Here is the deal. It appears that interest rates may be going up. If that is true, then it is likely that bonds are not where you want to be right now. There are a few bond investments that can fight rising rates, but they are few and far between. Even Warren Buffet says the same thing; bonds are probably not where you want to be.

Generally speaking, rising interest rates are not good for the stock market because with falling bond prices comes rising yields and competition for the stock market. Some investors might say, “Hey, if I can get a 3% return on a bond, why should I take risk in the stock market?” If you don't know, anything above a 2% dividend yield is considered good for the investor.

Also, companies sometimes need to borrow money to hire and expand. High interest rates do not allow them to do that.

It does not, however, mean that the markets are not going to do well.

Normally, falling or stable interest rates, expanding corporate profits, inflation under control and decent economic growth almost always lead to a good stock market. Rising interest rates could hurt.

Now, having said all of that, I do not for a moment believe that the Fed will allow interest rates to rise much above what they already have.

The investment world has been modestly good for most investors so far this year. As I write this, the market is up about 2%. If it is positive, I am a fan.

This is my opinion and has no basis in fact. This newest Congressional financial pact ($1.5 trillion) is the biggest waste of money I have ever seen. It is likely that it just is not needed.

It is easy for the party in power to spend your money. As you know, they are spending taxpayer money. Irresponsible is what I would call it. In a purely selfish consideration, some of it may actually trickle into the stock market.

By the way, I read an estimate that the public is holding about $3.5 trillion in cash, which is earning nothing. While not all of it is going to go into the market, at some point some of it should.

Boys and girls, there are just not a lot of alternatives for investment these days. Real estate has gone through the roof because of low rates, so nothing much is cheap there.

I have been in this business for a long time. I have never seen “things” change as quickly as they are now. I can't even imagine what is going to happen in the next five years. That's what my job is all about. That's why I like it.

People like me are charged with trying to figure out what is going to happen. Where should our investment dollars go? You would think that technology and health care would be two of the most important areas. No matter what you hear, it is a guessing game. I am a reasonably intelligent investment professional, but even I am just guessing.

It is hard to keep up. What is going to happen with travel? Travel could be the biggest business around the world. It has been devastated.

I have been in email contact with a small guide business I have used in Italy. Maybe they are not starving to death, but it is not good.

Another related business is airlines. Holy cow, their survival is a question for some. How about hotels? Restaurants? I've seen estimates that more than 25,000 restaurants have closed, a great majority of them permanently. Hey, there is an investment idea. Who is going to make it?

There have been all kinds of businesses shut down during COVID-19. The guesses are that way more than 100,000 businesses have closed. Many of those are small businesses, which are the key to our economy.

I cannot even begin to imagine how many people have lost their jobs because of those closings. The numbers have to be just staggering.

Here's the good news. I am pro-America. America has been down before. Americans are the biggest bunch of entrepreneurs, perhaps in the world. Most of us Americans are not afraid of hard work. Someone will open up new restaurants, new construction companies, new whatever.

My spouse told her doctor that I think I'm an elevator. The doctor told her to bring me in and she would take a look at me. She said she would, but I don't stop on that floor. She thinks she's funny.

Howie Pentony is a client portfolio manager in Portersville.