The story will probably be the same over the next few weeks as even mere comments about the debt-ceiling will drive investors into a frenzy. What will tell us that a resolution has finally arrived? We will no doubt see members of Congress rush to their phones to call their stockbrokers just before a public announcement is made.
Dangers over social media and Artificial Intelligence (“AI”) have been mentioned in the news of late, and two stories address this. Of less importance is the first, in which CNBC reports the U.S. Surgeon General held a news conference giving the opinion that “widespread social media use among kids and teens poses a significant mental health risk that needs to be addressed.” But an event that happened yesterday shows the speed of things can have a great financial effect … as an “AI-generated” photo of a large explosion at the Pentagon was shared yesterday by “verified” twitter accounts … causing a sharp, temporary, drop in the markets … before it was realized it was fake.
This leads to some chatter between me and friends (who are no-doubt bored with my tangential rantings) as to what topics will drive investment interest in the future. Of course, my picks are AI (an easy one) and green energy. While you might think these obvious, two years ago blockchain seemed to be all the rage … and discussion of that has all but fizzled out.
But concern is growing over the climate and projected heat increases … forecasted to be at dangerous levels in some areas (per the article below). A friend from Australia just shared with me a slide from a presentation by RMI that projects rather fantastic growth of green energy by the end of this decade … some of which is brought on by intense societal pressure for change, along with renewables becoming much cheaper with global fossil fuel demand on the decline.
Not everyone agrees this to be a problem … but change is always more difficult (and much more expensive) when things are delayed until things just need to be done.
One other fascinating thing for today is news surrounding the recent Taylor Swift concert at Gillette stadium … which took place during a downpour.
It seems that fans of Taylor Swift are selling rainwater from the event to “Swifties” who seek out any memorabilia from the tour.
Of course, there is no way to know if this is actual rainwater from the event or water taken from Boston Harbor … but does it matter?
It is capitalism at its best!
Have a great day,
Joseph G. Witthohn, CFA
Emerald Asset Management PA, LLC
610 Freedom Business Center Drive
King of Prussia, PA 19406
Direct: (610) 285-9905
cell: (856) 625-7915
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.