Transcript

Hello, this is our market alert video for the week ended December 18, 2020 and again, it’s all about the stimulus, and I’m feeling like a broken record here and if you know what a broken record is, then I guess you could say that you’re old. Daddy, what’s a broken record? Well, I’m feeling like a broken record because we’ve talked about that it’s about the stimulus and of course, the vaccine is very important, but that’s more of a long term solution. In the short term, even with a vaccine, if we don’t get a stimulus package, our view is that the economy could fall into literally a depression. We have tens of millions of people who are unemployed. The economic data is deteriorating. Retail sales came in. Not as good as expected even in the highest retail period of the year which is right after Thanksgiving and so and the jobs numbers are not looking good. So the economic data is deteriorating.

If we don’t get a stimulus package, it’ll continue to get worse and a vaccine won’t solve the economic problem in the short run. So the stimulus package is front and center. it needs to happen and if that does, then it’ll bridge the gap until the vaccine can get people to have confidence, go back to doing normal things and when that happens, the combination we believe, and we believe it will happen, is an economy on steroids next year. So in the short run, we’re waiting on the politicians to get their act together and of course, that’s taking forever. Hopefully, before the year end, we’ll have that. So overall we’re, we’re looking at very positive period next year and we’re excited about the possibilities. In the meantime, as you guys know, October was a miserable, miserable month. The market went down, our investments fell, but since October we’ve had a remarkable run and it’s been actually quite good to see and so a nice way to head into the holiday season.

So at this point, we don’t see any reason to be overly pessimistic, panicky, to sell, to make any changes. We think that we’re bullish going forward and we believe that everything’s going to be okay here into the New Year. So if I don’t talk to you before then, I want to wish all of you a very, very happy holiday season, and we hope that you and yours are safe, and we hope that you are healthy and you are sane, and that you’re getting to spend time with family to the extent that it’s possible during these times. So again, thank you for letting us worry about all of this for you. We are eternally grateful to you for that and we will talk soon.

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