Uncertainty of Coronavirus continues as does the uncertainty in the financial world. You’ve heard this a few times now, control what you can control. Stay home when you can, social distance, wash your hands, drink plenty of fluids, and tell your neighbors not to hoard toilet paper. In the financial world, stay patient, review long term goals, don’t panic, try to avoid the urge to “day trade”. If you have a financial advisor, don’t hesitate to ask questions if you have them. They should be able to explain to you what they’ve been doing and why, and what the next steps are related to your portfolio construction.
Remember the coronavirus instigated this correction and the market feeds off its uncertainty. While we believe this will eventually pass, we still don’t know when, and what the economic fallout will be. Stocks are cheap right now, but will they become cheaper? When they come back, what areas of the world are most likely to bounce back sooner and what areas will struggle for years after? These are questions without easy answers at this point.
For Quartz, we have taken several steps to safeguard our clients and team. We are scheduling client review and planning meetings via teleconference, restricting office access to only essential client meetings, cleaning and disinfecting our offices following CDC guidelines, and importantly, we have instituted a rotating remote work schedule so that we do not have a disruption in our focus, activity, or ability to respond to you.
Focus on what you can control. Remember to order takeout or delivery from restaurants around you as one positive way to have a positive impact on the local economy. Check on your neighbors, turn off the news every once and a while, and don’t forget to smile!