Mothers’ Day

My late mother, born on June 22, 1924, was the third of seven children. She graduated from high school a month before her 16th birthday and began working at the local telephone company in Jellico, Tennessee. The switchboard was on the second floor of a downtown business. When working overnight, her sister (7 years younger) was sent by their mom to spend the night at the phone company–security in numbers, apparently. By 20, my Mom was married and working (with my Dad) on the Manhattan Project at Oak Ridge. By 26, she was a full-time mom. She re-entered the work force at 33 when I entered first grade. She was a natural leader and one of my best teachers.

A poignant Heather Cox Richardson post about Julia Ward Howe (1819-1910) in Letters from an American made me appreciate my Mom more. Howe was the fourth of seven children. She bore six children and in 1870 launched Mothers’ Day as part of the women’s suffrage movement, 38 years before Anna Jarvis began Mother’s Day to honor her mother. To honor my Mom as her 100th birthday approaches, I’m moving the apostrophe. From now on, for me it’s Mothers’ Day. Planet Earth needs more women leaders. Society has too much testosterone and not enough estrogen. It’s killing us, literally. This is how Richardson closed last night’s installment of Letters from an American:

(Howe) threw herself into the struggle for women’s suffrage, understanding that in order to create a more just and peaceful society, women must take up their rightful place as equal participants in American politics.

While we celebrate the modern version of Mother’s Day on May 12, in this momentous year of 2024 it’s worth remembering the original Mothers’ Day and Julia Ward Howe’s conviction that women must have the same rights as men, and that they must make their voices heard.

From “Meeting My Muse: A Switchboard Operators Story,” (an interview with Carol Bartle of the Tacoma Pioneer Telephone Museum), by Julia Levy, April 29, 2022, The Switchboard (Substack)

A curtain call

One of the true accomplishments of the Trump administration was its effort to ensure a free and fair election in 2020, led by Chris Krebs. In 2017, at age 40, he became Assistant Secretary of Homeland Security for Infrastructure Protection. In 2018, he became Under Secretary of Homeland Security for the National Protection and Programs Directorate and a few months later, the first Director of the Cybersecurity and Infrastructure Security Agency.

Krebs helped state and local election officials protect election integrity by (among other things) securing paper ballots that could verify results in the event of recounts. No more hanging chads, a “nightmare that goes on haunting” after the 2000 Florida debacle. Like an ironic, dystopian novel, the Trump administration’s good work, led by Krebs, countered his narrative that the election was “stolen.” On November 17, 2020, Trump fired Krebs for telling the truth.

It’s sad that the Big Lie will be Trump’s enduring legacy. It’s sadder that obeisance to this false narrative is now a litmus test of loyalty to the presumptive Republican presidential nominee. The saddest part is that a significant percentage of our country accepts the lie and no longer supports democracy. In the midst of this mess, a Chris Krebs curtain call is appropriate. He is now Chief Intelligence and Public Policy Officer at SentinelOne, a fast-growing cybersecurity company.

From “SentinelOne to acquire cybersecurity consulting firm Krebs Stamos Group,” by Jonathan Greig, The Record, November 9, 2023.

Coffee with Diana

Technology helps me adapt an ancient faith rhythm–an early focus for the day, which I consider prayer, a consciousness that seeks to embrace all reality within the realm of self-transcending grace.

A cup of coffee accompanies Substack emails of the day, sent overnight from several trusted sources: Heather Cox Richardson, Robert Hubbell, and Joyce Vance. Then follows a daily meditation (also emailed overnight) from Richard Rohr’s Center for Action and Contemplation.

Yesterday, a second cup of coffee was accompanied by a Diana Butler Bass newsletter (which comes twice weekly via Substack email). Her passion is the history of religion and she always moves me deeper into a realm of consciousness that for me is a realm of prayer.

Bass knows evangelical Christianity’s foray into religious nationalism. (More about her on Friday.) Yesterday, Bass covered an evangelical battle among Congressional Republicans.

From “The Great Divorce? Evangelical Style,” in The Cottage, a newsletter via Substack by Diana Butler Bass, April 23, 2024.

