We are open for business and here for you.Submitted by Baker Wealth Management on March 17th, 2020
“History doesn’t repeat itself, but it often rhymes” – Mark Twain
It doesn’t seem real – but rather a backdrop out of a bad movie. Last week we faced daylight savings time, Friday the 13th, full moon, pandemic and a bear market. We have been bombarded incessantly with images of bare shelves where toilet paper, soap, sanitizer and cleaners were once in abundance. I find my questioning – ‘Why didn’t I buy 100 rolls of toilet paper at Costco when I had the chance?,’ ‘What exactly is online learning for students?,’ or ‘Who is a carrier of the COVD-19 Virus (not to mention – what exactly is the COVD 19 virus)?.’ It’s scary right now. This has never been seen – it’s all new. And yes… This is a new challenge faced not only by Americans but by citizens of entire planet Earth. How will we get through the impossible? And then my mind flashed with memories.
While this situation is different than September 11th, my feelings were eerily similar. I remember the day of the attacks glued to a small black and white television in my office. I felt so helpless. Buying groceries and withdrawing cash from the ATM were paramount. The news was on 24/7. The New York Stock Exchange was closed for FOUR days. Paralysis. But then, we saw the heroes. Everyday people. Day by day progress was made. Life resumed to a new normal. We, as a community, worked together.
Less than a decade later, the financial crisis came upon us. Again, I was glued in front of the tv watching Lehman Brothers fail. Federal funds rate was lowered to zero percent. TARP became a household topic. There was such a sense of despair in the atmosphere. But then, time passed. A new normal emerged.
Although the COVD-19 is a different situation, the response is very similar. Everyday heroes are emerging – our researchers, doctors, nurses, teachers, leaders, and those working to keep our economy functioning. Innovative solutions, such as remote teaching or work-at-home solutions, have been brought forth. We are understanding the weaknesses in our systems including healthcare – working around the clock to provide care and learning how to be better equipped for future scenarios. There is still much angst in the marketplace. Be prepared for more violent roller coasters market swings ahead both down and up.
But… Life will continue and revert to a potentially new normal. A simple handshake may be considered archaic. But… with time… this turbulent storm will calm.
Our team is here for you. Our office is fully open operating business as usual (even though this seems a bit unusual). If the situation arises that dictates a quarantine, we do have a contingency plan in place. This may be the time you need to discuss your portfolio and plan. During most volatility, we advise you to “stay the course,” and that generally proves to be the best course of action. However, it’s easy to question conventional wisdom. There is much conflicting news. We do understand the fear and confusion that you may be facing, but you are not alone. Feel free to email or call with any questions or concerns.
We wish for you and your family peace and health during this trying time.