At the end of January, I was on a trip in New York City. Times Square was full of eager busy bodies, soaking in the vibrancy and allure of such a coveted destination. As I think back on that trip, it feels so distant from where I am today; working from home in my attempt to avoid COVID-19. In just a matter of days, it feels like life has changed dramatically as everyone does their part to diminish the spread of COVID-19. I hope that you and your loved ones are safe and well, and that you are also taking necessary precautions. As your Financial Advisor, I wanted to take some time to offer you all perspective.
It’s rather obvious that the economic effects of COVID-19 have accelerated quickly and the financial markets are extremely volatile. It seems every headline, and lack thereof, triggers a different response. Some developments have included Congress’ fiscal stimulus package, the U.S. Federal Reserve cutting the overnight lending rate to essentially 0%, and President Trump calling on lawmakers to pump $1 trillion into the economy. Not to mention, your local grocery store is probably out of toilet paper.
It is no question that COVID-19 will leave a negative impact on economic growth as projections have declined by the day. The severity will depend on how long our social distancing stint lasts, how large of a hit the economy takes, and the long-term impact this has on consumer behavior. But I wouldn’t be in my chosen career if I didn’t have faith that we will pull through this. With that in mind, this rapid decline could present an opportunity for the long-term investor.
As I conclude this email, I am sitting by the pool in shorts and a t-shirt. It feels taboo to be conducting business in anything but business clothes, but it feels refreshing and empowering to maintain productivity outside the office. When I close my eyes, I daydream about my car ride to the office, my workouts at the gym, my weekly trip to the carwash, and the ability to grab an afterwork drink with friends. If nothing else, let COVID-19 serve as a reminder to never take life for granted and enjoy even the smallest of moments because we now all see how quickly they can be taken from us. Just before I open my eyes, I think back to when I was at the very top of the Empire State Building. In that moment, it felt as though life was never going to get better. One day, we will rise again, but this shared experience will keep us grounded for years to come.
You are not alone on this journey, you have me. I am scheduling phone and video calls Monday to Friday and am happy to be a resource for you. Reach out to me via email and we will get something scheduled.