Good morning.

“TGIF” might be the shout heard from investors this morning, as positive moves in stock indexes are boosting moods as we near the end of what has been a down week in the market.  Sure, there was no big decline … but daily drops do add up (“death by a thousand cuts?”) … and the Dow fell every day since reaching a record close on December 4th.

It is interesting to take a moment to sit back and think about the present situation regarding investments … and … maybe to show how difficult things are to forecast … consider what the thinking was just one year ago.

Yes, “AI” was something of which we were quite aware a year ago, but its dominance this year (where stock prices of some of the big names more than doubled) took quite a few by surprise. Bitcoin price this year?  More than doubling also … as much talk is being made … maybe foolish talk … of having Bitcoin replace the U.S. Dollar … downplaying its volatility.  Just yesterday, according to CNBC, a bill was introduced in Texas to set up “a strategic bitcoin reserve by accepting taxes, fees and donations in bitcoin that would be held for a minimum of five years.”  What is the reported aim of this?  “… to strengthen the state’s fiscal stability” … as if using a volatile vehicle increases stability.

Of course, those in favor of adopting this will be sold on recent returns and the argument of this somehow being a buffer against inflation.  If it works? Great.  And if it doesn’t? Well, they can always reach ever-so-deeply into the pockets of taxpayers.

I’ll cut right to the last story below as I have been looking at health insurance over the last few days … coming up on a decision deadline … and, well, it is incredibly frustrating.  Review of the many types and seeing what is covered and what is not is mind-boggling.  Heck, I have two master’s degrees and find myself needing to read things 5 or 6 times before flipping a coin.

The recent shooting of UnitedHealth CEO Brian Thompson is disturbing, to say the least, but it seems to have opened up needed debate regarding just what has been happening with healthcare in this country.

Are changes in our healthcare (and insurance) needed?  Certainly, as something isn’t working.

Meanwhile, I’ll spend a good portion of this afternoon reviewing coverage for my family as I work my way through the acronyms, deductibles, co-pays and many exceptions.

Frankly, it is killing me.

But if it does prove to be fatal, I can afford that …

… for it is getting injured that will put us in the poor house.

Have a great day,

Joseph G. Witthohn, CFA

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