Stage Door Players names new program director
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Acclaimed author to appear at MJCCA book festival By CATHY COBBS newsroom@appenmedia.com DUNWOODY, Ga. — Fresh off the paperback release of her bestseller, “The Book of Longings,” Sue Monk Kidd will appear at a virtual event as part of the Marcus Jewish Community Center’s Book Festival on March 25. “It’s an honor to host KIDD an author of Ms. Kidd’s stature,” JCC Book Festival Director Pam Morton said. “Her thought-provoking books always resonate deeply with readers and she is a fan favorite with many book clubs.” Kidd’s latest work of fiction details the story of Ana, an ambitious woman living in first-century Galilee who meets 18-year-old Jesus. The two are drawn to each other’s spiritual and philosophical ideas and are married, despite their many differences. The novel took four years to complete, but Kidd said she spent about 14 months of that timeframe doing research. “I’ve always believed that if you want to write historical fiction, it needs to be relevant today,” she said. “The time I took doing research was very valuable in the process.” Kidd said she wrote the tale with the idea in mind that it would depict Jesus as fully human, rather than in a
spiritual manner, as “alternative imaginative history.” “I was prepared for this book to have some backlash because of that, but I really haven’t seen it,” she said. “I thought that it was important to think outside the box and see where it takes us.” Kidd said her other goal in writing “The Book of Longings” was to address “the lack of agency of women not just in the first century, but throughout history.” “We need to think about the world asking ourselves the question, ‘What if women wrote the stories?’” Kidd said. The author’s next project, a book she is writing with her daughter, Ann Kidd Taylor, is “part howto, part pilgrimage, and part memoir,” tentatively titled “Writing, Creativity and Soul.” The pair previously co-authored “Traveling with Pomegranates: A MotherDaughter Story,” which details their travels to sacred sites in Turkey, Greece and France. Tickets to the virtual event, which begins at 8 p.m., can be purchased through the JCC’s website —
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showclix.com/event/sue-monk-kidd. Attendees have the option of purchasing a ticket for $11 or $25 for both the event and “The Book of Longings,” which will be mailed by the festival’s partner, A Cappella Books.
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Perimeter development narrowly passes council vote
By CATHY COBBS newsroom@appenmedia.com
DUNWOODY, Ga. — In a split vote, the Dunwoody City Council has given approval for zoning changes and special conditions that will allow plans for a major mixed-use development to move forward. The council voted 4-3 at its March 8 meeting to allow a property at 84 Perimeter Center East to be rezoned from C-1 Conditional (commercial) to PC-2 (Perimeter Center District). In addition, the council voted for several modifications to special land use permits that address more than 20 conditions, including the elimination of minimum setbacks and a reduction of the impervious coverage of the land. John DiGiovanni, registered agent for JSJ Perimeter LLC, said plans call for developing the property with 225 over-55 apartments, a parking garage and more than 40,000 square-feet of retail. The council decision included several compromises, including the relocation of a pool from the front of the building to the rooftop. Council Members John Heneghan, Jim Riticher and Pam Tallmadge, along with Mayor Lynn Deutsch, voted for the rezoning. Council members Joe
See VOTE, Page 3
2 | March 18, 2021 | Dunwoody Crier | TheCrier.net
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Law enforcement agents raided a DeKalb County warehouse March 3, confiscating tens of thousands of dollars’ worth of illegal drugs.
Police say ex-Russian mafia member charged in drug ring By MATT BRUCE newsroom@appenmedia.com MILTON, Ga. — An ex-communicated Russian mobster was a methamphetamine wholesaler who supplied street-level dealers in Forsyth, DeKalb, Rockdale and Gwinnett counties, according to authorities from a local drug task force. Law enforcement officials say Eduard Bobrik’s drug distribution operated out of a 16,000 square-foot meat warehouse in DeKalb. Investigators from the Johns Creek, Alpharetta and Forsyth County Drug Task Force helped crack the case against Eduard Bobrik. Agents raided Bobrik’s meat factory on March 3 and seized 11 pounds of meth, $60,000 in cash, guns, pills, marijuana, heroin and ketamine.
