MidSouth Week in Review
August 30, 2024

Weekly Update from Fund Manager Buzz Heidtke, MidSouth Investment Fund

For the week the S&P was up 0.2%.  Gold made a new recent high.  Wholesale gasoline was up 1% due to the upcoming Labor Day weekend. Berkshire Hathaway (BRK’B-$476) hit a $1 trillion market cap this week and Buffett turned 94 today. Bitcoin dropped below $60,000.  Dollar General (DG-$83.00) dropped 25% yesterday due to high inflation hurting the lower middle class.  The markets will be closed Monday in observance of Labor Day. 

Sources: Wall Street Journal and New York Times

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More Hotels – are getting away with charging $1,000 a night – Wall Street Journal

Grain Prices – under pressure since the Covid commodity boom crested, have fallen further in 2024.  Rainfall has been ample across farm country for the first time in years, starving off the drought that has plagued the central U.S. and putting Midwestern corn and soybean harvests on track to set records – Wall Street Journal

Illegal Crossings – at the U.S. Mexico border have fallen to their lowest level in nearly four years, after the Biden administration in June imposed sweeping new restrictions on asylum claims.  The Border Patrol apprehended some 56,400 border crossers in July, down 32 percent from June and the fifth straight month that the number has fallen – The Washington Post

Social Security – Just one in ten plan to wait until age 70 for their maximum benefits or 124% of the full benefit.  If you claim at 62, you would get just $2,450 a month vs. $3,500 if you wait to age 70 – Barron’s

State Gas Prices – The cheapest:  Mississippi $2.92, Oklahoma $2.94, Tennessee $2.96.  The most expensive: Hawaii $4.66, California $4.59, Washington $4.19 - AAA

Insider Buying – If you see someone with a $75,000 salary buying $10,000 of stock, you can be sue it’s a meaningful vote of confidence.  That’s why I’d rather find seven V.P.’s buying 1,000 shares than the president buying 5,000 shares – Peter Lynch

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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.