Good morning.

Stock indexes are showing little movement so far this morning as investors continue to consider whether it will be the bull or the bear that makes an appearance as we near the end of the calendar year.

As far as inflation is concerned, the story here presents a mixed bag.  While a NY Fed survey reports expectations … looking one year ahead … are slightly rising, three major components (gas, food and rent) have reduced outlooks … and there is a sharp rise in households feeling they will financially be better off by the end of 2025.

Still … we have the tariffs … and discussions have begun as to the wisdom in “hoarding’ … stocking up on items that could either jump in price … or not be readily available … thanks, in part, to others who are also stockpiling.

Many remember the last time people started filling their pantries with items out of this worry.  Truth be told, I think I still have pre-Covid toilet paper in my garage.

Not helping matters, are the growing number of food recalls (outlined in an article below). What brought this immediately to mind was a Costco trip I took yesterday … finding out they were completely out of eggs.  This was hard to rationalize (as the inventory is usually plentiful) but I learned of a Kirkland salmonella scare … and now assume these were taken off the shelves for inspection or replacement.

In this regard, yikes … I am glad they are taking the concern seriously … but it leads to another worry about what we put in our bodies, as with each passing year we absorb more microparticles of plastic … leading to … what … I don’t know.

A final comment on today relates to the last article below.

Back when I was kid … great honor was bestowed upon those who strove to become doctors … then, a couple of years ago, this changed to admire those who … against the advice of many a financial strategist … became “crypto kings.”  Now … there is a new term thrust upon those seeking fame (and occasional fortune) … “influencer.”

Yep, do crazy things … or whatever you can to capture a large amount of “followers” … and your future appears limitless.  No need to risk capital creating a product … in fact, no need to work 80-hour weeks.  Just go in front of a camera … figure out ways to boost your audience … and there you are.  Riches await!

Okay, that wraps it up for today.

I am sitting down starting lunch and discovered that my kid left a bottle of Dr. Pepper in the fridge, so I will pour myself a glass.

It left me wondering just what kind of a doctor this Pepper guy was and, in searching, I found out …

… he was a FIZZician.

Have a great day,

Joseph G. Witthohn, CFA

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