The Forsyth County Sheriff’s Office indicated Bobrik, 45, of Alpharetta, was based in Forsyth County. He was arrested and charged with trafficking methamphetamine. He has pending federal charges for trafficking methamphetamine and possession of firearms in furtherance of a drug trafficking crime. Bobrik was booked into the DeKalb County Jail. Authorities say several different types of meat were butchered and distributed from the warehouse, whose location remains undisclosed. There was also a meth factory and pill press in the building’s office. Agents found the meth stashed in an industrial refrigerator stocked with frozen meats. They also seized 400 grams of meth gummy bears, 200 oxycodone pills, 100
MMDA pills, 300 grams of heroin, 50 grams of marijuana, seven loaded guns, a money counter, a vile of ketamine and several cell phones, The Johns Creek and Forsyth County drug task force began investigating Bobrik late last year and passed their information on to a Forsyth County deputy who was assigned to the DEA Atlanta task force. Investigators were then able to identify Bobrik as the alleged drug trafficker. “This is a great example of the importance of our relationships with our State and Federal partners,” Forsyth County Sheriff Ron Freeman said in a statement March 11. “Drug dealers know no boundaries, and we, likewise, will relentlessly pursue those who endanger our citizens, regardless of where you run to.”
NEWS
TheCrier.net | Dunwoody Crier | March 18, 2021 | 3
Restaurants see uptick in sales as recovery takes hold By JOE PARKER joe@appenmedia.com NORTH METRO ATLANTA, Ga. — A year after restaurant dining rooms were forced to lock their doors at the dawn of the COVID-19 pandemic, local eateries that have managed to stay afloat are still trying to recuperate. With warmer weather on the horizon, expanded vaccine availability and a drop in daily cases, many have positive prospects for the months ahead. The pandemic has been especially challenging for the hospitality industry, and restaurants have bore much of the brunt of its economic impacts. While some dining rooms were permitted to reopen under strict capacity limits last April, restaurant sales have continued to languish as their regular customers still are working from home or apprehensive about dining out. And in many cases, to-go orders aren’t enough to make up the shortfalls of empty dining room seats. Though the struggles continue, several local restaurants in North Fulton and Forsyth County are reporting an uptick in business, albeit still far below pre-pandemic levels.
“We are not out of the woods by any stretch of the imagination,” Kelly Hughes, owner of Alpharetta’s Scratch Fresh, said. “We are just keeping the water below our nose.” Hughes said Scratch Fresh has a generally positive outlook for the months ahead. “I think we still have a little journey ahead of us, but I think people are getting more comfortable because the vaccine is there and the number [of COVID-19 cases] are down,” Hughes said. “We’ve seen some customers that haven’t been out in a year.”
Noeske said. “Our business has been increasing.” With spring only days away, the appeal of outdoor dining should increase. “Having a beer garden has helped to get people out here,” Noeske said. “We’ve had a 20-by-20 tent since we opened 26 years ago, and we’ve added another tent. That’s helped us out there.” Wallace of Olde Blind Dog said “The Green” at the Crabapple Market, along with the restaurant’s courtyard area, has also provided a boost in customers.
Optimism has spread Ron Wallace, owner of Olde Blind Dog in Milton, said his restaurant is still at about 50 percent of its pre-pandemic sales, but the eatery has seen a recent uptick, and he expects that to continue. “We’ve had some of our better weeks recently,” Wallace said. “Things are going pretty well. It’s been very good to see the uptick, we were operating on a day-to-day basis there for a long time.” Brain Noeske, owner of Gasthaus Tirol in Cumming, said his business is doing a bit better than most. “We’re doing a little better than okay,”
Loyal patrons have helped Wallace, Noeske and Hughes all credited government assistance programs and loyal customers for keeping their doors open. “Had it not been for the PPP (Paycheck Protection Program) money, we’d already be gone,” Hughes said. “And if we didn’t already have a loyal following, I don’t know how we would have survived. Our loyal customers have kept the doors open.” PPP dollars kept Olde Blind Dog operating. “The bills were backing up big time,” Wallace said. “We were borrowing money just to keep in business. With the PPP, we
by the special land use permits. Last month, the Dunwoody Development Authority approved an inducement resolution that will allow an estimated Continued from Page 1 tax break of about $7 million. The council discussed whether or not the inducements Seconder, Tom Lambert and Stacey Harris could be taken away if the conditions opposed the measure. spelled out in the land use permits were The council spent more than an hour discussing and implementing amendments found to be in violation. In addition, to07-18-18Paradead_Farmers.qxp_Layout the special conditions, including word1 7/2/18 1:26 the PMcouncil Page 1voted that the land disturbance permit must be issued ing that will ensure that the current and within two years of zoning approval, or the subsequent owners of the development land will revert back to its original zoning. adhere to the age restrictions put in place
After the vote, DiGiovanni thanked the council for its support. “We will deliver you a quality, first-class development,” he said. Also at the March 8 meeting, the council deferred discussion of a charter amendment memo submitted by the Dunwoody Charter Commission after some confusion arose about the meeting notes and the final memo submitted to the council. “Some of this doesn’t match what was in the report,” Deutsch said. “Let’s defer to get this cleared up.”
