Good afternoon:. It was announced over the weekend that auditions are being held to find the new James Bond … the secret agent whose “00” designation is, in effect, a “license to kill.” Well, there is a different bond out there right now … the 10-year Treasury … and its recent decline (resulting in a sharp boost in yields) is pointed out as possibly “killing” the equity rally (and it doesn’t even need a “00” designation to do so). But all this can change at a moment’s notice … as comments are that the U.S. and Iran are nearing an agreement to open the Strait … though some are getting tired of hearing this claim which seems to be made on a daily basis … as the price of oil bounces all over the place. What has given investors a bit of hope this morning were reports by Goldman Sachs showing improvements in economic activity and financial conditions … enough to result in Goldman lowering its assessment of recession probability to 25% (down from 30%). I needed some help over the weekend deciphering a bill and joined the interesting game of “call our AI agent” that so many companies have started to play recently. It started out relatively simple … as I gave the “bot” my basic information … which I had to repeat a few times … but then ran into a bit of trouble when I was asked to confirm some things I never said. After 5 or so “misidentifications” I found myself screaming “agent” into the phone … hoping to talk to someone … and then started to press “zero” in the hope of this working. It actually took around 7 minutes to work my way through the maze, and I finally did have a conversation with someone live. (At least, I think I did!) What brings this to mind is an article below claiming 75% of companies rolled back … or cut … their use of AI agents. I am guessing many are tired of binge-watching shows … and I fall in that camp … which is why I typically look for movies. One show on Netflix that I highly recommend is “Blackberry” … which provides a lesson not only on company growth … but also in some not-so-legal shenanigans … and especially what happens when a competitor enters the arena with a “new” device that will, basically, make your market leader almost immediately irrelevant. Such was the case with Blackberry … seen as one of the most important communication devices until the moment the iPhone was announced. And the rest … obviously … is history. Just great stuff. That about wraps it up for today except for one interesting item that I didn’t know about. Did you ever walk onto an airline only to be met with the smell surrounding someone who thought it wise to bring their freshly cooked bag of French fries (seasoned, of course) on board? It could be worse. As mentioned in the last article below, people are discovering that one thing you are now allowed to bring on board to snack on is a Costco rotisserie chicken … whose smell will no-doubt permeate throughout the cabin. The TSA won’t allow my 4 oz bottle of shampoo on board, but the guy who is sitting next to me can bring in his highly seasoned Costco chicken? I might fly to Florida toward the middle of June. I think I’ll drive. Have a great day, Joseph G. Witthohn, CFA Have any questions? Please contact info@teamemerald.com
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