Good afternoon:. Stocks are on the decline a bit this morning … even as the administration claims delay in an attack on Iran following … according to Reuters … a request by allies in the Mideast. As a result of this, oil dropped a small bit … awaiting something more concrete … but AAA reports gas prices as a national average remain above $4.50/gallon … higher than they were just yesterday. Of course, the second oil prices rise it seems gas prices jump … but when oil prices come down, the effect on gas takes a bit of time. We are one month away from the World Cup (soccer) starting and ticket sales for some games have been anything but robust. It appears organizers might learn that there is a limit to what people will pay for entertainment. Meanwhile, I spoke with friends who attended this past weekend’s PGA Tournament, and all seemed to agree that the cost they paid ($300 or so) was well worth it. What happened at the event that many found interesting and pleasurable, was that food was included with the tickets … so you just walked up to a station, grabbed some vittles … and off you went. There was no fumbling for credit cards or (gulp!) cash … and I heard it really cut down on the time they would normally spend away from the action while standing in crowded lines. Will other venues adopt this? I certainly hope so. Getting back to the PGA for a second, there was a pro golfer who was late for his tee time by one minute … and “fined” two strokes. So, what did he do? He fired his caddy … who video seems to show was telling him to get moving. Golfers seem nice when on TV. Actions sometimes tell a different tale. Just crossing the wires, as I type, is a Bloomberg report that the yield on 30-year Treasuries is the highest it has been in almost two decades. This movement in bond yields is not welcomed as not only does it create competition against stocks, but home sales are starting to slow as mortgage rates remain high. Meanwhile, there is a lot of backlash over government spending and while the justice department’s $1.7 billion settlement is being reviewed there seems to be growing discontent over politicians able to trade on stocks for which they might have important information before public disclosure. This trading ability was championed by Speaker of the House, Johnson … who … according to The Economic Times … is defending the need of congressmen to buy stocks since “they haven’t had a pay raise on many years.” This is, in my opinion, a very plausible argument … but I would think it should be limited to overall index funds and not on individual securities whose economic fortunes the trading congressman might have absolute control. That should about wrap it up for me today, but I made sure to include something I send along on occasion … the “US Debt Clock.” I just don’t get it. I keep hearing complaints from politicians about spending (and how they will bring the solutions) but the debt just keeps going up … no matter who or what party is in charge. … and to see a billion here … and a couple hundred million there … these things really do add up … and we somehow seem to have become immune to it. We’ll complain for a moment and then change topics and focus on something else. But it is costing us … and it is hurting us … … yet we’ve somehow learned to ignore the pain Have a great day, Joseph G. Witthohn, CFA Have any questions? Please contact info@teamemerald.com
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