“There must be some way out of here” – Bob Dylan’s “All Along the Watchtower” 1967
Bob Dylan had a way with words. Awarded the Nobel Prize for Literature in 2016, he knew what he was writing about in 1967, a year of social unrest, war & death, when he penned the first line of one of his most famous songs “All Along the Watchtower.”
“There must be some way out of here.”
His words written almost 53 years ago profoundly resonate with us in 2020 as our world faces a record breaking health and economic crisis triggered by the COVID 19 virus. Medical professionals race to save our lives, find drug interventions, and ultimately a vaccine to hopefully innoculate us in the future.
“There’s too much confusion, I can’t get no relief.”
Sheltering in place without immunity and without adequate resources. Living in fear for ourselves, our families and loved ones. Experiencing record breaking unemployment as businesses and employees struggle to survive, knowing some will not.
The month of March 2020 was when “the wind began to howl” and “none of them along the line know what any of it is worth.”
“But you and I, we’ve been through that, and this is not our fate…” This is the seventh recession in my adult & professional life and the third one since I have been working with you as clients at Waddell & Associates. Together we have faced personal challenges as well as the ups and downs of the economy and the investment markets. Together we have survived and thrived.
As I wrote in my letter to you on March 11th, we have been proactive, so we did not have to be reactive. We reviewed overall asset allocation to be sure appropriate for you personally, we set aside cash to cover your expected withdrawals. And in 2019, W&A instituted a hedge on the equity side, and in 2020 has done tax trades where suitable for all our equity clients.
I hope all is still well with you, your families & loved ones. Know that we will continue to be in close communication. Meanwhile, cherish your time together and take “Shelter from the Storm.”
— Phyllis