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were able to catch up on bills and pay rent and utilities. It probably kept us alive.” But funding boosts only go so far. Customers still have to come in the door. “The margins in the restaurant industry are very slim, about 6 percent,” Wallace said. “Then, you have a major appliance go down, and what little profit you’ve had gets sucked up for three months. Thank goodness for our loyal customers, they kept the lights on.” Noeske agreed. “Thank God we have had very loyal clients over the last 25 years we have been around,” he said. “Our clientele is crucial.” Restaurant assistance dollars have also allowed employees to return to work. Last year, Wallace had to lay off more than 80 employees at Olde Blind Dog and Duke’s Bar and Grille, which permanently shut its doors last March. Hughes said Scratch Fresh was operating with just one cook at that time. All three owners said they were able to rehire their employees with PPP dollars, and they touted their faithful workers for providing top-notch service. “Some days, it was really hard to find
See RESTAURANTS, Page 10 In other action: The council was shown several possible designs for bridge enhancements along I-285. City Manager Eric Linton reported that 272 building inspections had taken place in the past two weeks. Council members heard a report that Tilly Mill and Chamblee Dunwoody intersection improvements were continuing. The council retired to executive session to discuss real estate matters. No action was taken after the executive session.
4 | March 18, 2021 | Dunwoody Crier | TheCrier.net
OPINION
OBITUARY
LEFT LANE REVIEWS
After a difficult battle with Alzheimer’s disease, Diane Hobbs, 74 years of age, died peacefully in her home surrounded by her family on March 2, 2021. Diane, born on October 18, 1946 to parents Virginia and Owen Bell in Worcester, MA immeHOBBS diately brought joy and laughter into the world. After graduating from Walt Whitman High School in Bethesda, MD in 1960, she went on to Guilford College where she obtained her Bachelors degree in 1964. Diane fell in love with studying English and Literature, which kicked off her over 20 year career as an English teacher. She went on to obtain her Masters degree in Education from Georgia State University in 1991, and taught in several private and public schools in the Atlanta area. In 1972, Diane married Jim Hobbs of Harrisburg, PA, and together they embarked on an over 40 year marriage. Jim and Diane raised their two daughters, Beth and Christine in Dunwoody, GA where they resided for over 40 years. Diane was a fiercely dedicated mother to her children, and filled her home with warmth and kindness. She supported her family and her students in all of their endeavors, and made it her mission to improve the lives of everyone she touched through her humor, love, and generous spirit. Diane had a vivacious personality and always made the people around her laugh. Diane loved nothing more than spending time with her five grandchildren and her spirit will be carried on through them. She treasured her grandchildren and embraced every moment with them. She especially loved her role as Nana. After her husband Jim passed in 2019, she spent the final years of her life living with her children and grandchildren. Diane shared her love of reading and writing with them, taught them to garden and to bake, but would never let any of them beat her at her favorite card games. Diane was predeceased by her parents Virginia and Owen Bell of Southern Pines, NC and her husband Jim Hobbs of Dunwoody, GA. She is survived by her brother and sister in law John and Nancy Bell of Lawerence, KS; her daughter and son in law Beth and Rob Williams of Darien,CT; her daughter and son in law, Christine and Rich Giacopelli of Ridgewood, NJ; and her five grandchildren: Cate Williams of Darien, CT; Charlie Williams of Darien, CT; Emma Williams of Darien, CT; Ryan Giacopelli of Ridgewood, NJ; and Owen Giacopelli of Ridgewood, NJ. A private celebration of life will be held on Saturday, March 13, 2021 at the First Congregational Church in Darien, CT. In lieu of flowers donations can be made to the Alzheimer’s Association.