Migrant

Jews, Christians and Muslims are spiritual descendants of Abraham. A biblical affirmation of faith in Deuteronomy 26:5-10 begins with a self-identification: “My ancestor was a wandering Aramean who went down into Egypt with a few people and lived there and became a great nation….”

The U.S., once proudly a nation of immigrants, inspired the French to honor us with the gift of a Statue of Liberty that graces New York Harbor, which inspired Emma Lazarus’ poem, “The New Colossus.”

The Atlantic published an article with winners from the 2024 World Press Photo Contest. Venezuelan photographer Alejandro Cegarra inspired me with his photograph, “The Two Walls.”

From “Winners of the 2024 World Press Photo Context,” by Alan Taylor, The Atlantic, April 18, 2024. (Extra credit if you can identify the railroad cars and their owner.)

Nvincible?

I’m a Josh Brown fan, but not a client. He’s a CNBC stock market analyst. For years, I ignored Josh’s bullish view of Nvidia. On 11/18/21, he explained Nvidia’s leadership in tech, but my focus is dividends, and at $321, NVDA looked very overvalued. I dismissed it.

On 3/28/23, Josh said, Many companies will benefit from artificial intelligence and Nvidia will be the “Grand Marshal” of the AI bubble “parade.” Finally, on 11/30/23, after much study, in spite of the $469 price, I bought 25 shares for a long-term investment in my IRA. I added 10 more at $490 on 12/15/23, giving the IRA 35 shares at a cost basis of $475. I planned to add no more and “let it ride.”

On 1/25/24, I sold 5 shares at $619. It usually takes months if not years for one of my stocks to grow enough to trim to keep positions in relative proximity. On 2/5/24, I sold another 5 shares at $690. The IRA now holds 25 shares. Nvidia closed yesterday at $735.38.

Josh said, “You may not see another stock like this in your investing lifetime.” Nvidia’s quarterly earnings report on Wednesday reflected growth that exceeded the most bullish expectations, so the stock rose over $110 per share on Thursday. Stock prices are ephemeral. It could drop sharply today. Nvidia is volatile, not invincible. Caveat emptor.

I’m sharing my Nvidia story to say that I listen to Josh because he’s humble. He owns his mistakes. On Wednesday he wrote about “The New Era of Market Commentary,” featuring two young researchers, Nick Colas and Jessica Rabe. Josh wrote, “Nick and Jessica are not only bright–they are reputable, credible, authentic and humble. They know a lot–and they know enough to know what they don’t know. This sounds obvious–why wouldn’t everyone carry themselves this way? It’s not obvious.”

From “Josh Brown, CEO,” Ritholtz Wealth Management

A larger context

Greg Byrne said, “The only thing I’ve figured out is I don’t have it all figured out.” We help each other figure things out as family, as faith community, as neighbors. This week I was deeply aware that I’m an only child in a large family.

On MLK Day, we bid farewell to Margaret, 92, one of my mom’s six siblings. Edwyna, one of my dad’s five siblings, transitioned in 2018 at 92. It was a rare privilege to accompany these two through what has been called “the long goodbye.”

Childlessness and memory loss created vulnerabilities, but each was part of an extended family and faith community. I exercised POA for both by “figuring it out” through documents, collaboration and our collective memories.

Amid northeast Tennessee’s ice and deep snow, four kinfolk gathered for a committal service, united with a sibling via speaker phone and others who “prayed in place.” We prayed, read from Margaret’s journal and heard a poem dear to her–conscious of the larger context of her life–and ours.

From “Downtown Knoxville January 2024 Snowfall Photographs,” by Knoxville Urban Guy, Inside of Knoxville, January 16, 2024. (A photo of the Tennessee Women’s Suffrage Memorial.)

A theological upgrade

Thanks to John Adams for passing along a deep, relevant word from Ilia Delio. Here’s a brief excerpt:

... I attended a daily liturgy and the elderly priest spoke in no uncertain terms: “God is in control.” I thought to myself, these words, innocently and fervently spoken, are more dangerous than lethal weapons. They create the illusion that passivity is acceptable because God will take care of everything. By doing so, we allow the wildness of the world to lash out in its hunger for wholeness.

