Postcards: Stupid Shoe Locker...

We're in New Jersey this weekend visiting friends, missing deadlines, watching hockey, bar crawling, and not returning home in time. Here's the week ahead. ͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­ Forwarded this email? [Subscribe here]() for more You are a free subscriber to Postcards from the Florida Republic. To upgrade to paid and receive the daily Republic Risk Letter, [subscribe here](. --------------------------------------------------------------- [Postcards: Stupid Shoe Locker...]( We're in New Jersey this weekend visiting friends, missing deadlines, watching hockey, bar crawling, and not returning home in time. Here's the week ahead. [Garrett {NAME}]( May 26   [READ IN APP](   Dear Fellow Expat: My grandfather was in the Army and served in World War II. I didn’t really know him that well. My parents would ask him to watch me while they went to dinner. He’d say “hello” and then fall asleep on the couch for the duration of my visit. He passed away when I was seven. He served in Burma and then later went to Korea. When my grandmother died, we visited the funeral home. At her feet was a duffel bag. I didn’t know it until later, but it was every letter they’d sent to one another during those wars. She asked that they cremate the letters with her. And with that… no one else read the letters. It was her wish. But on Memorial Day weekend, I can’t help but wonder what was in those letters. Love, the horrors of war, the story of my mother growing up during those wars without him at home, tales of Baltimore. What they hoped for in the future. All of it is gone. Secrets only between those two. You know… How it should be. This is Random Random facts that you can tell people over the Barbecue this weekend. Groups of birds… here’s a fun list. - A descension of woodpeckers - A gaggle of geese (when on land… a skein in flight) - A murder of crows - A parliament of owls - A murmuration of starlings - A charm of finches - A conspiracy of ravens - A host of sparrows - A pandemonium of parrots - A rookery of penguins Let’s get to the week ahead. Monday, May 27, 2024 Event: Memorial Day. U.S. Markets are Closed. Republic Speak: Get the grill out, visit family, be thankful for those in service. Don’t be upset with the people who fail to honor them. What matters is YOUR actions. Focus on what you can control. Tuesday, May 28, 2024 Event: Hess (HES) shareholders vote on the buyout offer from Chevron (CVX). Republic Speak: This deal will always confound anyone who believes in the narrative on the Permian Basin. Chevron decided to buy Hess, which owns a massive offshore field controlled by Guyana. The only problem… Venezuela wants it. There’s ample opposition against this deal. There’s an antitrust problem building, as the FTC thinks it gives Chevron too much market control. That’s a bit silly, considering that Exxon was allowed to purchase Pioneer Natural Resources in the Permian. The deal is a conversion to Chevron stock… and it’s at a 40% premium. People should take the deal and buy Earthstone Energy (ESTE). Wednesday, May 29, 2024 Event: Pershing Square Capital Management investor call. Republic Speak: It’s been a while since we’ve heard from Bill Ackman. He’s been barking about Uber ripping off a cab driver in New York and attacking DEI. As a big fan of Chipotle (CMG), it’s a chance to get the fund’s take on burritos. There’s also speculation that the fund is building a bigger stake in Starbucks (SBUX), now down about 16% this year. Starbucks is a Buy. It’s not the first time the stock faced a massive overreaction, even though the growth, value, and profitability are incredible. Thursday, May 30, 2024 Event: Foot Locker (FL) earnings Republic Speak: This may be my least favorite public company. A few years ago, people argued that this was the greatest company in the world because of the customer experience when buying shoes at the store. Well… post-COVID, things changed. It’s not a bar… it’s not a barbershop, it’s a shoe store. Plus, consumer sentiment shifts way too quickly in this industry. Crocs (CROX) is up 30% over the last year, while Foot Locker is down 15%. Shares are now down 66% since their 2021 peak. This economy is struggling… consumers are struggling, growth is sluggish, and management is not great. Sell Mortimer! Friday, May 31, 2024 Event: Core PCE, OPEC Conference in Vienna on Saturday, June 1. Republic Speak: So, here we go. The Fed’s battle against inflation comes down to this upcoming Friday. Just kidding. They lost. But the PCE reading will set the tone for June, historically a good month during election years. A bad number will lead to speculation of not just “Higher for Longer” on interest rates… but the possible return of something worse… A reversion back to “How High.” As I’ve said, the big event in the last year that helped this market recharge (in addition to the massive liquidity support around the globe) was the market sentiment shift in knowing that we were done raising rates… and now focusing on how long rates would remain high. We might be going backward… Meanwhile, oil prices are in focus as OPEC preps for its conference in Vienna (although most of it will be online). On tap… will OPEC continue to support the market with production cuts? Logic says yes, especially with concerns about economic growth. The good news… the NRGU is in oversold territory, so the bleeding in oil process and the upstream sector should end soon. Stay patient. Just a Reminder. This is an incredible chart. All while central banks around the globe are loading up on gold. Stay positive, Garrett {NAME} Disclaimer Nothing in this email should be considered personalized financial advice. While we may answer your general customer questions, we are not licensed under securities laws to guide your investment situation. Do not consider any communication between you and Florida Republic employees as financial advice. Under company rules, editors and writers cannot recommend their positions. The communication in this letter is for information and educational purposes unless otherwise strictly worded as a recommendation. Model portfolios are tracked to showcase a variety of academic, fundamental, and technical tools, and insight is provided to help readers gain knowledge and experience. Readers should not trade if they cannot handle a loss and should not trade more than they can afford to lose. There are large amounts of risk in the equity markets. Consider consulting with a professional before making decisions with your money.   [Like]( [Comment]( [Restack](   © 2024 Garrett {NAME} 548 Market Street PMB 72296, San Francisco, CA 94104 [Unsubscribe]() [Get the app]( writing]()