As an investment advisor, I’ve been pretty tied up the last couple of weeks, for obvious reasons – although I will say that the reaction of our clientele so far to the corona virus crisis – or, is it a ‘crisis’? – seems to be, “Well, these things happen from time to time, best to just hunker down and wait; after all, that worked well the last 23 times this sort of thing happened.” Which is true. Now more even than usual, any investment decisions we might make in view of the present crisis are in the nature of things obsolete by the time they occur to us. And when the market plunges, pretty much the best thing looking forward is to own the market – because reversion to the mean. But their reaction is heartening, too, as a testament to their sanguine equanimity – which is to say, to their wisdom.
What is more, we are tied into a network of roughly 100 advisory firms such as my own, and that reaction seems to be pretty normal among all their clients, in their thousands upon thousands. Which is doubly heartening.