This is quite welcomed news as it means I can take the rest of the afternoon and finish watching “Wednesday” without guilt. And I’ll close off today with a final, serious note for which I apologize in advance. The oversight of media comments concerns me a bit … outside of foolish, hurtful statements which may deserve punitive result… especially since I enjoy writing “off the cuff” with independent views and am glad companies I’ve worked for granted me this freedom (as I really do try not to go too far over the top). But in addition, I am actually listed to do contract work for an industry “Regulatory Authority” and it is understood that I must take great care about posting anything on social media … even if I disagree with something a friend writes … as it risks me losing the designation that was so hard to achieve. I also teach at a University … and find myself recently offering opinions in class where my comments are “watered down” … lest I get someone upset enough to complain and find myself “blackballed” from doing something I enjoy greatly. I won’t go deeper with my comments on this … as this note is typically copied and occasionally goes on public websites. I simply can’t. Or else I might find my fledgling writing career (if you want to call it that) could also come to a very quick end. Have a great day, Joseph G. Witthohn, CFA Have any questions? Please contact info@teamemerald.com
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