The Venza nameplate is back for Toyota about five years after Toyota announced the first-generation was getting 86’d. That’s the restaurant term for “no more,” not to be confused with the Toyota 86, which was JOE PARKER recently 86’d in the UK Editor joe@appenmediagroup.com permanently and 86’d for the 2021 model year in the U.S. (it’ll be back in 2022). The Venza comes back onto the scene with handsome styling, standard allwheel drive and a hybrid-only powertrain. But it remains to be seen if some of the original Venza’s issues — lagging sales, a high asking price and similarity to its Toyota stablemates — will also plague the new gen. Sales figures for the revamped nameplate will have to wait, but from the get-go, it appears as if price concerns and parallels to the RAV4 are already here. The Venza and RAV4 hybrid share a 2.5-liter four-cylinder with an electronically controlled continuously variable transmission and on-demand all-wheel drive. Both systems offer 219 combined hp and their mpg figures are, unsurprisingly, almost identical. They both have an independent MacPherson strut front suspension with a multi-link rear suspension with stabilizer bar. Each get the same rack-and-pinon steering with electric assist and overall steering ratio, the same brakes, the same wheelbase and same seating capacity. What differences there are mostly favor the old-guard RAV4. The Venza is slightly longer and lower,
2021 Toyota Venza but the RAV4 has big advantages in cargo space — 37.6-cubic feet of storage behind the second row compared to 28.8 from the Venza, and 69.8-cubes over 55 when the rear seats down. The RAV4 also provides slightly more passenger space. The RAV4 hybrid can be called upon to tow up to 1,750 pounds. The Venza isn’t rated for such work. The Venza also comes with a higher price tag. Depending on trim, the secondgen is about $2,000 to $4,000 pricier than the equivalent RAV4 hybrid. With all that in mind, it is difficult to think why anyone would opt for a Venza over the hybridized RAV4. But, it’s not all about raw numbers. For instance, adding a bouquet garni to a stew sounds a lot more sophisticated than throwing in “a bunch of herbs tied together with a string.” Just like Venza seems a little bit more upscale than “RAV4,” which sounds like it was pulled from a dishwasher replacement part guide. Looks are also a major factor when deciding between two similar things. A piece of chocolate shaped into a cow pie might taste the same as the bar from which it came, but people are going to want the rectangular option. And styling is where the Venza separates itself from the RAV4 hybrid. Both models are attractive, but the RAV4, with its flat-nosed fascia, menacing headlights and sharp character line, wears a rugged appearance. The Venza is less intense — more mature, if you will.
The Venza’s attractive looks extend to the cabin, which is well-appointed with soft materials and posh amenities in top trim. Again, it’s a bit more sophisticated than the RAV4. The price differential between the Venza and its stablemate is less significant when considering what added features that come standard. All Venza models are well-equipped with wireless charging, dual-zone climate control, four USB ports, smart cruise control, leathertrimmed steering wheel, a Smart Key lock/unlock system for all four doors, blind-spot monitoring, heated outside mirrors and LED lighting. My top-tier Limited tester also included a sizeable, 10-inch infotainment screen, a 7-inch display in the gauge cluster, a birds-eye view display, heated and ventilated front seats with memory function in synthetic leather and woodstyle trim. The Limited cabin feels especially upscale with soft materials used on nearly all high-touch surfaces. Top-tier models can also be fitted with a Star Gaze panoramic sunroof, which can be switched from transparent to frosted with the push of a button. Similar to its stablemate, the Venza doesn’t have engaging driving characteristics. It’s a bit peppy, but it would be a far stretch to call it quick. The Venza is also set up more for comfort than speed. It does a good job of soaking up most road imperfections, but throwing it around corners is a letdown. The cabin is mostly quiet at a cruise, but wind noise can be a bit of a nuisance along with the whine of the hybrid system when coasting to a stop. Another annoyance comes from the Venza’s controls. In Limited trim, Toyota has ditched standard knobs and buttons for many common inputs, including the climate control functions and radio adjustments, for capacitive sensors that can be finicky to use. Thankfully, XL and XLE models get push-button controls. Toyota has tried to separate the Venza from the RAV4 hybrid — a press release for the Venza says it “breaks the sameness barrier” — but I’m not buying the sales pitch. The Venza appears to be more of a reimagining of the RAV4 hybrid. Take the same powertrain and underpinnings, use less dramatic styling on the body, throw in a few sprinkles of the lux features on a Lexus RX, and viola Venza. And it’s not a bad approach to retool the best-selling small hybrid crossover in the U.S., the RAV4, but it is unclear if that approach will be enough to keep this generation of Venza from the chopping block.
TheCrier.net | Dunwoody Crier | March 18, 2021 | 5
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Volunteers don masks while unloading a vehicle of food donations at the 2020 food drive at All Saints Catholic Church in Dunwoody.
