by Kenneth J. Entenmann, CFA®
4/10/2025

It is said that the markets hate “uncertainty.” Well, we have much uncertainty. The Trump administration has created great confusion as to the end game of the tariff wars. 

Is the purpose of tariffs to raise “billions and billions” to help reset our “unsustainable” fiscal debt and deficits? If that is the case, the tariffs will need to be permanent. 

On the other hand, the administration is busy telling us that over 70 countries have approached the White House to “negotiate” new trade deals. Hopefully, that will be the case, as the world will have more free and fair trade, which is a good thing. However, it also means the tariffs and the “billions and billions” are temporary. 

Which is it? Are the tariffs a permanent income stream or a tool for negotiation? Adding to the confusion is that the answer you get depends on which administration official is speaking. 

Trade Advisor Peter Navarro and Secretary of Commerce Howard Lutnick are adamant that the tariffs are permanent. National Economic Advisor Kevin Hassett and Sec. of Treasury Scott Bessent are clearly in the negotiation camp (As am I.) And the President has demonstrated an ability to make both cases at the same time. Confused? Me too. And so are the markets!

The markets have responded harshly to the inconsistent roll-out of the Trump tariffs. The S&P 500 has been down 11.54 percent in the last five trading days, 13.65 percent in the previous month, and 15.28 percent year-to-date. The market is speaking loudly. But maintaining a long-term view is helpful. Even after the recent carnage, the S&P 500 is up 5.15 percent annually over the last three years, 14.37 percent annually over the last fiveyears, and 11.09 percent annually over the last ten years. That’s pretty good! Especially when compared to the “safe” three-year, five-year, and ten-year bond aggregate returns of .94 percent, -.61 percent and 1.35 percent! Yes, diversification still works!

This recognition, created by unanimous vote of the Saratoga County Chamber of Commerce’s Board of Directors in 2017, is a community service-focused award to honor an individual who has been faithful and loyal to the Saratoga County community for more than 25 years.

Carlson is the Director of Sales for the Saratoga Casino Hotel and has been with this organization for more than 40 years. She is a founding member of the Board of Directors at Jake’s Help from Heaven and is currently the organization’s Treasurer. The organization’s main goal is to create opportunities for individuals with complex medical needs and disabilities to thrive. 

“When we started in 2011, I cried over each grant. Now I find joy in the support and quality of life opportunities Jake’s Help from Heaven gives to so many families,” she said.

Carlson volunteered as the General Manager, in 2009, and Host Family Coordinator, from 2005-2009, for the Saratoga Phillies Baseball Organization. Her involvement with the Saratoga Phillies led to her appointment by Mayor Scott Johnson to the Saratoga Springs Recreation Committee where she became the Vice Chair. “Hiring John Hirliman as recreation director after Linda Terricol retired as well as the construction and opening of the City’s Recreation Center were significant accomplishments for the City and the Commission during those years,” added Carlson.

For the past ten years, she has served on the Adirondack Trust Fund Advisory Committee. Committee members routinely read 80 grant applications each year to determine which applicants will receive grant funds. From 2013 to 2022, she served on the Board of Directors of the Saratoga Hospital Foundation. In her role with the Saratoga Casino Hotel, Carlson has worked with numerous local charitable organizations to organize successful fundraisers from the Wesley Community, to Saratoga Hospital, to Sponsor-A-Scholar, and more.

By Rod Bacon

For 50 years, a local company has captivated audiences around the world across live entertainment, theme parks, museums and more. 

Adirondack Studios (ADKS), founded in 1975 as Adirondack Scenic, has grown from a startup operating in a 6,000-square-foot building in Warrensburg to a company headquartered in a 126,000-square-foot production facility in Argyle, with additional locations across the U.S., Europe-Middle East, and Asia-Pacific

The founding principals were Thomas Lloyd, Christopher Detmer and Walter Blake, who met in college and became friends. Post-graduation, the two worked several seasons together at Lake George Opera, and it was those summer productions that inspired them to go into business together. They chose the North Country as the site for their new company, Adirondack Scenic, .

“We secured a $35,000 loan from the First National Bank of Glens Falls and another loan from the Small Business Administration that allowed us to purchase the building in Warrensburg,” said Lloyd. 

To make ends meet in those early years, the company created scenery for theater and opera productions upstate and in the city. Their first large-scale endeavor was The Bugs Bunny Follies, a touring show featuring Looney Tunes characters, that launched in 1976 and toured through North and Latin America over the next few years. 

“The Bugs Bunny Follies launched a pattern that continues today, where we secure a client relationship that lasts for years or even decades through multiple projects,” said Clara Rice, ADKS Director of Global Marketing.

By Paul Post

Trump Administration tariffs, scheduled to take effect April 2, threaten to undermine New York’s thriving maple industry as most of the equipment producers need is manufactured in Canada.

In addition, much of the syrup consumed in New York City comes from Quebec, the world’s biggest maple producer, because upstate New York sugar makers can’t make enough to meet demand. If tariffs boost the price of Canada’s syrup 25 percent, American producers might charge the same, possibly generating more short-term revenue, but discouraging sales over the long run as consumers grapple with constantly rising food prices.

“That’s certainly not one of our goals,” said Mary Jean Packer, marketing manager of Mapleland Farm in Salem, Washington County.

Canadian maple equipment manufacturers are sending tractor-trailers across the border now and stockpiling it in northern Vermont warehouses, to keep from losing business from U.S. customers after tariffs take effect.

“As long as you have the equipment now you’ll be fine, but it could be hard to get into the business if suddenly the cost of equipment is 25 percent higher,” Packer said. “Maple is a relatively easy agricultural crop to get started with. To be viable all you need is 100 taps, collecting and boiling it with a small evaporator after coming home from an off-farm job. There aren’t many agricultural pursuits that you can get started with such a low cost of entry.”