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Good morning.

At the moment it appears stocks will open in positive territory following yesterday’s sharp gains … which followed comments of one Fed President providing the view that the US economy is not in recession and holding up pretty well … even in the face of rising rates.

Investors appeared to take great comfort in the comments as everyone wants to believe things are fine … even as rising prices continue to lighten many a wallet.

One story not getting enough press, in my opinion, is what occurred with one of the major credit agencies, Equifax, which … according to an article below … made a mistake in the credit score of as many as 12% in their database over 2 week period of time earlier this spring.

This really affects a heck of a lot of people … and as a result there may be many paying a higher rate than they otherwise would be paying.  Worse, quite a few could have been turned down for loans or mortgages for which they should have been approved.

We live in a time where instant decisions are made and we kind of enjoy the immediacy.  We apply for credit on a high-priced ticket item in a store and … whoosh! … 15 seconds later … here comes our immediate approval.

We demand such speed.  We expect such speed.  But as Joni Mitchell once alluded we sometimes might want to drag our feet to slow the circle down.

Okay, not the perfect metaphor but I think (and hope) you catch my drift.

On a personal note I’ve been taking advantage of the strong dollar …  and … finding prices somewhat reasonable … have gone to see “Hamilton,” “Wicked,” … and now that I understand the dialect better … tonight will be seeing “My Fair Lady.”

Interestingly, last night I got to the theater early and arrived just as they were firing a member of the crew.

Even though security was called, the fired stagehand left before he could make a scene.

Have a great day,

Joseph G. Witthohn, CFA
Vice President
Emerald Asset Management PA, LLC
610 Freedom Business Center Drive
King of Prussia, PA 19406
Direct: (610) 285-9905
cell: (856) 625-7915
wit@teamemerald.com
 #vaccinatetosave

 

A Look At The News | August 4, 2022

As of 7:18 AM today

It’s not only the United States having problems with inflation. Great Britain prices have skyrocketed and the Bank of England is about to take strong action (CNBC)

https://www.cnbc.com/2022/08/03/bank-of-england-set-for-biggest-rate-hike-in-27-years-as-inflation-soars.html

… but the increase in inflation in the U.S. may actually slow a bit … as lumber prices have already dropped to pre-pandemic levels (BusinessInsider)

https://markets.businessinsider.com/news/commodities/lumber-prices-hit-2022-low-housing-market-going-back-normal-2022-8

Will Social Security funds run dry?  That is a concern many have as the government tries to come up with a solution the public will accept (CNBC)

https://www.cnbc.com/2022/08/03/changes-americans-are-willing-to-make-to-fix-social-security.html

A new survey shows that people are more stressed than ever.  One thing I get stressed about is taking so many surveys (Gallup)

https://news.gallup.com/poll/394025/world-unhappier-stressed-ever.aspx

People also get stressed about their credit score … especially when they learn that one major reporting agency may have messed things up for millions of people (CNN)

https://edition.cnn.com/2022/08/03/business/equifax-wrong-credit-scores/index.html

When people first heard of the metaverse they considered it for games and money-making opportunities … but there other uses … such as college education (InsideHigherEd)

https://www.insidehighered.com/news/2022/08/03/college-metaverse-here-higher-ed-ready

This article claims, contrary to belief, that men might actually live longer than females.  I read the story three times and realize they’re not comparing apples-to-apples (TheGuardian)

https://www.theguardian.com/society/2022/aug/03/women-may-not-live-longer-than-men-after-all-study

Would you like to know what will soon be delivered to your mailbox? I use this service and it works fairly well (CNet)

https://www.cnet.com/home/services/find-out-whats-coming-in-the-mail-before-its-delivered/

 

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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.