By LouAnn Schulfer, AWMA®, AIF®
Accredited Wealth Management Advisor®
Accredited Investment Fiduciary
How many times have you said “on the other hand, look at the bright side…”? It seems like more often than not, we have positive outcomes that accompany negative experiences. 2020 is certainly exemplary with Covid-19 and the disruptions it has caused. A scary virus and horrible experience for many, including fatalities that otherwise would not have happened: our hearts break for the loss of life that has occurred.
So much is different coming out of 2020 than going in to the new decade. Lockdowns and restrictions have forced innovation that will stay part of our lives and positively impact our futures. Acceleration in technology will allow us to be even more mobile and efficient in many career paths. