Good morning.

Stocks are struggling to rebound following yesterday’s decline as the President’s new 10% global tariff has gone into effect.  Sure, he later changed it to 15% … but nothing has been signed yet to get that started.

We certainly expect to hear more on this during the evening, as the State of the Union address starts at around 9 PM. … and news reports claim the President said to “get ready for a long speech.”

A long speech? Frankly, I am quite happy about that. I went on “Kalshi” … one of those prediction markets and placed bets on each of the terms: “highest inflation, hoax, auto pen, windmill, sleepy Joe, Somali, cheat, Bessent, Pelosi, Mamdani, Newsom” being mentioned tonight. Having done this will certainly make me pay closer attention.

It seems that FedEx has joined the list of companies suing to get tariffs rebated following the Supreme Court decision … and while some might question companies doing this, I think it might be considered part of their “fiduciary duty” as they are responsible to do what is in their shareholder’s interest … and recapturing tariffs … deemed illegal … falls into that camp.

Today is, incredibly, the 4th anniversary of Russia’s advance into Ukraine and the Center for Strategic and International Studies shared terrible news noting that loss of life (on both sides) is approaching a half million.  In fact, it was written that Russia’s “casualties” (dead, wounded, missing) is at 1.2 million and “no major power has suffered anywhere near these number of casualties in any war since World War II.” And the result on the ground? 1.5% of Ukrainian territory gained.

What a waste. What an absolute waste.

That about wraps it up for the day as I am writing while at the same time having a conversation with my sister.

She is on a cruise and amid a mild storm she said she is experiencing a touch of seasickness

… which comes in waves.

Have a great day,

Joseph G. Witthohn, CFA

Have any questions? Please contact info@teamemerald.com

A Look At The News | February 24, 2026 As of 9:32 AM today … A few automakers have been swallowing the costs of the tariffs.  A big question is how long this will continue (CNBC) https://www.cnbc.com/2026/02/24/automakers-tariffs-prices.html   But AI is what really has been on everyone’s mind lately and quite a few people are starting to worry that jobs … specifically their job … can be at risk (TheTimes) https://www.thetimes.com/us/business-us/article/us-market-panic-mass-job-losses-from-ai-xw57g5l8g   … and maybe they have concern for a very good reason.  Robots and “AI Agents” have started to infiltrate and look to quick the pace (INC) https://www.inc.com/chloe-aiello/the-number-of-robots-and-ai-agents-will-soon-explode-outpacing-human-workers/91306720   Meanwhile, a secondary concern is the AI centers that are being built … using a lot of power … some of which could come from fossil fuels (FastCompany) https://www.fastcompany.com/91493939/data-centers-rushing-to-power-ai-with-natural-gas-raising-serious-concerns-climate   Okay … your driveway is filled with snow. Should you go out and shovel?  It depends on your age as once middle age is achieved … problems start (Slate) https://www.goodhousekeeping.com/health/a70456199/age-stop-shoveling-snow/   The Olympics are now over but I learned something. When they do come back the U.S. I would love to have this job … a “cry and hug companion” … right in my wheelhouse (Slate) https://slate.com/culture/2026/02/is-kiss-and-cry-companion-the-best-job-at-the-olympics.html   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.