MidSouth Week in Review
November 1, 2024

Weekly Update from Fund Manager Buzz Heidtke, MidSouth Investment Fund

For the month of October the S&P was up 0.35% and for the week it was down 1.8%.  Q3 GDP was 2.8% vs 2.6%.  U.S. economy adds 12,000 jobs in October, below expectations of 106,000.  The unemployment rate was 4.1%.  This marks the lowest number of U.S. jobs added since July 2021.  The average daily rate for a 30-year fixed mortgage is 7.29%.  Sources: Wall Street Journal and New York Times

College Freshman Enrollment - is declining down 5% from last fall. Public and private nonprofit four-year schools are seeing the largest declines... 8.5% and 6.5%, respectively...per the National Student Clearinghouse Research Center, a nonprofit group.

Markets - These next three months are the best three months of the year for the stock, average returns over the next months is 4.4% going back to 1950-2020- Ryan Detrick

Nvidia - $10,000 invested into Nvidia (NVDA) 25 years ago is currently worth more than $32 million - Unusual Whale

Home Buying - Homebuyers can now expect an average interest rate of 7.23%, up sharply from 6.70% seen just 1 month ago. In Q3 2024, the median US home sold for $420,400 which means a mortgage payment with 20% down would be $2,343/month. Including taxes and insurance, homebuyers can now expect to spend over $3,000/month. In other words, homebuyers are now spending over 50% of their post-tax income on home payments - Kobeissi Letter

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