The challenges 2020 has offered us never seem to let up. As we all tend to pay too much attention to the news, we’re led to believe the country is on fire, both literally and figuratively. The news shows a nation divided, a virus we can’t get under control, and questionable leadership at all levels from all sides.
As accurate as some of that may be, it’s important to remember that most of us don’t fit into the radical sides of the divide. We have already overcome a lot this year, and as the challenges are likely not even close to stopping, we know we can be resilient and change whether we’re forced to or do it proactively.
The economy is improving, albeit at a slower pace than in early summer.1 In June, many economists predicted double-digit unemployment through the end of the year and into next year,2 but we’ve already beaten that expectation.3 Although choppy, the market is having a relatively strong year considering everything that has gone on. I write this with a big caveat that the election holds a lot of uncertainty. There is a good chance the election won’t be decided on Election Day, and legal battles could cause more market volatility since markets tend not to respond well to uncertainty.4 There is also a chance of another spike in COVID cases as the weather sends us back inside.5
It has become almost cliché to talk about how bad 2020 is. It is important to remember that not all is solved when the calendar turns over. We’re going to continue to encounter challenges, but if we can stay resilient in the face of adversity and remember that we have already come so far, things will be okay. We can’t do much about America’s problems by ourselves. Still, we can improve our circumstances by continuing to work hard, being kind to our neighbors, and doing our best to see differing opinions in the most charitable light.
In the meantime, stay safe, cherish the time with your loved ones, and have a great fourth quarter to the year.
Ben Tiller, Principal Financial Officer