Navigating through 2020

The carnage from Covid19 continues.  What investors with money in the stock market feel, a much wider group than you might think, is reflected as day to day volatility, responding to hope and fear.

Is this a short term pain like President  Trump suggests or something that would dramatically change our economies as many fear?

I do not know the answer but as portfolio managers whatever action or lack thereof  we take has an underlying vision of what is to happen. These days these operating strategies change on a daily basis.

I am siding with my experience in previous crashes like 1987 and 2009. Whatever causes a crash becomes slowly accepted by society as a norm. Do you remember how we used to fly before 9/11? Our lives will be changed but human ingenuity will find a way out of it and prosper.

This gives us a rare opportunity to upgrade and even overweight sectors that will come back and continue to pay us a dividend in years to come.

Timing is nearly impossible. Only good news that market will find as a floor, is our sense of control of the situation. Market thinks such is coming.

But that is today...