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.”

By Rod Bacon

A local entrepreneur has put a new spin on the paint-and-sip concept by opening Saratoga Paint & Drip Studio, a venue that offers people a creative outlet without the alcohol.

“My business model is based around painting and a whole lot of other things but not alcohol,” said owner Ryan Smithson. “What we’re doing here is catering to the sober community, people who don’t drink or don’t want to be pressured to drink while attending our sessions.”

There is a full no-alcohol bar offering mocktails, java drinks and other beverages that is run by Joe Ventura, one of Smithson’s two business partners. Ventura, who ran Eat-In Cafe in Loudonville, relocated to Saratoga Springs when the opportunity to partner with Smithson presented itself. In keeping with the Hawaiian theme of the venue the bar is named the Ohana A.F. Tiki Bar and Lounge.

“Ohana means ‘family’ in Hawaiian and the ‘A.F.’ stands for Alcohol Free,” Smithson explained.

Smithson’s other business partner is Violet Glasser, a U.S. Army veteran who served in Desert Storm as a medic. Smithson served in Iraq as an engineer.

“She’s the studio queen,” said Smithson. “She does anything and everything; event planning, invoicing clients, moving things around in the studio, whatever we need done”

Randy Metevier, director of sales, business development and marketing for Dynamic Systems Inc., has been elected the 2025 Chair of the Board of Directors of the Saratoga County Chamber of Commerce. Metevier assumed this role on January 1, 2025, after Chad Kiesow of Stewart’s Shops completed his one-year term as Chair of the Board and now becomes the Immediate Past Chair.

“I am grateful and excited for the opportunity to lead the Saratoga County Chamber’s Board of Directors in 2025, and I have every confidence that this will be a successful year for our community, our small businesses, and our Chamber,” Metevier said. “We will focus on improving our understanding of what our Chamber members value and continuing to work diligently to deliver that value.  In addition, there are some exciting initiatives we have on the horizon planned, including the relaunch of the Saratoga County Institute of Management (SCIM), an innovative program designed to enable and empower our area’s leadership.  Additionally, in March the Chamber will present the first-ever Saratoga Big E Consumer Showcase featuring the latest in energy-efficient products and services. And, of course, we are all looking forward to welcoming the Belmont Stakes Racing Festival back to Saratoga this June with another incredible Belmont on Broadway celebration.” 

The Saratoga County Chamber of Commerce’s Board has a total of nearly 30 volunteer members. The Chair Elect is Melissa Johnson of Target Distribution, who will become the Chair of the Board in 2026. The 2025 Vice Chair of the Chamber’s Board of Directors is Nil Ghoshal of Polyset and the 2025 Treasurer and Secretary is Dan Graham of SM2 Development.

New members include Leslie Coleman-Smith of Saratoga Performing Arts Center, Elizabeth Stauderman of Skidmore College and Kim Tribley of Coffee Planet. Jon Hitchcock of WNYT and Lisa Vollendorf of Empire State University are both serving one-year appointments.

Saratoga Performing Arts Center has announced that it has appointed Jana Gordon as its new Senior Vice President of Development. This new role is part of SPAC’s continued growth and efforts to expand its donor base, build relationships with the community, and support the long-term sustainability of the organization. Gordon will help to raise the visibility of SPAC as a non-profit organization, overseeing all philanthropic activities in alignment with SPAC’s ambitious goals for the future. 

 “SPAC is a premier, globally recognized venue attracting best-in-class artists and visitors from all over the world. Recruiting a new SVP of development with decades of international arts experience is a critical step in supporting SPAC’s on-going growth and vision,” saysElizabeth Sobol, President & CEO of Saratoga Performing Arts Center. “Jana brings with her a wealth of knowledge and fundraising expertise from her past roles at organizations such as the Stratford Festival in Canada, the Dallas Symphony Orchestra, and the English National Opera. We look forward to introducing her to our community.”  

 Jana Gordon is an accomplished, results-oriented leader drawing on expertise in the fields of non-profit management, the performing arts sector, fundraising, and public accounting. Having had an international career with positions at leading organizations in the USA, England, and Canada, Jana is now the Senior Vice President of Development at Saratoga Performing Arts Center.

By Paul Post

A crowd of well-wishers braved freezing temperatures recently for a ribbon cutting ceremony welcoming Queensbury’s newest retailer to town.

An Ocean State Job Lot store, at Glen Square on Upper Glen Street, is the Rhode Island-based company’s 153rd location in a territory that encompasses all of New England, New York, Pennsylvania and New Jersey.

It’s also the retail chain’s northernmost site in New York, joining three other Capital Region stores in Ballston Spa, Clifton Park and Schenectady.

“This is great!” customer Jim Northrup said. “It’s good to have a place like this instead of people doing all their shopping on Amazon. It contributes to the tax base.”

The 30,000-square-foot space, adjacent to Uncommon Grounds coffee shop, was previously occupied by Big Lots.

Ocean State’s motto is “Brand name merchandise at closeout prices.”

Shoppers find an ever-changing array of merchandise including grocery items, garden tools, outdoor furniture, household goods, pet supplies and seasonal lines from Christmas ornaments to beach wares, at highly competitive pricing.

“Prices here are very reasonable,” said Darleena Ball of Moreau. “I found a suitcase for $40. Gain laundry detergent is $24 over at Hannaford; $15.99 here. So that was a good deal.”

She and her husband also enjoyed free coffee and donuts courtesy of Dunkin, to help celebrate the grand opening.

The new outlet has created jobs for almost 50 people, led by Bill Mapes, who is managing a store for the first time. He’s been with the company for three-and-a-half years, most recently at its Ballston Spa site on Doubleday Avenue (Route 50).