Early in the pandemic we wrote about controlling what you can control. We continue to stress to the Quartz Family to maintain that perspective as we fight through the virus and the volatility and stress it has caused on the economy.
Clearly few of us have ever experienced a world-wide public health crisis, so it would be futile to think that we have all of the answers at this time. Because of this, we will continue to preach and practice patience and persistence.
We practice patience by following the data. Twenty million people have recently lost their jobs which is a data point that cannot be ignored. While the financial response from the Federal Reserve has been unprecedented, we must acknowledge the possible long-term effect. While interest rates remain historically low, we must remember that assets like municipal bonds, particularly highly rated bonds from the state of Texas, have shown resiliency over the years in all types of crisis situations. We will remain persistent in following the data in making all investment decisions.
Our country has made serious and significant sacrifices to protect their own health and their loved ones, neighbors, coworkers, and fellow citizens. Together we have slowed the virus to this point. While we acknowledge that our country needs to reopen, we encourage all to practice safe standards until the data shows that the virus has significantly faded in the city where you live.
We also understand the restlessness that this has created on all of us. We all are restless to get back to normal times. We are restless for our businesses to open at full capacity. We are restless to watch our favorite sports and concerts. Restlessness can be the enemy of patience both in fighting the virus and in investing. Restlessness can cause significant errors in judgment.
Quartz will remain patient and persistent. We hope you will join us.