Only one week in and it’s already shaping up to be another roller coaster of a year. From Venezuela to Greenland and Minneapolis to Iran, the temperature is gradually moving from a simmer to a slow boil. Talk of increasing the defense budget by 50% saw the likes of Lockheed Martin, General Dynamics, and Northrop Grumman spike higher before giving back the gains the following day when President Trump said he wouldn’t allow them to buy back shares or issue dividends. Then there is the seizing of shadow tankers in the Atlantic with ships changing flags mid-journey and Russia issuing warnings. And yet, the S&P 500 hit a new record high this week despite all the turmoil going on in the world. It is natural to be worried; just don’t let it take over your mindset. Remember, long-term investing is about the long-term.
Let’s start with the little info we have regarding the economy now. The December jobs report was released today, and it shows that while we aren’t adding as many jobs as hoped, the labor market isn’t deteriorating quickly. Seasonally adjusted, 50,000 jobs were added in December, lower than the downwardly revised 56,000 in November and short of the estimate for 73,000. Despite this, the unemployment rate fell to 4.4% from 4.5%. While the number of jobs created typically is between 100,000 and 200,000 per month, recent gains are smaller but still positive. As for the tariffs, it seems there is now evidence that their intended effect is taking hold. The US trade deficit unexpectedly shrank 39% in October from the prior month. In hard numbers, the deficit fell $29.4 billion, the lowest reading since 2009 as exports rose 2.6% and imports fell 3.2%. Before we get too excited, it should be noted that gold shipments abroad accounted for almost 90% of the rise in exports. The decline in imports can be attributed to falling pharmaceutical purchases after drugmakers stockpiled foreign medicines ahead of new tariffs set to take effect on October 1st. And not to be forgotten, the Supreme Court is set to rule on the legality of President Trump’s tariffs as soon as today.
In company news, we learned this week that McDonalds is being sued over its McRib sandwich. You may have asked yourself what exactly is in a McRib. I know I have. This is the question at the center of a class-action lawsuit which suggests the sandwich contains low-grade pork products like heart, tripe, and scalded stomach formed into a rib-shaped patty – but no actual rib meat. We also learned this week that pizza has been dethroned by Mexican restaurants and coffee shops. Once the second most popular type of US chain restaurant in the 1990’s, it fell to sixth last year in terms of sales. Some believe this is due to changing attitudes on the heals of GLP-1 drugs which have begun transforming eating habits. And speaking of GLP-1, starting this week Novo Nordisk has begun sales of its Wegovy pill, the first GLP-1 pill for weight loss approved for sale in the US. Prices range from $149 to $299 per month depending on the dose, making it less expensive than the injectables on the market.
In closing, I turn to tuna fish. No, not the kind that comes in a can, sorry Charlie. I mean the highly prized bluefin tuna. A massive 535-pound tuna sold for a record $3.2 million at the first auction of 2026 at Tokyo’s Toyosu fish market. This eclipses the previous record of $2.1 million set in 2019. To be clear, a restaurant chain bought the fish to be used for sushi and sashimi in its many restaurants. Nonetheless, it got me thinking about changing careers. How hard can it be to catch a bluefin tuna? Now you know.
Bruce J. Mason, MBA
