By Kenneth J. Entenmann, CFA
What a difference three months make. At the end of the third quarter of 2018, every equity market index was posting significant positive returns, and the markets were focused on an overheating economy and the fear of rapidly rising interest rates.
Suddenly, market psychology turned sharply negative, and the new fear was an imminent global economic recession brought on by trade wars, overaggressive central bank policy and an earnings recession. By year’s end, volatility spiked to levels not seen since 2008, and all the major equity indices were decidedly negative. International markets suffered the most, with the developed markets (MSCI-EAFE Index) falling 13.32 percent and the emerging market (MSCI-EM Index) falling 14.49 percent.
The domestic equity markets fared better, but still posted negative returns for the year—Dow Jones Industrial Average fell 3.38 percent, S&P 500 fell 4.39 percent, Nasdaq composite fell 2.81 percent and Russell 2000 fell 11.03 percent—a very tumultuous end to 2018.
Adirondack Thunder Hockey Team Visits Senior Citizens At The Wesley Community
Courtesy Adirondack Thunder
The Wesley Community hosted players from the Adirondack Thunder, the ECHL affiliate of the New Jersey Devils, for a special visit with seniors residing at the Wesley Health Care Center in January.
The players spent the afternoon participating in various activities and handing out Thunder memorabilia and collectible items to residents at the long-term care center.
On the following day, the Adirondack Thunder in turn welcomed nearly 75 residents and staff from The Wesley Community to its home game against the Wheeling Nailers at Cool Insuring Arena.
DeCrescente Becomes Exclusive Distributor For Shmaltz Brewing Co. Products In Region
DeCrescente Distributing Co. (DDC) has become the exclusive distributor of Shmaltz Brewing Co.’s award-winning core beers, as well as their special releases throughout the Capital Region.
DDC will distribute all draft and package versions of Shmaltz’s core beers, including their flagship Hop Manna IPA, a heavily dry hopped and unfiltered American IPA; Messiah Brown Ale, an American brown ale; Slingshot Lager, a dry hopped American craft lager; Hop Momma IPA, a New England-style IPA brewed with peach, apricot and a hint of habanero; and 518 Craft Foggy Goggles, a New England-style IPA.
“Shmaltz fits a unique niche in this market, having been brewed in Saratoga County since 2003,” said Russ Teplitzky, general manager at DDC. “Their award-winning selection and fun brand personality are a great addition to our world class craft beer portfolio.”
Owners Of Former Roma’s In Whitehall Decide On ‘RailYard Taproom’ As New Venture
By Jill Nagy
Folks in and around Whitehall nostalgic for Roma’s pizza and lasagna will soon be able to enjoy them again in the restaurant’s newest incarnation, the RailYard Taproom & Family Restaurant.
A consortium of five local couples now own the property on Route 4 in the Village of Whitehall and are aiming for a May reopening.
When the group first bought the property, specifics of the re-birth and its name had not been determined.
The new owners have completely gutted the building and are now “starting to put everything back together,” according to Cheryl Putorti, one of the owners. The men of the investment group did most of the demolition work, she said, but the new construction is largely in the hands of Hudson Falls general contractor Josh Willis.
Paintings, Photography, More Among The Hyde Collection Exhibit Lineup For 2019
Courtesy The Hyde
The Hyde Collection has a variety of quality exhibitions in its lineup for 2019. Museum officials said the year began with an exhibition chronicling the evolution of photography and a nation, then moves on to include works by an up-and-coming regional artist with a pure vision; one of the original Ashcan painters; women modernists; and great 20th century modern masters.
Colorama from the George Eastman Museum is in the Wood Gallery through Sunday, April 14. For more than four decades, enormous advertisements displayed in New York City’s Grand Central Terminal affirmed a picturesque notion of everyday American life. The 18-foot-by-60-foot images depicted landscapes, holiday celebrations, historical events, family road trips, and patriotism.
