Good morning. When I was a kid … which, admittedly, was a long time ago … we’d play football in my yard (in an era where kids actually played outdoors). Any time a play got “busted” … there wouldn’t be a penalty but there would be a shout of “do-over” and the down would start all over again as if nothing happened. As far as the S&P is concerned … even with inter-month volatility … November is shaping up to be a do-over … as the index right now … on this last trading day of the month … is just one point away from where it ended October. But that’s okay. We get to play again in December. The other day I mentioned a fairly optimistic 2026 market call from JP Morgan and it seems others are starting to march in the same parade. Deutche Bank is calling for higher-than-average market returns based on buybacks and “continued momentum on earnings,” and Morgan Stanley classified the year as indications of “a new bull market.” Of course, we won’t really know much until we do an assessment at the end of the year … but at the moment these are welcomed comments. Meanwhile, the market closes at 1 PM today … so I’ve shortened today’s comments. Some will consider that a gift. An interesting story is how competition for AI is heating up … as there are reports (with articles below) that Nano Banana Pro … using Gemini 3 Pro … is taking market share away from ChatGPT. I have no idea what this is all about … as I haven’t even looked at it … but it gives me something to do this afternoon while waiting for a Friday NFL game to start as I chow down on leftover turkey. While AI is getting to be everywhere, people are wondering it is really that good of a thing in all instances … after learning the “Kumma teddy bear” … for young kids … was teaching them about sex, knives and drugs … immediately causing it to be removed from many a Christmas list. Meanwhile, Black Friday sales are going on right now … through a few articles I’ve been reading seem to claim it is a bit of a dud (as many savings are not savings at all). Even so, you might want to pick up a winter jacket if you do find one on sale as reports are coming in that the “polar vortex” will make some areas pretty cold as we near the middle of December. And since it has a fairly long shelf-life, you might also want to grab some extra spaghetti if it is on sale … as per the last article below, pasta sales are skyrocketing. It’s a shame … as this was seen as the perfect substitute when other food prices soar … and with pasta prices about to jump so high … … it will soon cost a pretty penne Have a great day, Joseph G. Witthohn, CFA Have any questions? Please contact info@teamemerald.com
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