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DUNWOODY, Ga. — The All Saints St. Vincent de Paul Food Drive will be held the weekend of March 20-21, 2021. The Spring Food Drive helps replenish the food pantry that serves Dunwoody and the surrounding area. All food items are appreciated, but the greatest need is canned meat, canned pasta and peanut butter and jelly, according to event organizers. For a complete listing of items, connect to the All Saints webpage, allsaintsdunwoody.org. Vincentian volunteers have organized to provide a safe environment to drop off food donations by coordinating a convenient and safe drive thru
drop off at All Saints Catholic Church, 2443 Mount Vernon Road., Dunwoody. Those wishing to donate can enter All Saints and continue to the lower drive. Hours of operation are: Saturday March 20 from 2 p.m.– 6:30 p.m. Sunday, March 21 from 8 a.m.– 6:30 p.m. Vincentian volunteers will be wearing masks as you approach the food donation station. There is no need to exit your vehicle, Vincentian volunteers will remove the donated items from your vehicle’s trunk.
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Theater company announces educational program director DUNWOODY, Ga. — Stage Door Players, Dunwoody’s premier professional theatre, has hired Grace VandeWaa as its new educational program director for the upcoming season as it rolls out a new VANDEWAA youth performing arts academy. VandeWaa comes in as Stage Door launches its performing arts academy, which opens this summer to ages 10 to 18, but will expand the ages in the fall to accept younger students. The academy will teach musical theatre, dance, acting, film, costuming, set design and performance opportunities. Social distancing practices will be incorporated to ensure safety. Class descriptions can be found on Stage Door’s website, stagedoorplayers.org. Discount prices on the class are available until March 31. Sessions start June 1 and run through the end of July. “Getting the Performing Arts Academy in place this year was a primary focus of the Board of Directors and begins to activate our strategic plan,” said Debbie Fuse, the organization’s managing director. “As most theaters still cannot be open to the public, this is one way for us to meet our mission — to engage, inspire, educate and entertain. Since we can’t entertain yet, we can focus on the positive and be excited for our students.” Fuse said Stage Door is excited to have someone of VandeWaa’s talent to develop the academy. “She brings not only theater and dance but has been working with students of all age levels for about 10
years,” Fuse said. VandeWaa, an honors graduate of the University of Alabama’s School of Dance & Theatre, has extensive experience in planning and executing productions. She was most recently the studio manager and troupe director for the Once Upon a Ballet and Musical Theater Center, where she was responsible for scheduling and planning all the studio and troupe activities, including marketing and advertising. “My vision is to work with the youth in Dunwoody and the surrounding area to help them grow as artists both on the stage and off,” VandeWaa said. “I’m most excited about bringing theater back into our lives in 2021.” Stage Door Players was founded in 1974 as a community theater by the Dunwoody Woman’s Club. Its 125-seat theater is located in the Dunwoody Cultural Arts Building, 5339 Chamblee Dunwoody Road. The theater company is a fully professional, award winning theater and boasts over 1,200 season ticket holders.
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Pet of the week: Aphrodite Aphrodite (ID# 42084287) is a goddess who loves to run zoomies around the kennel yard and would be thrilled to have a family with some big kids to play with. She loves to play with toys and enjoys playing tug of war. She is also a terrific snuggler who makes good eye contact and will love you to the moon and back if you show her some attention and affection. Aphrodite is fully house trained, crate trained and dog friendly. She knows several basic commands. To meet Aphrodite, please email adoption@ lifelineanimal.org. All adoptions include spay/neuter, vaccinations and microchip. If you would like more information about Aphrodite please email adoption@ dekalbanimalservices.com or call (404)
294-2165; all potential adopters will be screened to ensure Aphrodite goes to a good home. How to Adopt your new best friend. 1. Browse our pets. Use the filter options to narrow your search. 2. Click the pet’s profile. 3. Click on the “Adopt Me” button to submit an adoption inquiry! To help us maintain a safe environment, we ask that you follow the directions above to submit an adoption inquiry prior to visiting our shelter. We are following COVID-19 CDC guidelines by requiring masks and limiting the number of guests in our shelters at a time. We appreciate your patience with this new process and your commitment to saving our homeless animals.
