Firstly, the ever-important 10 year yield busted above the 1.5% number where markets did not appear to be happy. We believe Uncle Jerome was in there Friday doing his thing as the 1.5% was punctured to the downside late. We’ll see what comes next but believe the oversold combined did the trick for now. Into the close, the DOW fell over 300 points while the NASDAQ dumped over 150. Futures are showing DOW getting a lot of it back with the NASDAQ getting all of it back. But it’s a long night. We just think while there has been deterioration, all majors have still not broke below important support. More to come on that.
But Florida! Just wanted to let you know that just by driving the highways and the important thoroughfares, you would not know there was a virus. Unlike other states, the powers here decided that people and business are smart enough to take care of their own lives with a small hand of government directing a wee bit.
Of course, there are outliers but most people respect what is going on. They social distance. They wear masks. They respect others. Thus:
Restaurants get to decide for themselves what to do. People get to decide which restaurants to go into. Some are at 100%. Some have decided to go 50%. Many have outdoor seating. But again, the decision is not coming from Tallahassee but from the people.
RETAIL is open but every one we have been in asks for masks. Most all comply. Most all stores have sanitizer and wipes.
We’ve been to theme parks on several occasions. All have limited capacity but all are open and doing the job well. Do you hear that Gavin? To be clear, it isn’t the same as the packed crowds in normal times but again, they are open. This means that other establishments leading into the theme parks are doing better. It means the hotels are doing better. It means everything is doing better when the parks are open. Gavin? Wake the hell up! Today, went to Universal Citywalk to watch a good friend’s daughter from Parkland dance. The place was hopping…with limited capacity. Again, what is Gavin thinking?
Outlet malls…packed! People love their shopping. But when we say packed, respectfully packed. Everyone walks at a good length away from others. People got the message once and again, most act accordingly.
Sporting events have spectators. Not a ton but a decent amount. That decent amount drive to the venue so stop to get gas. At the venue, they buy sodas and food. They may buy some merchandise. In downtown Orlando, they may stop at a bar on the way out. The Super Bowl had no problems with limited capacity. Wrestlemania will soon be in Tampa for 2 days the same way.
Dog parks are packed. Cosmo and Winston had a blast this weekend. They had no clue there was a virus.
Golf courses…fuggedaboutit…absolutely packed. Covid was golf’s best friend.
Beaches? It was 88 this weekend here. What do you think Daytona on the east coast and Clearwater on the west coast looked like?
Publix, CVS, Walgreens, Winn Dixie, Wal Mart…everyone is getting in on the vaccine brigade. The numbers for the vaccine are picking up. We are getting there. The system to get the vaccine keeps improving.
Lastly…real estate…thank you Gavin. Thank you Andrew. Thank you Phil. Real estate be going nuts. 1+1=2. While these maniacs in other states keep disrespecting the taxpayer and business owners, the taxpayer and business owners here are treated with the utmost of respect. Government here knows where their bread is buttered. Thus, in real time and first hand, people, business and their capital are flocking here. This has caused supply to diminish and price to rise. Around the state, office buildings are going up, hotels are being built, apartments, houses, hospitals, schools…you name it, it is happening. It is happening because of how great the state is but it is also happening because how flawed the people running the other states are. They just don’t get it. Wealth leaves. What do they do? Raise taxes. They think by raising taxes that they will raise revenues. But the only thing that happens is revenue drops as more wealth leaves. In other words, a vicious cycle that they refuse to listen to or change. Here in Florida, taxes do not go up but revenues still go up because more and more show up at our doorstep from these other places.
But let’s not tell Gavin, Andrew or Phil. Actually, they won’t listen!