Good morning.

I don’t like roller coasters.

Although I know they are (somewhat) safe, I find the constant up-and-down and the twisting-and-turning motion to be unsettling … and whenever I am foolish enough to be on one, I find myself longing for the ride to be over.

I obviously made a mistake, as I thought I was on a carousel and somehow – with tickets purchased by President Trump and President Xi – ended up on the wrong ride. And now I find myself in the middle of a journey, tightly buckled in with my eyes closed … knowing the controls are in the hands of two amusement park operators, each trying to outdo the other … giving little thought toward those trapped in our seats.

Sorry for the negative mini-essay above, but markets are down this morning as tariff battles continue between the two top economies in the world … with an increase in rhetoric and threats from both sides and China saying they will “take this fight to the end.”  And, no … I haven’t any idea of what that means, but it doesn’t sound good at all.

Regardless … and some of this is personal opinion … this, and other tariff matters, needs to be resolved soon … as a recently released Goldman Sachs report claims that more than half of the cost of tariffs are being shouldered by the American consumer … completely blowing up claims that tariffed countries will be the ones paying the added fees.  And yes … at some point in time (using the small economic part of my brain) this has to come back and hurt the U.S. economy even if some of the “money raised by tariffs” is handed back to consumers.

In my view, consumers paying money and then receiving a portion (not all) of this money appears to be the new saying of “robbing Peter to pay Peter.”

I just want to be back on the carousel and have things move again in a somewhat orchestrated fashion … where stocks change based on a company’s product, profits, and what they bring to the table rather than having an entire market move on public bickering between nations.

Maybe I’m just getting more cynical and cranky as I age.

I just realized that at this time 5 years ago, it was actually illegal for people to be within 6 feet of me.

I am starting to really miss that.

Have a great day,

Joseph G. Witthohn, CFA

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A Look At The News | October 14, 2025 As of 11:31 AM today: Want to get rid of a few employees without firing them?  Maybe all you have to do is require them to come into the office … as many said they’d look for a new job if this is done (CNBC) https://www.cnbc.com/2025/10/13/76percent-of-american-workers-say-theyd-look-for-a-new-job-if-forced-to-work-fully-in-person.html   Even though you might only have that occasional diet soda (and, admittedly, I have one on occasion for caffeine), it could still result in health problems (USAToday) https://www.usatoday.com/story/life/health-wellness/2025/10/08/soda-diet-liver-disease-study-research/86579096007/   While remaining open for debate, scientists are looking toward coral reefs as proof that the planet has moved past its “first climate tipping point.” (Time) https://time.com/7325086/coral-reef-climate-tipping-point-crossed/   “Have you read any good books lately” is one question few kids ask each other, as social media has replaced reading … with results that are not too promising (NPR) https://www.npr.org/sections/shots-health-news/2025/10/13/nx-s1-5571050/social-media-teens-brains-reading-memory   If you are traveling to Europe anytime soon, don’t be shocked if you are fingerprinted. Many countries there are rolling this out (The-Sun) https://www.the-sun.com/travel/15309587/american-travelers-ees-program-europe/   … but that is just a travel inconvenience while this one is costly.  Want leg room? Pay. A reclining seat?  Pay.  I don’t know what is next but I am sure the airlines will think of something (The-Sun) https://www.the-sun.com/travel/15337703/westjet-travelers-flights-recline-seats-cost/   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.