Quarterly Commentary

It’s All Relative

Seemingly, every decade or so is punctuated by one or two major economic events that shape or dictate the color and tone of global financial markets. If identified correctly, these themes have the potential for enormous capital gains possibilities. Therefore, acting upon them requires diligence and creativity, as well as the courage of one’s convictions. No doubt, today’s investment (and social) landscape has inexorably been punctuated by the impact of Covid and, to a lesser degree, the monetary and fiscal after-effects of the response.

In many ways, what it means to be an investor, a citizen, has dramatically shifted as a result of the pandemic. The world was brought to the precipice of catastrophe, wherein the psychological and medical impact was matched only by the economic fallout of shortages and quarantines. A profound period of calamity and psychological despair nearly obliterated all the financial gains of the previous generation. Essentially, we lived through a nightmare which many of us hope never to see again. Unfortunately, the world now knows that crisis is metaphorically and literally but a sneeze away.

As we recover from the trauma, we must also return to normal behavior and systems of government/economics. This requires a commitment to norms and deeds that will rebuild trust and processes that inspire attractive futures for ourselves and our offspring. The global foundation demands nothing less.