Good morning. There is an old saying that “Wall Street climbs a wall of worry” … and maybe that is why so many market highs have been reached of late … as there is plenty to worry about as we have oil, defense, tariffs, employment and South America all in the headlines … because investors never seem to be lucky enough to get only one problem at a time. One of the main drivers this morning is the administration’s call for a military budget in 2027 of $1.5 trillion dollars … which is a far cry from the $901 billion targeted for this year. War, of course, seems bad for humanity … but quite good for certain stocks … even though this type of spending would add to our nation’s debt and be greater than the military spending of the next 10 countries combined. But back to trade for a moment … as while the President keeps talking about gains because of tariffs, the Supreme Court could come back with an opinion that tariff increases were “illegal” and instruct the government to return over $130 billion collected. The market reaction if this ruling goes against the President? Unknown. But a ruling is expected to possibly come as soon as tomorrow, and all eyes are on Polymarket today for early indication. That comment, by the way, is cynical … as many are still trying to identify the person “lucky enough” (ahem) to have placed a sizeable wager … with sharp gains … on the recent military action in Venezuela just hours before the attack. I also came across something Market Watch recently reported, as the claim is there is now a greater amount of 6% mortgages than there are 3%. This is possibly good news, as it has long been said that inventory of available properties was lower than normal because those with low rates wanted to hold on to their homes (which helped drive prices higher). Maybe this will increase availability and keep price increases somewhat in check. When I prepare to bore people with my comments, I sometimes come across articles that bring my attention to something of incredible importance of which I was not aware … and today was one of those events. You know I am a big fan of Costco … even to the point where I have come to know the names of the TSA-agents-in-training who now frisk if you try to enter the warehouse without a card. The company made a name for itself with rotisserie chicken but if you’ve ever brought one of these home … you learned that it completely messes up your kitchen as you try to prepare it by slicing off the meat. Well, the article below (with video included) claims all you need to do is put the chicken in a large Ziplock bag … massage it … and you will easily be able to pull out the bones leaving nothing but flavorful joy. I can’t wait to try it. Costco is said to have sold over 150 million of these chickens last year … and they have many employees focused only on the preparation of this loss leader. Do they stay up all night to accomplish this? They sure do … … as I’ve heard they work around the cluck. Have a great day, Joseph G. Witthohn, CFA Have any questions? Please contact info@teamemerald.com
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