There are two ideas I want to share ….First, we need a God revolution, a total and complete theological upgrade, including God’s relation to the world, salvation, and the life we hope for. Second, unless we begin to understand the relationship between God and technology, we will miss the jet plane zipping into the future. Religious people continue to use old language and old paradigms to try to make sense of the world—and it is not working. A God who is increasingly out of touch with the world is a God who is quickly dismissed from the world. Without understanding the meaning of God in relation to the whole, we cannot adequately relate to a God who is for the world in all its messiness.

Today’s quote and image are from “The World Will Change by Creating a New One,” by Ilia Delio, New Creation Magazine, November 8, 2023. (New Creation is an online publication by the Center for Christogenesis.)

ETHIC$ 2.0

This is the second of three posts about ethics in investing, which conclude a series of posts about financial markets. My goal is to practice a consistent, coherent, holistic approach to financial ethics–making, saving, giving and spending money–as a good neighbor, a faithful member of a congregation, a tax-paying citizen in a democracy, a corporate shareholder and a consumer of goods and services.

Justice issues are a perennial concern. Each era has its ethical challenges. My financial ethics are shaped by the historical moment of my brief tenure on earth. In an era of climate change, this means conserving resources, living simply, encouraging sustainability, and investing in companies with healthy ESG policies and practices. My carbon footprint matters, as does my portfolio’s.

I own shares in three energy companies. I’m for cleaner energy. The technology for totally “clean energy” isn’t yet available. I’ve owned shares of renewable energy companies such as Enviva (EVA), and I discovered that even wood pellets can be controversial. These are tough issues. Every sector has sustainability challenges, but many corporations are making ESG progress.

As a shareholder, I pay attention to executive compensation. I want execs to be long-term shareholders whose interests align with shareholders. Exorbitant compensation is unjust and weakens democracy. Robots and artificial intelligence can free humans for other work and creative activity. The ethics of work are both exciting and scary. If all work is done by robots, how does one earn a living?

From “Highest-Paid CEOs,” Executive Paywatch, AFL-CIO

Better Investing

In 1951, three Detroit area investment clubs formed the National Association of Investment Clubs to share some basic tools to study stocks. NAIC began a monthly magazine, Better Investing, a key nationwide resource for the growing number of clubs.

In 1981, two of my clergy mentors invited several of us younger clergy to form a club. We began with 12 members in February, 1982. The Dow Jones Industrial Average was 780. Over the 23-year life of the club (1982-2005). we helped start another club and a regional chapter of investment clubs.

Investment clubs still exist, but the Internet has made them less essential. As the percentage of individual members grew, NAIC changed its name to National Association of Investors Corporation, and today it operates simply as Better Investing.

BI’s basic tool is a semilogarithmic graph, the Stock Selection Guide, that plots ten years of annual data (company revenue, pre-tax profit, earnings per share, dividends per share, annual per share price range), to project a potential high and low price for the next five years and a buy, hold and sell range.

BI believes the average person, with solid tools, can make sound investment decisions based on Four Principles: (1) Invest regularly, regardless of market fluctuations; (2) Reinvest all dividends and profits; (3) Buy high-quality companies with consistent earnings growth; and (4) Diversify by size and industry.

Interest rates & generative AI

The week’s posts began with a question: Could this be an inflection point for financial markets, with colliding realities (such as a strong economy vs. rising interest rates)? Several high profile tech companies reported earnings this week, affirming the powerful potential of generative AI.

My big “takeaways” from this week have been (1) current interest rates are beginning to depress the economy and the stock market; (2) savvy investors will anticipate declining interest rates. From Brad Gerstner, on CNBC’s Halftime Report, October 26:

“I hope that the message Chairman Powell and the Fed (hear) is that enough is enough. We have a war in the Middle East. We have deteriorating consumer behavior…. We have 20% credit card loans, 10% car loans, 8% mortgages. The economy doesn’t need any more of this. They have accomplished their objectives…. We’re at the end of the rate-hiking cycle, though the market has yet to price that in.”

“I can have an AI chat … on things like what’s the best hotel on the west side of New York, and I can ask them if there’s availabllity and what the price is. They’ve given me a personal assistant in my pocket. And that’s here today.”

From “The days of rising interest rates could soon be over,” by Nicole Goodkind, CNN, October 11, 2023