How ironic that in order to receive the blessings one must first go through hell. And so it was last quarter as a plague of infection and social unrest was unleashed upon an unsuspecting public. Hopefully the dawn ahead will be brighter than the dark night just passed. But the truth is that we have a long way to go before finding an economic, social, and medical equilibrium. We just don't know, really, how complex the situation is. It is undeniable, however that the beliefs we held, the ideas of who we are, and the attitudes we subscribed to before this pandemic are clearly different in its aftermath.
I am struck by Wall Street's professional obsession with stock valuations and markets when, in fact, a more sizeable percentage of the population worldwide doesn't even participate in the stock market, and themselves are more concerned with economic survival, racial and social unrest, and personal health. If you count yourself as one of "the lucky ones" then just look to your left or right to find someone who isn't. The ruin of the last 3 months is vast. No amount of wishing can make the recovery go "straight up".
Don’t get me wrong...the percentage gains from the bottom of the market are impressive. It was hard not to get caught up in the stunning bounce back. Not only did the market recover some heft, but those regions of the country most affected by the virus are now leading the way in medical recovery. But, as most cycles do, changes are always evolving. It is only by looking backwards that we sometimes can gain the truest perspective of what might come in the future. Above all, that which most affects the future trajectory of events will be our attitude about overcoming obstacles and our preparedness to have patience when they occur.