E More Serious Matters

The mother country is in extreme disarray as both Prince Andrew and Prime Minister Boris Johnson are in trouble. Also in trouble is the US office of the Financial Times which now hangs up on people calling about delivery issues. Andrew lost his title and role as a spokesman for the military over charges that he had sex with a minor. Boris faces impeachment for gatherings that violated Covid-19 restrictions which he imposed nationally.

Luckily the US is currently moving in the same direction as London in more serious matters, the defense of Ukraine against pressure from Russian attempts to invade. Washington and London accuse Putin of prematurely calling the talks with western countries in support of Kyiv "unsuccessful" when they had barely begun. They argue that Russian is using a false flag charge to blame Ukraine for barring Russian troops. Moreover, the Kremlin is accused of boosting the price of oil and gas sold to Europe by withholding supplies. Gas from Russia is up 20% YTD because the Ukraine pipeline is being boycotted by Moscow. The Russians also blocked Ukraine's internet. 

The bad news: Wall Street fell about 3% on new worries about inflation and a drop in retail sales levels. Nasdaq fell too. 

And our Supremes invalidated the White House call for large companies to provide covid-19 protection to their workers, except if they are in the healthcare business. This caused havoc in the sector I like best, drug makers. So let's start with them.

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*Qualcomm QCOM, my largest US holding, gained 3.05% today and yesterday my attempt to send half my holdings as a donation to Harvard-Radcliffe finally went through, I was told. However, this was not always true when I was told by my broker earlier.

*GlaxoSmithKline also gained, by 1.25% on hopes that its monoclonal antibody muscular jab against covid-19 developed with Vir will lead to other jabs for hard to treat diseases. GSK is a drug major and many of its rivals also rose.

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