MidSouth Week in Review
August 23, 2024

Weekly Update from Fund Manager Buzz Heidtke, MidSouth Investment Fund

For the week the S&P was up 1.4%.  Gold made a new recent high.  Wholesale gasoline dropped to as low as $2.18 from $2.89 in April.  Mortgage rates hit the lowest level in more than a year.  According to the New York Times the average rate on 30-year mortgages, the most popular home loan, declined to 6.49%.  Sources:  Wall Street Journal and New York Times

Inflation – continued easing in July to 2.9% vs. a year ago.  It was the first time the annual inflation rate had fallen below 3% since 2021 – Federal Reserve

Donald Trump – wrote to end federal taxation on Social Security benefits – Truth Social

GDP Growth – is expected to grow 2.0% in 2025 vs. 2.6% this year.  By the end of 2028 the Federal Reserve will have cut short-term rates by 1.5 points, from 5.5% to 4.0% - The Kiplinger Letter ….. Inflation is likely to fall to 2.4% by year-end.

Oldest Person – Maria Branyas Morera, an American-born Spanish woman believed to be the oldest person in the world, died on Monday in Olot, Spain.  She was 117 – New York Times

Electric Autos – More than half of all the cars sold in China last month were either electric vehicles or plug-in hybrid EVs vs. three years ago only 7% of the autos sold were electric – Quartz

Donald Trump’s – social media company Trump Media lost $416.4 million in the 2Q while its revenue fell 30% to just $836,900 – CBSNews

Office Buildings – The value is plummeting in many cities.  For instance a building in San Francisco that sold for $146 million a decade ago sold again for just $80 million.  In D.C. a mixed office just sold for $36 million vs. $100 million in 2018 – The Kiplinger Letter

Refinancing – A recent pullback in mortgage rates is sparing more homeowners to refinance their home loan and lower their monthly payments – Mortgage Bankers Assoc. ….. For millions of people it will take a lot more than that to make home-ownership more affordable – Wall Street Journal

Football Girls – The number playing high school tackle football more than doubled this year to nearly 43,000, making it the fastest-growing high school sport – Rachel Bachman

An Old Man – A lady said to a little old man, rocking in his chair on the porch. “I couldn’t help noticing how happy you look.  What is your secret for a long happy life?”  “I smoke three packs of cigarettes a day, drink a case of whiskey each week, eat fatty foods, never exercise,”  “That’s amazing,” said the lady.  “How old are you?”  “Twenty-six!”

Movies – So far this summer (from May 1 to Sunday), Disney films have accounted for 42% of total ticket sales in the United States and Canada.  Last summer, Disney had about a 27% market share – Alien: Romulus’ Solidifies

Pew Charitable Trusts – estimated that, in the United States, there were 1.4 million active contracts for deeds, multiyear installment contracts in which the seller retains the title to a home until the buyer makes a final payment – U.S. Agency ….. A recent pullback in mortgage rates is spurring more homeowners to refinance their home loan and lower their monthly payments – Mortgage Bakers Association

Facts Of Interest – Research has shown that when someone experiences difficulties managing money and making decisions around finances, it can be one of the first signs of dementia – New York Times

State Insurance Rates – With the high reduction in driving since the pandemic, both major and local insurance providers are being required by state governments to reduce their insurance rates - NewsBreak

How Much Things Cost in 1950 - https://www.instagram.com/reel/C-07o4husM-/?igsh=MWc1OWRhbGN2bmVxMQ==

Elon Musk - https://www.instagram.com/reel/C-u03yUthwj/?igsh=Zmxsb2o2dWE5N2Ft

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 put through a regular 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.