Client Portals
It was the best of times. It was the worst of times.

It was the best of times. It was the worst of times.

Second Quarter 2020

“It was the best of times.  It was the worst of times.” 

– Charles Dickens’ A Tale of Two Cities, 1859

At least from the perspective of the investment markets in January & early February 2020, it did seem like the “best of times”.  According to Investopedia, the longest running bull market in history that began in March of 2009 was still running strong into February 2020.

But as documented in my 1Q 2020 client letter in early April, the U.S. had plunged into recession and the world was experiencing heart breaking and record-breaking health and economic crises triggered by the COVID 19 virus.  It felt like theworst of times” for sure.

Now, do we believe it’s the best of timesagain for investments?  In about 3 and a half months CNBC reported that the SP500 broke two records – the fastest drop of (30%) in history for the 22 trading days beginning February 20, 2020 and the largest rally in a 50-day trading period through June 4, 2020.

As I quoted Soren Kierkegaard in my 4Q 2019 client letter “Life can only be understood backwards, but it must be lived forward.” Looking backward we know the financial results of this roller coaster ride, but how did we do living forward in our personal lives?

Congratulations!  We get A+ for making planning decisions during these “best of times, worst of times.” Here are some examples of our accomplishments together so far this year:

– Consoled, commiserated & collaborated more than ever before.

– Zoom’d, talked, phoned, emailed virtually, effectively & safely.

– Mourned loss of loved ones and made decisions regarding inheritances and our own legacies.

– Reviewed beneficiary forms and revised estate planning documents.

– Made sure our charitable gifts were being made in this time of need.

– Bought and sold real estate, homes and changed residences.

– Made difficult family decisions about caregiving and health issues.

– Refinanced mortgages and increased savings where and when we could.

– Navigated changes in complex IRS regulations, tax rules and government stimulus plans.

– Prioritized what is most important in our lives.

Collectively, I have been working with you as clients for almost 27 years.  Together we have continued to survive and thrive through “the best of times” and “the worst of times.”

– Phyllis

Phyllis R. Scruggs

Phyllis R. Scruggs

Senior Vice President Senior Wealth Strategist