The exhibition examines the captivating advertisements, offering insight into America and the histories of advertising, photography, and technology.
Cooperative Extension Of Warren County Gets Grant For Farm-To-School Food
By Christine Graf
Cornell Cooperative Extension of Warren County has received a farm-to-school grant from the state Department of Agriculture and Markets to help connect schools with local farms and food producers.
The goals of the program include strengthening local agriculture, improving student health, and promoting regional food systems awareness.
The two-year grant totals $93,582. The state awarded $1.5 million in grants to 18 different organizations.
According to Cornell Cooperative Extension of Warren County Executive Director Dr. James Seeley, they applied for the grant last year but did not receive it.
State Gives Warren, Washington Counties $9.8M For Economic Development Projects
Warren and Washington counties received some $9.8 million in economic and community development funding through Round VIII of the Regional Economic Development Council initiative. The funding covers 18 projects.
The money is part of $67 million awarded to 95 projects in the Capital Region. The state award a total of $763 million statewide.
The largest award went to EDC Warren County, which received $1.5 million for its South Street Redevelopment project.
Council Formed To Involve Businesses In Efforts Keep Lake George Clean And Clear
The FUND for Lake George has announced the establishment of a Council of Business Advisors to help foster the active participation of the regional business community efforts to keep Lake George clear and clean for future generations.
The FUND formed the council to incorporate the business community’s perspective into discussions about lake protection initiatives, and to tap into the community’s business acumen when planning protection efforts, the group said.
Members will offer guidance to The FUND’s staff as they expand and enhance their multi-faceted approach to lake protection, with a particular emphasis on combatting the three greatest risks to the Lake’s long-term health: invasive species, road salt, and excess nutrients from faulty septic, sewer and storm water systems.
Eric Gilbert Of Six Flags Great Escape Is ARCC Board Of Directors Chairman For 2019
Courtesy ARCC
The Adirondack Regional Chambers of Commerce (ARCC) announced that Eric Gilbert of Six Flags Great Escape was elected to serve as chairman of its board of directors for 2019.
Gilbert has been a member of the board of directors since 2013 and served as chair-elect in 2018.
“I am honored to be part of this exciting group of business and community leaders. The Adirondack Regional Chambers of Commerce is a key component in helping local companies succeed, grow and thrive, as well as in expanding economic opportunity for those who live and work in our region,” said Gilbert.
“We are blessed to have Eric Gilbert elected as the Adirondack Regional Chambers of Commerce Chairman of the Board. Mr. Gilbert’s passion, experience and commitment to our area will help ensure that our business and non-profit community will continue to work together to make our region one of the best places to live in the world. Many thanks to Tim Jansen for his leadership as chairman over the past year,” said Michael Bittel, ARCC president and CEO.
Board Of The Hyde Museum Tabs Norman Dascher Jr. As Chief Executive Officer
Courtesy The Hyde
The board of trustees of The Hyde Collection has appointed Norman E. Dascher Jr. as chief executive officer after an extensive national search.
Dascher, a resident of Diamond Point on Lake George and longtime regional nonprofit executive, brings to The Hyde more than three decades of nonprofit leadership experience.
He succeeds Anne Saile, who has served as director since June 2017.
“Norm brings to The Hyde long and successful experience in raising money and expanding modern nonprofit institutions to serve the growing needs of communities,” said David Howson, chair of the museum’s board of trustees. “His commitment to preserving the Hyde legacy, building new audiences, and ensuring the best and most modern visitor experience will build on The Hyde’s momentum and its many strengths.”
Most recently, Dascher served as president of Samaritan and St. Mary’s Hospitals in Troy, and as vice president of St. Peter’s Health Partners. He has earned numerous honors, including the Regents Award from the American College of Health Care Executives, Albany-Colonie Regional Chamber of Commerce’s Time and Service Award and United Way’s Unsung Hero Award, among others.