May 11, 2020
Allow me to be a proud parent for a moment. My son Liberty Ellman is now 48. When he was born I was living the full New York City Rock and Roll Lifestyle. I had a giant Loft in SoHo long before it was fashionable. If you can believe it my rent was $300 a month. I lived there and used it for rehearsing with my bands. Somehow he ended up becoming a serious and highly regarded Jazz guitarist. I mention this because he just received a rave review in the Wall Street Journal for his new album “Last Desert”. He married a film producer. Along with their two lovely girls, they are living the artist life in Brooklyn. For some reason that I can’t quite figure out, Liberty, Cate and the kids are always happy. It seems to me that most people’s temperaments are basically set at birth. Liberty was happy from day one and still is.
Whenever I take one of those online optimist/pessimist tests I always score high on optimism. The other day one of my friends accused me of being a glass half full kind of guy and I guess that’s true.
No doubt you have noticed that most commentators fall into one of two camps.
- Things will start to get better by year-end.
- We are in for a long and deep recession.
I view the current economic collapse as being caused by a medical and health problem. By the same token, I believe that the problem requires a medical and health solution. Once we have brought the coronavirus under control, which we will, then the economy will start to recover.
I am also certain that there will be permanent changes to how many of us do business and carry out our daily lives. We have come to rely on a new set of tech tools. Tech adoption that might have otherwise taken five more years to become commonplace has taken place in a matter of weeks. Like any other technological innovation, there will be bumps along the way, and those who bemoan how Zoom has replaced face to face meetings.
I can imagine the conversations when the watch was invented. “What do you need a watch for? When the sun comes up, work. When the sun goes down, stop!”
Some businesses and jobs will disappear. And others will rise up to take their place. This is the nature of capitalism and the relentless market forces of supply and demand.
Sooner or later we will emerge from our huts and go back to work, go out to dinner, see a show, travel to faraway places, and walk in the woods.
Don’t get spooked by today’s crisis. Maintain a long term outlook, so we can reap the rewards over the long run!
CEO, CFP® Wealth Preservation Solutions
Personal Family Office / 360 Wealth Management