The month of March is such a blur. News of the spreading virus in February quickly gave way to “stay at home” orders, and as we all know, unprecedented market volatility. At PFG, we spent much of our time having serious, emotionally charged conversations with understandably worried clients trying to decide what to do – stay in and hope for better days or sell and cut the losses. I also spent the month trying to provide timely video commentary on daily markets fluctuations hoping to provide much needed information and updates and, to some extent, some comfort and hope to our clients.
Things have quieted down slightly in April as we adjust to the “new normal.” Although we still feel like we’re on a roller coaster ride most days, as of the time of this writing, the S&P 500 index experienced its strongest 16-day period since 1938. I’ve consistently said during this crisis that I think this recovery will be more of a “W” (or several W’s) shape than “V” shape, and I continue to believe that. In Larry Adam’s Weekly Investment Strategy from April 24, he discusses our current COVID-19-induced recession and how the anticipated recovery in the third and fourth quarters of 2020 might look. Using a “K,” he illustrates how some industries will barely miss a beat, while others, such as airlines and sporting events, will continue to suffer from continued fear of being in enclosed spaces.
Each day, I am consciously trying to look for the silver lining in all of this and have gratitude for everything I can. I’m enjoying the increased time I am spending with my family and make a daily effort to connect on the phone with other family members and friends, also social distancing, as much as possible. Now more than ever, our client relationships mean so much to all of us at PFG and we’re very humbled by how much they trust and depend on us for continued guidance. The team at PFG remains dedicated to providing solid advice, or even just an ear, during this time and we are honored to play a vital role in continuing to plan your financial future.
As always, we’re here to discuss any questions or concerns you have. That’s why we’re here.
Todd M. Wike, CFP®
CERTIFIED FINANCIAL PLANNER™
Managing Partner, Potomac Financial Group
2019 RJFS Chairman’s Council Member*
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