9 | Dunwoody Crier | March 18, 2021
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10 | March 18, 2021 | Dunwoody Crier | TheCrier.net
OPINION
PAST TENSE
Morgan Falls Elementary School of Sandy Springs Next time you are driving down Roswell Road near Fulton County North Service Center, picture a schoolhouse sitting just north, across the road near Morgan Falls Road. The second and third VALERIE school buildings would BIGGERSTAFF be built where the service center is located. The first record of Morgan Falls School is January 1907, when the Atlanta Constitution reported Morgan Falls as one of two new schools opening in Fulton County. The other was on Stewart Avenue. The date of the school coincides with the beginnings of Morgan Falls Dam, constructed to help supply electricity to the area. The same Atlanta Constitution articles states, “The county was aided in the construction of the Morgan Falls school by the company of that name with its secretary and treasurer, Forrest Adair, very instrumental in the work.” Morgan Falls Road was known as Bull Sluice Road at the time, leading to the Bull Sluice Shoals along the Chattahoochee River. The Bull Sluice spur of the Roswell Railroad was operating, bringing supplies for construction of the dam. In 1932, Atlanta attorney and Chairman of the Georgia Board of Regents Hughes Spalding donated land on the east side of Roswell Road for the second Morgan Falls School to be built.
Restaurants: Continued from Page 3 the silver lining, but we stepped up our game,” Hughes said. “This is no excuse not to do the best we can do.” Opportunity to update Some restaurants are using the opportunity to make changes that will outlast the pandemic. Wallace said Olde Blind Dog has recently introduced new menu items, revamped the wine menu and created craft cocktail drinks. “We’re not really reinventing the Olde Blind Dog, but things can get old and worn out,” Wallace said. “We have a lot of really, really good new stuff.” It’s a similar story at Scratch Fresh. The restaurant recently began offering a steakhouse concept on Friday and Saturday nights and has refreshed its everyday menu.
Richard Adams, born in 1933 along what is now Dunwoody Club Drive, attended this second version of Morgan Falls School. He remembers James Pitts drove the school bus. Pitts Road is named for the Pitts family. Many students who attended Morgan Falls School through the years were from families where the father worked at Morgan Falls Electric Plant. In 1939, Ann Sitton and Lucile Johnson participated in a Flag Day celebration at the school. Their families lived on Bull Sluice Road, and their fathers worked at the nearby electric plant. (Atlanta Constitution, June 20, 1939) According to the 1940 census, 12 families lived on Bull Sluice Road or nearby on Roswell Road with a family member who worked at Morgan Falls. The principal of the school during these years was Lucile Wing Hockenhull. She devoted 27 years as teacher and principal at the school. Her parents were George and Eliza Wing. The third Morgan Falls School was a two-story building constructed around 1952. The school burned down in January 1971. In 1973, Fulton County commissioners asked the county school board to donate the 4.5 acres for a “new satellite courthouse” in North Fulton. (Atlanta Constitution, May 31, 1973) You can email Valerie at pasttensega@gmail.com or visit her website at pasttensega.com. “We’ve pretty much kept the same menu, but it has been revamped and enhanced, and we have a better menu than we’ve ever had,” Hughes said. “We have always felt we’ve had a great product and service to the community, but now we can provide even more and better than we’ve ever had.” Though sales are still slow, Noeske said Gasthaus Tirol will continue to fight forward. “It is what it is, and we have to make the best of it,” he said. “But our business is increasing, and we should eventually be back to where we were.” Wallace said his restaurant can now see the light at the end of the tunnel, and Hughes is looking for a good finish to the year. “So many things in the last year have touched me,” Hughes said. “But mainly, it’s just the sense of community and trying to take care of one another. We’ve all experienced it time after time in this restaurant. We are trying to take care of everyone, and everyone is trying to take care of us.”
OPINION
THE INVESTMENT COACH
TheCrier.net | Dunwoody Crier | March 18, 2021 | 11
The experts and inflation fears In 1974 the famed Austrian School economist Friedrich von Hayek (18991997) received the Nobel Memorial Prize in Economic Science. A deof clasLEWIS J. WALKER, CFP fender sical liberalism, Hayek delivered his acceptance speech, “The Pretence of Knowledge,” to mark the occasion. He opined that defining economics as a science could lead to thinking that anyone could truly know enough to engineer society successfully. Midst the COVID-19 pandemic and the search for cures for the economic fallout, the phrase, “Listen to the science,” became gospel. The elite experts, the economic and societal engineers who run the monetary, economic and political show in Washington who are pushing record federal spending and monetary injections into our economy, say “worry not,” interest rates are projected to stay
low, and inflation is not a problem. The 1970s saw rising inflation midst a stagnating economy. In 1973 U.S. inflation averaged 6.2 percent, jumping to 11 percent in 1974. As pundits turned to experts for a solution, Hayek wryly observed, “The economists are at this very moment called upon to say how to extricate the free world from the serious threat of accelerating inflation which has been brought about by policies which the majority of economists recommended and even urged governments to pursue.” Federal Reserve gurus may assure us of easy money and low interest rates, but bond buyers and sellers run the game. On Feb. 24, 2021, the Dow dropped 559.85 points as a “wave of selling in U.S. government bonds intensified,” driving yields on 10-year Treasury notes to 1.513 percent, compared to a yield of 0.70 percent in October. There’s the rub. Seemingly “good news” strengthening of the American economy and a sharp drop in jobless claims becomes “bad news,” triggering worries about potential overheating and rising inflation.
