Common Cents for November 30, 2012

Applicable as of July 1, 2025: Oakworth Asset Management, LLC (“OAM”) is a registered investment adviser that is owned by Oakworth Capital Bank Inc., Member FDIC (“OCB,” or together with OAM, “Oakworth”). Please note that OCB and OAM are separate entities that provide different services. All investment adviser services including investment management and financial planning are provided by OAM. OAM only began operations on July 1, 2025. Any content that was created prior to that date is specific to OCB and not OAM and is provided for informational purposes only. The statements or opinions expressed in this article do not necessarily reflect the views or opinions of OAM. The article was produced prior to OAM’s registration as an investment adviser and therefore was not reviewed for compliance under the Investment Advisers Act of 1940. OAM believes that the prior content is appropriate because of the similarities in OAM services to OCB services. The individuals involved in the production of OCB content will also be involved in OAM services. For additional information about OAM, including its services and fees, send for the firm’s disclosure brochure using the contact information contained herein or visit advisorinfo.sec.gov.

Yesterday, I read an article on CNNMoney.com by a certain Emily Jane Fox. The headline caught my eye: “McDonald’s, KFC, Burger King Workers Protest in NYC.” I love reading about a good protest as much as the next person, if for no other reason than to wonder at the thought process behind it.

Not surprisingly, it seems fast food workers want to make more money in New York. But, who doesn’t want to make more money, with the possible exception of Warren Buffett? After all, everything else being equal, more money is generally better than less. But was or is there merit to the workers’ complaints?

The tone of Ms. Fox’s writing would suggest she believes there is. She foisted upon the American public a woman by the name of Pamela Waldron, who makes $7.75/hour working as a cashier at the KFC in Penn Station; a job she has held for 8 years. Of course, this wage is $0.50/hour more than the Federal minimum wage.
As Ms. Fox points out in her article: “KFC worker Waldron says she would be homeless with her kids if it were not for her husband’s union-represented job at the grocery store chain Pathmark.” Hmm. I wonder why the adjective phrase ‘union represented’ is in there, don’t you? Wouldn’t it have been enough to simply point out her husband works at the grocery, and they need both jobs to make ends meet? Why the union talk?…Read on…

This report does not constitute an offer to sell or a solicitation of an offer to buy or sell and securities. The public information contained in this report was obtained from sources and vendors deemed to be reliable, but it is not represented to be complete and its accuracy is not guaranteed. This report is designed to provide an insightful and entertaining commentary on the investment markets and economy. The opinions expressed reflect the judgment of the author as of the date of publication and are subject to change without notice; they do not represent the official opinions of the author’s employer unless clearly expressed within the document. The opinions expressed within this report are those of John Norris as of the date listed on the first page of the document. They are subject to change without notice, and do not necessarily reflect the views of Oakworth Capital Bank, its directors, shareholders, and employees.