A Professional Perspective On 2020, The Cruelest Year
2020 was the cruelest year. The pandemic afflicted friends and families; it got personal.
If you’re lucky, Covid merely upended your family, forcing grown children to move back home. Maybe you gave up a spare bedroom or lost your den.
For many American families, however, 2020 brought the cruelest loss: sickness and death.
For many investors, 2020 also taught a cruel lesson. Last March, many investors sold stocks when the S&P 500 plunged an initial -10%. Some sold when the market nosedived by -20%. Ultimately, the bottom of the 2020 Covid bear market came on March 23rd with a loss of -33.9%.
At that bleak moment, only a professional who has studied the history of economics and investments would have felt confident advising you what to do. Only a professional who has been trained to know how bad the world may look at the worst of times, is likely to remind you that people are resilient and progress has always been unrelenting. Living through financial crises adds crucial perspective, as does continuing professional education.
Sometimes, being an advisor is not about telling people what to do but helping people to decide what NOT to do.
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This article was written by a professional financial journalist for Forbes Financial Planning, Inc and is not intended as legal or investment advice.