MidSouth Week in Review
April 26, 2024
Weekly Update from Fund Manager Buzz Heidtke, MidSouth Investment Fund
Apr. 29, 2024 | RedChip Companies
For the week the S&P was up 2.7% vs. being down six consecutive days through last Friday. The yields on the 10 and 30-year government bonds hit their highest level since November. Interest rates on the 30-year mortgage hit 7.17% vs. 7.10% last week vs. 6.43% a year ago. Last week worries about slowing economic growth drove broad-based declines across stocks and government bonds. Gross domestic product for inflation increased at a 1.6% annual rate in the first three months of the year. Sources: Wall Street Journal and New York Times
BuzzBits
The Election Year – Typically the stock market will do nothing through May and then have a big gain for the rest of the year – FactSet
Rich – Show me a man that gets rich by being a politician and I’ll show you a crook – Harry S. Truman
Tesla – is laying off more than 10% of its global staff following the company’s year-on-year sales decline in 2023. Tesla’s profits fell 55% in the 10% and their sales declined 9% ….. Tesla will ask shareholders to vote again on Elon Musk’s multibillion pay package – THE WEEK
Woman New Death Gets A Pig Kidney – Doctors have transplanted a pig kidney into a New Jersey woman who was near death. Part of a pair of surgeries that also stabilized her failing heart – Associated Press
High Interest Rates – are continuing to weigh on Main Street banks. Regional banks posted steep profit declines in the 1Q and predicted price pain ahead – Wall Street Journal
Stress – People who slept for less than seven hours nightly had a 53% higher risk of premature death than those who slept for seven hours or more – Bottom Line Health
Federal Taxes – The average American pays $524,625 in taxes in his lifetime. The highest are: New Jersey $987k, D.C. $885k and Connecticut $855k. The lowest are: Alabama $360k, Louisiana $359k and West Virginia $358k – Federal Government
2020 To 2024 Price Increases – Eggs 101%, chicken breast 60%, rice 51%, iceberg lettuce 50%, potatoes 50%, milk 50%, cream of mushroom soup 41%. The average increase was 46% - Grok AI
The Basic Ways Government Steals Your Money – If you earn it, income tax · If you spend it, sales tax · If you live somewhere, property tax · If you save it, inflation tax · If you start a business, license · If you buy a good business, product tax · If you give it away, gift tax · If you die, inheritance tax.
Abortions – 74% of women say abortion should be legal in all or most cases – KFF
The Heat Record – Temperatures across the globe hit another record high in March, 2.43 degrees above the 20th century average. The last March when global temps were cooler than average was 1926. March was the 10th month in a row where global temps were the hottest on record – National Oceanic and Atmospheric Administration
Renting vs. Buying – Someone looking to purchase the average home today with a 10% down payment would have a mortgage payment of $2,200 vs. $1,500 to rent the average home – The Kiplinger Letter ….. Renting stands to stay cheaper for most folks for a number of years. Interest rates can’t be cut until both pressures of inflation abate……Property taxes jumped 4.1%.
Vacations – Where will people be going this summer? New York City and Los Angeles will be the top U.S. destinations this year, followed by Seattle, Orlando and Las Vegas – Kiplinger Letter
Facts Of Interest – show that a significant majority of Americans now agree that climate change is real and a smaller majority agree that it is human-caused and harmful – Climate Catastrophe
Firearms – Roughly half of U.S. states allow teachers or other school employees with concealed carry permits to have firearms on campus, according to Giffords, the research group led by the former congresswoman – Gabrielle Giffords
Murders – in the U.S. are falling at the fastest rate in decades and dropped 20% in the 1Q of 2024 – Wall Street Journal
Funny - https://www.instagram.com/reel/C4sF0NUi_Iy/?igsh=MXB2MDgxOWlmMXAzdQ==
Bowling - https://www.instagram.com/reel/C6EZc0Qr9SF/?igsh=azYzZXB6ZGFldzIz
Fun Times - https://www.instagram.com/reel/C6Ci6fjL1FB/?igsh=eWlhcTNpamNtanFy
Dancer - https://www.instagram.com/reel/C4d2AjxpzE3/?igsh=MWl0MTc1MmRqN2txNg==
Dogs - https://www.instagram.com/reel/C6BBvqlJmBd/?igsh=MTZxZm5kMnlyZjEyOQ==
The material was prepared by MidSouth Investment Management LLC, and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. Investments will fluctuate and when redeemed may be worth more or less than when originally invested. All economic and performance data is historical and not indicative of future results. Market indices discussed are unmanaged. Investors cannot invest in unmanaged indices.
