COVID19, Market Volatility and Staying Calm
The author had a Trust client that I will call Mr. B, a decorated former Marine. He built a highly successful business after he left the Marine Corps and eventually sold the business at a favorable valuation. While most of the author’s trust clients were highly stressed by the housing bubble collapse of the last decade, Mr. B was unruffled. When I asked the secret of his calm during the market storm, he shared the advice he once gave fellow marines when taking heavy enemy fire - “keep your head down and make no sudden moves.” A recent survey of CFP® practitioners implies that Mr. B’s admonition may be timeless wisdom, both in the foxhole and when markets tumble. Consider the following excerpts from the survey:
While reasonable investment minds might add nuances such as “buy good stocks at discounted prices” to the CFP® practitioners’ advice, few of us would disagree with the advice to “stay focused on the long-term. This, too, shall pass. Do not panic.” You had it right all along Mr. B - may God bless you, our heroes in uniform and our brave healthcare workers on the front lines.