Good morning.
Throughout … and even before … the first half of the last century, breaking the “four-minute mile” was viewed as entirely hopeless. A few scientific studies “proved” that it was impossible, and even though a Swedish runner came close in 1945, his time was still around one and a half seconds above this milestone … and this stood at a record for nine years. Then, in 1954, Roger Bannister ran a mile in under 4 minutes … and, amazingly, another runner beat this time just 46 days later … and sometime afterwards beating this once-impossible record became quite commonplace.
I played golf over the weekend and, at long last (amid lessons and … I think … a hundred or so attempts) … had a golf score of 99 … and went out again last night to see if I could repeat this … and shot a 96! Just to be clear, I play every shot (no “gimmes,” no “mulligans” … which I hate … and never moving a ball even one inch to a more favorable position). As some have been made aware it was a many-year challenge for me to finally break 100 and now I can move on to my next goal (which is yet to be figured out). This was a really hard one … but I am quite relieved that I might have overcome the challenge of my own, personal, four-minute mile.
Investors today are trying to overcome the fears that interest rates will continue high, the economy will slow, unemployment will pick up and inflation will remain painful … and right now, Chairman Powell is giving investors the medicine they need by giving clues that recent data supports consideration of rate cut(s). In fact, while two rate cuts were hoped for, a couple of economists are suggesting three could be possible before the year is out (though, to be fair, this is highly doubtful in an election year). Still, Jeremy Siegel seems to be pounding the table loudly right now, claiming the Fed must announce a rate cut soon … very soon … for he feels further delay puts both the economy and markets at risk.
Meanwhile, the S&P and Nasdaq both hit intraday records this morning while the Dow (which holds only 30 stocks) has not seen a record since the second half of May.
What do I think the most interesting, yet terrifying, story was that I read this morning?
How about a freaking wheel falling off a Boeing plane upon take-off?
It seems that a wheel fell off a Boeing-made United Airlines plane heading for Denver during takeoff from LAX. Will I stop flying? Not at all. But I certainly will no longer look out the window, afraid to see a part fall off … or a monster on the wing. It certainly can’t be happy times at Boeing.
That about wraps it up for today. I need some rest, as I didn’t sleep well.
No, it wasn’t thoughts about my golf game that kept me up … but I just couldn’t get out of my mind.
I went shopping last night and bought molasses.
I couldn’t sleep wondering just what they could possibly have done with the rest of the mole.
Have a great day,
Joseph G. Witthohn, CFA
As of 10:20 AM today …
There was once fear of having no rate cuts this year but recent potholes along the road to economic gains make talk of three cuts louder (TheStreet)
https://www.thestreet.com/economy/suddenly-theres-talk-of-3-rate-cuts-this-year
… but while the wheels have not fallen off the economy, the same can’t be said with regard to our nation’s planes … as a Boeing aircraft faced a scary moment when a wheel fell off (KTLA)
https://ktla.com/news/local-news/wheel-falls-off-united-airlines-jet-during-takeoff-at-lax/
If you ever thought you lost your wallet, you are aware of the immediate fear that someone … somewhere … is having a good time with your credit. Here are steps to take (CNBC)
https://www.cnbc.com/2024/07/08/here-are-some-key-steps-to-take-if-you-lose-your-wallet.html
… for bad people do exist as some personal info on an incredible number of customers might be out there for hackers to see (BBC)
https://www.bbc.com/news/articles/c729e3qr48qo
If you are a host and rent out your home on AirBnB … you probably think nothing of having cameras installed to see what guests are up to. But as a renter … um … wow (CNN)
https://www.cnn.com/2024/07/09/business/airbnb-hidden-camera-invs/index.html
An interesting item comes out of Baltimore where money will be paid out to families with newborns in the attempt to reduce child poverty (NPR)
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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.
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