Written by Ben Rosholt, Wealth Advisor
It’s official…I don’t even know what emotion I am feeling right now. The stock market continues to stabilize and there is talk of reopening the economy, but I find myself leery of how this is all going to work. Do we just decide to return to normal? What will normal look like? Am I ever going to see you in person again!?!
The team and I are continuing to search for information to help position us for whatever happens next. We aren’t alone. The analysts also seem to be troubled and have reverted to saying simple things in phrases overflowing with jargon. Below are a couple bullets from the most recent Fidelity commentary.
- The growing scope of the clampdown on normal activity suggests it’s too soon to forecast the slowdown’s length, but we expect the eventual recovery to be gradual.
- The consensus expectation among Fidelity analysts is that the biggest economic effect from COVID-19 will be a negative demand shock, with supply-chain issues and lower demand likely to weigh on profits.
Allow me to translate: The economy is slowing and companies are likely to make less money.
I can’t imagine anyone challenging these opinions. Of course companies are going to make less money! So why am I sharing this with you? I am not about to use this as a transition to remind you that we are “all in this together”. You already know that!!! I am here to tell you that it is perfectly OK to feel confused, angry, exhausted, grateful* or any other emotion. There isn’t a wrong emotion when no one knows what will happen next.
*These are some of my emotions. What are you feeling?
My “Stay at Home” office
There was an interesting [to me!] article this weekend about Twin Cities financial advisors adapting to the new realities of working in the current “Stay at Home” conditions. I found my attention drifting away from the words and onto the photos. It seems natural to want to show your beautiful home office. Let me just tell you, that is not my situation. I took this photo on Sunday morning after reading the article. I did not move a single item in preparation for this photo. Even now I am laughing at how ridiculous this image is. Not a single thing reflects any sort of permanence, but rather a combination of swift action and my preference for function over form. I sit on a folding chair in front of a folding table. The two monitors and keyboard were “borrowed” from my downtown office. The monitors are powered by my laptop, the same way they would in normal circumstances. The cylinder behind the table leg is a foam roller which, because of the folding chair, has become a necessary part of my daily stretching routine. On the floor to the right is an aluminum stand to hold my iPad for Zoom calls. To the left of the keyboard is the most important piece of equipment I own; AirPods. If you have spoken to me any time since March 23rd, I can promise this is how you were hearing me.
Update from March
I have been asked quite a few times about the specifics of the trip I recently took that was referenced in the March 23rd email. The trip was one I have been dreaming about for as long as I can remember. Instead of skiing at a traditional resort with chairlifts, groomed trails and chalets, Meghan and I were shuttled around the wilderness in a helicopter. It was the most intense and exciting week of my life! The idea was that this would be a “bucket list” item, but now I’m not so sure. I think I’m addicted!
Below is a link to a video I made using footage captured on my helmet camera.
A couple quick clarifications:
- It is more beautiful than the images show
- The helicopter really got THAT close! Pilot Steve was incredible!
- We were “lifted” by the helicopter between 8-13 times a day
- We had a guide in front (Troy) and a guide in back (Mike)
- The snow was about 30 feet deep
- There was not a single moment that felt “unsafe”