THE CITY OF DUNWOODY, GEORGIA NOTICE OF PUBLIC HEARING The City of Dunwoody City Council will meet on Monday, April 12, 2021 at 6:00 p.m. in the Council Chambers at Dunwoody City Hall, which is located at 4800 Ashford Dunwoody Road, Dunwoody, Georgia 30338 for the purpose of due process of the following: Text amendments to the City of Dunwoody City Code Chapter 27, Section 27-266 – 27-273, Fences and Walls. Text amendments to the City of Dunwoody City Code Chapter 27, Section 27-87, PD, Planned Development District. This meeting is also being held electronically pursuant to O.C.G.A. Section 50-14-1(g). Join from a PC, Mac, iPad, iPhone or Android device: Please click this URL to join. https://us02web.zoom.us/j/84187825123 Or join by phone: Dial(for higher quality, dial a number based on your current location): US: +1 929 205 6099 or +1 312 626 6799 or +1 301 715 8592 or +1 669 900 6833 or +1 253 215 8782 or +1 346 248 7799 Webinar ID: 841 8782 5123 International numbers available: https://us02web.zoom.us/u/kcBz3GOHg0
The Wall Street Journal, 2/27/21, noted that COVID aid “is pouring money into the U.S. economy, priming it for rapid growth this year.” Household income is up 13 percent since February, 2020. Some aid money has been spent, but much has been stashed away. Household savings totaled $3.9 trillion in January 2021, versus $1.4 trillion in February, 2020. Some forecasters see 6.5 percent or more in growth of the economy this year, a potentially robust performance. Debates about inflation will continue to cause periodic willies among stock and bond traders with concomitant volatility. Everything coming up roses? Roses have thorns. Maintain adequate cash reserves to ride out market dips if you depend on your portfolio for cash flow to sustain lifestyle. Inflation in prices for goods and services aside, asset price inflation is flashing warning signals. In 2020, the S&P 500 growth stock index vastly outperformed the total S&P 500 index, as FAANG (Facebook, Amazon, Apple, Netflix, Google) and ESG (environmental, social, governance) stocks soared and
price/earnings (P/E) ratios ascended well north of norms. In a discussion between James Grant, editor of Grant’s Interest Rate Observer, and Kevin Duffy of Bearing Asset Management, published in The Austrian magazine (January-February
Solution
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OPINION
12 | March 18, 2021 | Dunwoody Crier | TheCrier.net
THE INK PENN
A December holiday story for spring HARRY NORMAN, REALTORS® IS PROUD TO WELCOME
BETSY MALCOLM
REALTOR® 770-856-5907 Betsy.Malcolm@HarryNorman.com
LAMAR FRAZIER
REALTOR® 770-321-5786 Lamar.Frazier@HarryNorman.com
LAURIE MILLER
REALTOR® 404-376-0532 Laurie.Miller@HarryNorman.com
MELANIE WHITE
REALTOR® 404-915-9622 Melanie.White@HarryNorman.com
This inspirational story occurred in December, but the news was slow to make it to me. My thought is we can always use a bit of uplifting news. Wouldn’t you agree? It’s a feel-good story of how a local KATHY artist association MANOS PENN reached out to a local charity to brighten the holidays for children in need. With so many families struggling to put food on the table as a result of the pandemic’s unemployment impact, furnishing their children with art supplies was not a high priority. With that in mind, the co-presidents of the Dunwoody Fine Art Association, Susan Proctor and Barbara Flexner, floated the idea of furnishing art supply gift bags to children in need. When the members of this 50-year-old group of artists from Dunwoody, Sandy Springs and surrounding areas enthusiastically endorsed the idea, the next step was to reach out to the Community Assistance Center, an organization founded in 1993 by 10 local congregations to address growing poverty in the area. Once the CAC approved the project, the Fine Art Association swung into action to make it a reality. The membership collected art supply and cash contributions from members and neighbors and were able to secure a donation from Target for a gift card and art supplies. Volunteers created an assembly line to fill the shopping bags with crayons, watercolors, markers, pads of paper and other supplies. Yet another community organization, the Dunwoody Stage Door Players, stepped up to donate space for
