In the market this week, Fed Chairman Powell took the air out of the balloon when he did not give any indication he was considering a rate cut during the press conference after the Federal Open Market Committee meeting. Investors hated that, but the decision was vindicated when the April jobs report came in at a much stronger than expected 263 thousand jobs, which jolted the equity market higher. With specific companies, Google (NASDAQ:GOOGL) missed badly with costs much higher than expected, although one would rightly note that Amazon.com Inc (NASDAQ:AMZN)’s emergence in online advertising is probably having an impact. Apple (NASDAQ:AAPL) gave a shot to their investors with a better than expected results with services showing dramatic improvement and scale which is impressive. McDonald’s (NYSE:MCD) showed their business model just keeps putting up strong results as does Merck. Hamburgers and drugs, hard to beat. In that eating space, Beyond Meat Inc (NASDAQ:BYND), the noted plant-based food company, had a rocket of an IPO. I very much understand why people are looking for foods made from plants versus animals, though that does not mean the investment will be a winner.
Elsewhere, the Berkshire Hathaway B (NYSE:BRKb) (NYSE:BRKa) conglomerate continues to roll along with billions of dollars of profits and record-setting crowds at the meeting this weekend. Buffet and Munger put on their typical show with wit and wisdom that enchanted the forty thousand plus crowds. The Buffett empire has been built on recognizing value through making high-quality decisions, one step at a time, for fifty years plus. Something to consider as the Kentucky Derby gets run today as well, where over 150 thousand will attend the run for the roses. Bettors will be making decisions about what horse they like and why with an outcome about two minutes after the gates open. Buffett and betting seem like a bit of a contradiction, but both topics involve making decisions, which is what investing is all about.
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