Markets Alternate On Covid As Thanksgiving Arrives!
Give Thanks Not Just On Thanksgiving Day, but on Every Day of Your Life. Appreciate and Never Take For Granted All That You Have! Catherine Pulsifer
Thanksgiving is a holiday most citizens in America enjoy immensely. What can be better than being around your family and friends, eating good food, socializing, and entertaining yourselves however you deem fit? Even during a year when Covid made life much harder in a multitude of ways, many in our country consider themselves fortunate. I include myself in this group, as there is much to be appreciative of. As we finish the year and move into 2021, I would imagine many look forward to a better situation, both in the United States and across the globe. Let’s turn to the investment world to see it’s mood on the eve of Thanksgiving.
Over the last week, investor sentiment alternated between euphoria and despair. More good news about Moderna’s Covid vaccine boosted sentiment early in the week, while increasing infection and death numbers dampened it during the latter portion. On the earnings front, retail was the focus as Wal Mart, Home Depot, Kohl’s, Lowe’s, and L-Brands all beat their expectations. Other noteworthy reports came from Madison Square Garden, Simulations Plus, Smile Direct, and the ghost known as Casper- the sleep company. Their investors gave thanks for the earnings surprises. Turning to our neck of the woods here in Vegas, the gaming industry may be welcoming an emerging player in Bally’s, formerly known as Twin River Worldwide Holdings. The company bought a property in Atlantic City from Caesar’s and added a sports betting entity as well. They also announced a television deal with Sinclair Broadcasting to help their sports betting efforts. The transformation of this small company in a very short period of time is evidence that in nearly any industry, entities which start very small can find ways to become much larger, especially by doing smart acquisitions. We have our own holdings in the gaming area and anticipated it would be the entity which embarked on this kind of trajectory. Of course, investing is a long slog and in many cases, nothing happens for a long time and then in three or six months, a lifetime worth of transactions take place, so hope springs eternal.
In the political world, as Covid spikes there is less talk of any kind of Cares agreement between the political parties. Right now, it appears Mr. Biden will take over as President, and all eyes are on Georgia and the two senate races there. In the meantime, Democratic Governors continue to ratchet up mandates and restrictions on their citizens, because of Covid spikes, especially for Thanksgiving. In a country which was founded on the premise of getting away from people who wanted to impose restrictions, many law enforcement agencies are turning the other cheek on applying the Covid mandates. I hope you enjoy your Thanksgiving and are safe with your friends and family, regardless of how you celebrate it.
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Yale Bock, Y H & C Investments, its clients, and the family of Yale Bock have positions in the securities mentioned in the blog, Investing in securities involves risk and the potential loss of ones principal. Past performance is no guarantee of future results. All investment decisions should be considered with respect to ones risk tolerance, return objectives, liquidity needs, tax considerations, and one’s overall financial situation. The fact that Yale Bock has earned the right to use the CFA designation does not mean Y H & C Investments will outperform broad market indexes.