Big Market Swings
Steve: Hey Barry, we just hit one of the largest drops in the market, followed by one of the largest increases followed by an even greater drop in the stock market. I just wanted to ask, what would you have our clients do, or what would you want to communicate to our clients or their friends during this unprecedented time?
Barry: Steve, you know, we've spent all day on the phone talking with people, and both of us are a little tired, mentally tired. And emotionally tired. Let's say the first thing is we understand that this creates a lot of fear. I mean, this is pure panic. The market drop, I think is separated from any degree of economic reality at this point.
We don't know what kind of impact it's gonna have on the economy. It's going to have something, but we don't know the specifics. Everything right now is pure speculation. And I would say what we've seen from history, and I was talking with a client late this afternoon on this, you know, we tend to go from where we are today to panic, which is worst case scenario, and I think that's what the markets are reacting to is thinking. Worst case scenario reality is going to be somewhere in-between. I think when we start getting some clarity in terms of what that reality is going to look like, I think the markets will, respond to that and start coming back.
The other thing we've told folks is that because of the swiftness of this decline, which is truly unprecedented, I think that when we start getting that clarity. I believe the markets are going to come back just as fast, and that's my opinion. I wish we could guarantee that, but it would seem like that's the case, There is going to be people hungry for good news, and once that good news starts rolling in, I think the markets will respond to accordingly
That is what we're doing. That's what we'll continue to tell people is to be patient. This will get better. Things will return to normal, and we just have to help folks through this emotionally difficult time to get out on the other end.
Steve: Well guys, I hope you found this information valuable and please, as you guys know, in this social media environment, things get passed along very fast. If you found this information valuable, please share and pass it along. Thanks.