Good morning.

Europe says “enough.”

I have a dog. And during yesterday’s cold, stormy day, the dog would run to the back door of the house … look out the window … and loudly bark to go outside.  I would open the door … cold wind rushing in … and the dog would just sit there … ignoring my pleading … and refuse to move … so I would shut the door and walk away.  Three minutes later, it would all happen again … and then again … and then once more … to the point where I would reach the end of my patience and loudly scream “make up your freaking mind” … so that I could get back to whatever it was I was doing.

The President is now looking out the window and the constant changing of his mind has driven the EU to announce enough is enough as they insist that the terms of a deal agreed to this past August be honored and the chair of Parliament’s international trade committee commented that the situation now has created “pure tariff chaos” and announced “no one can make sense of it anymore.”

Such uncertainty is being seen as the cause of today’s market decline. The EU is demanding clarity and sees the U.S. like the pet asking to go out … but changing its mind repeatedly … and the EU appears to have grown frustrated enough to shrug its shoulders and not care if the dog eventually pees in the house.

Sorry for the possible bad metaphor just attempted … but this snow may be getting to me … as I just cleared my driveway for the second time … even as I’m not going anywhere.  On top of that I scheduled an exam for tomorrow in a class I teach … and am waiting for word on the school being open or closed for the day.

On a final note, the last article below is a worrisome read and, frankly, seems unimaginable.

Referenced is the CBO (Congressional Budget Office) report that our nation’s debt will grow in 10 years to around $56 trillion dollars (from close to $39 trillion presently, with interest payments becoming a higher percentage). It is almost as troubling that the annual increase might grow to $3 trillion dollars.

And what is the thought (my words) that makes me queasy?

The projection shows our annual deficit in 2036 … which is one year, mind you … will be as much as the entire U.S. debt we had in the first 214 years of nation’s existence through all our wars, recessions, scandals and panics.

And we rarely talk about it as it seems convenient to ignore.

Okay, I’ve worked my way into a frenzy so I’m going to shovel and drink.

… debating which to do first.

Have a great day,

Joseph G. Witthohn, CFA

Have any questions? Please contact info@teamemerald.com

A Look At The News | February 23, 2026 As of 11:40 AM today … The Trump move to raise tariffs across the board resulted in a great deal of something that investors (and trading partners) hate … confusion … and today’s market is suffering (CNBC) https://www.cnbc.com/2026/02/22/stock-market-today-live-updates.html   We are still seeing a rise in people interested in the weight loss drugs … and those who prefer a needle over a daily pill might like to see the dose might improve to once a month (CNBC) https://www.cnbc.com/2026/02/23/eli-lilly-launches-zepbound-obesity-drug-pen-one-month-doses.html   … but it is not only physical health that people care about … as brain health is quite important as well … and the story here is brain training exercises can cut your risk (NPR) https://www.npr.org/2026/02/18/nx-s1-5716010/brain-training-exercise-cut-dementia-risk-decades   … while you might be able to get an extra boost from coffee.  Of course, this intrigues me … as there are so many things that claim to cut dementia risk … can all these claims be true? (INC) https://www.inc.com/jessica-stillman/this-is-the-ideal-number-of-cups-of-coffee-a-day-to-protect-brain-health/91301921   There was powerful snowstorm in the Northeast during the weekend … and some lost power … but they could have kept their ChatGPT connection. How?  Over the landline (TomsGuide) https://www.tomsguide.com/ai/chatgpt/i-lost-power-during-a-snowstorm-heres-how-i-still-used-chatgpt-from-a-landline   While it is not often discussed enough, the nation’s debt keeps climbing … and the pace seems to be speeding up.  Does this spell economic disaster somewhere down the road? (FinBold) https://finbold.com/market-expert-warns-u-s-facing-granddady-of-all-economic-disasters/   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.