Why keeping your cool in a crazy market is the best path
We would like you to know that if we are your financial planner and investment adviser, we remain solidly committed to your long term plan. From our first meetings together, we have always emphasized the long term aspect of the planning work we do. This includes being prepared for the unexpected—in advance.
Bear markets occur and we are now in one. While some would claim that this time it’s different and we’ve never faced this type of global crisis, these claims seem to be made every time we have faced a big challenge: Black Monday (1987), The Dot-com Bust (2000), 9/11, and the Great Recession of 2008-9. Each one brought enormous pain to the financial markets and certain industries. Yet, somehow investors recovered.
The near term path forward appears uncontrolled, is uncertain, and raises concerns of insecurity. Together these three things can be really hard for humans to manage (see Coronavirus and the contagion of fear at https://www.cbsnews.com/news/coronavirus-and-the-contagion-of-fear/?ftag=CNM-00-10aab6i&linkId=84805069). Under these conditions, it’s kinda like asking a drunk person to perform brain surgery. Let’s not do that.
Rick and I are strong believers in the resiliency of Americans and their ability to creatively solve big problems (see this article about a company on Cape Cod that is adapting machines to make N95 masks right now https://www.capecodtimes.com/news/20200321/hyannis-company-steps-up-to-aid-coronavirus-fight). It is this kind of problem-solving that will eventually get us through this period.
We have faced many unprecedented challenges and prevailed over the long term. We have every reason to believe that we will succeed again.
These can be hard times for many of you, your friends and family. Please know that we stand ready to answer your questions and be your guide through thick and thin.
Hang in there; it’ll be worth it in the long run.
Lyman H. Jackson
P.S. Why the picture of the fire pit? For the last two Sunday nights I’ve been building a fire in our backyard fire pit and inviting over a neighbor to join us (with six foot social distancing in place). It has been a nice, safe way to provide much needed socializing. And, there’s something special about a fire, too. Don’t forget to keep a bucket of water and/or a garden hose nearby.
Financial Planning Solutions, LLC (FPS) is a Registered Investment Advisor. FPS provides this blog for informational and educational purposes only. Nothing in this blog should be considered investment, tax, or legal advice. FPS only renders personalized advice to each client after entering into an advisory relationship. Information herein includes opinions and forward-looking statements that may not come to pass. Information is derived from sources believed to be reliable. Information is at a point in time and subject to change without notice. Such information may not be independently verified by FPS. Please see important disclosures link at the bottom of this page.