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A special message from our President and Advisors

We hope this memo finds you safe and healthy in these difficult times


We believe COVID 19 has and will continue to have a severe economic impact on almost every sector of the global economy.  As jobless claims increase, consumer spending and confidence will decline.  Corporations have rushed to maximize credit lines to maintain solvency.  Many supply chains are shut down and demand has come to a halt.  Corporations and consumers are doing what is necessary while we get through what is hopefully the worst over the next few weeks/months.

The public/private partnerships along with robust and continuing monetary and fiscal stimulus from governments around the world is meant to reassure investors, bolster confidence and provide liquidity to the market during these extremely uncertain times. 

 We are maintaining our current long term equity allocations but using the relative market calm over the last few days to sell short term corporate bond funds/exchange traded funds.  We do not want to miss the upside from an eventual recovery in the equity markets.  However, interest rates are low and we may see some continued credit downgrades.  As a result, we want to prioritize liquidity and increase cash positions by selling the bonds, allowing us to stick with long term equity positions.

 We are sure many of you have read recently about Warren Buffett’s famous quote: “Be fearful when others are greedy and greedy when others are fearful.”  It is in the seemingly darkest of days that long term investors have historically gotten the best returns.  The American spirit of resiliency and community is beginning to show as people help neighbors and go-fund-me pages are popping up to help the unemployed. Take care of your families, stay safe and rest assured that we are monitoring portfolios and will take the actions we deem necessary as events unfold.

 We have spoken to many of you over the last few weeks but please do not hesitate to call!