| Good afternoon:.
One game show that achieved top ratings when it first came out was “Deal or No Deal” as each episode raised the excitement of viewers, especially as stakes rose. Today we seem to be facing another situation with high stakes as we witness today’s contestant … sitting in the White House … to decide if a deal … even a temporary one regarding the Iranian ceasefire … will be accepted.
Meanwhile, investors seem to be shrugging off the thought that things could worsen from here as each of the three major indices in the U.S. reached intraday records shortly after the market open.
Related, oil is down on the possibility of a continued pause in fighting and the cost of gas … so closely watched by the American consumer … is also on the decline … having come down around 16 cents from one month ago. It is interesting, as it appears if we reach a psychologically important level under $4 (it is now at $4.39), people just might feel better … even though that is still quite a bit higher than where prices were before action was decided in Iran.
If Horace Greeley were alive today, he might arrive at an airport and advise someone about to enter security to “go left, young man” … for a study (included below) shows that this tends to be the shorter and faster line based on human nature. I will test that out later today at Costco, keeping Horace firmly in mind.
While investors have probably been quite giddy over all AI has to offer (looking at profits being made, of course), some have not been so happy about the prospects … including recent grads who use AI, but curse how it might affect their careers. Recently commencement speakers have being booed … just my mentioning the phrase … and the last article below points out some of the concerns.
What brought this to mind was my recent visit to “Top Golf,” where an attendant noticed my St. Joe’s cap and said she went to school there. We had a little conversation and when chatting about her major, this junior-to-be said she was going into graphic design but changed when she realized … because of AI … she would be hard-pressed to find a job. This is what students are facing now-a-days. Sure, they will gladly use AI in the classroom … helping them finish … or maybe do … entire projects. But they also realize the ramifications and the possible effect on job prospects as AI continues to improve … as they try to tiptoe through the minefield which they themselves helped create.
The only other comment I have this morning … and I don’t mean it to be political … regards the proposed $250 bill which would have the President’s face on it.
It seems that no matter what is proposed … and no matter what the financial cost … there is always rationalization behind needless spending … be it the “you can’t take it with you” thought by those with limited savings just in case they do live longer than expected to the old: “I saved money because it is on sale,” way of thinking.
What brings this to mind is the comment stated in a press release by the congressman from South Carolina who came up with the justification behind the need for this $250 bill stating in a press release that it will “help families carry less cash.” What?
We already have something that allows this
… it’s called a credit card.
Have a great day,
Joseph G. Witthohn, CFA
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