the assembly line, and volunteers went to work. Their effort resulted in a whopping 170 gift bags arriving at the CAC on Dec. 2. “CAC is grateful for support from the Dunwoody Fine Art Association and their generous donation of 170 gift bags of art supplies for local children in need,” said Kristen Ristino, CAC communications manager. “We are distributing them as part of our Adopt-a-Family program for children to enjoy this holiday season. These families have had a difficult year trying to stay afloat during the pandemic, and gifts such as this from our caring community are greatly appreciated.” This was not the only community outreach project the Dunwoody Fine Art Association launched during the holiday season. Member Sharon Weiss reached out to Debbie Griffin of the Dunwoody Nature Center with an idea for a joint venture. The result was an Etsy artist market, with a portion of the sales donated to the Nature Center. For more information about the Dunwoody Fine Art Association, visit dunwoodyfineart.org. For more about the Community Assistance Center, visit ourcac.org. In our roller-coaster world of highs and lows, this story brightened my day. I can imagine Mr. Rogers nodding his head and thinking it’s this kind of story that makes for “a beautiful day in the neighborhood.” Award-winning author Kathy Manos Penn is a Sandy Springs resident. Find her cozy mysteries locally at The Enchanted Forest and on Amazon. Contact her at inkpenn119@gmail.com, and follow her on Facebook, www.facebook.com/ KathyManosPennAuthor/.
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• Breaking News • Exclusive Content • Message the Editor • Photos / Videos Harry Norman, REALTORS Atlanta Perimeter Office 4848 Ashford Dunwoody Road | Atlanta, GA 30338 | 770-394-2131 Office
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OPINION
Investment: Continued from Page 11 2021), Duffy noted that the current market cycle “is perhaps unique” given that some investors are buying stocks that are highly priced relative to underlying earnings and profits. He says, “There are so many price-insensitive buyers, not just the Federal Reserve, but also index fund investors and virtue-signaling millennials.” (Robin Hood: “Have I got a deal for you!”). Duffy pointed to Tesla, where everyone is focused on lack of emissions, but overlooking the matter of where electricity comes from, “not to mention the costs of recycling batteries.” Grant cited money manager Will Thomson of Massif Capital, LLC, who avoids ETFs labeled ESG as they own FAANG and other high multiple stocks. Instead, he says, buy the kind of dirty industrial business that’s cleaning itself up.” Which would you rather own at this juncture? Undervalued attractive growth with a forward P/E of, say, 18.7x, or an indexed portfolio of 24.9x or greater? Grant has published his newsletter since 1983 and he’s a student of economic history, as was Hayek. Observing the enormous debt and monetary creation in response to the pandemic and challenges of recent years, Grant notes, “Every succeeding crisis brings a more muscular monetary response a lower funds rate, a larger federal balance sheet. But ultralow rates encourage more credit formation, which leads to greater fragility and thus to the next crisis. The Fed is arsonist and fireman all rolled up into one.” In 1974 Hayek saw the economists, the experts, as arsonists being called on for advice on how to fight inflationary fires. Déjà vu all over again? The government, corporations, and individuals have gorged on debt given historically cheap money. Grant asks, what if instead of 2 percent inflation in line with Fed targets, it’s 4 percent or 5 percent? “The indicated response would be to raise the federal funds rate, but rivets start popping when money gets tight in a leveraged economy. What the world is not set up for is an inflation, to be sure.” “History doesn’t repeat itself, but it often rhymes.” Mark Twain. Lewis Walker, CFP®, is a life centered financial planning strategist with Capital Insight Group; 770-441-3553; lewis@ lewwalker.com. Securities & advisory services offered through The Strategic Financial Alliance, Inc. (SFA). Lewis is a registered representative and investment adviser representative of SFA, otherwise unaffiliated with Capital Insight Group. He’s a Gallup Certified Clifton Strengths Coach and Certified Exit Planning Advisor
TheCrier.net | Dunwoody Crier | March 18, 2021 | 13
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14 | March 18, 2021 | Dunwoody Crier | TheCrier.net
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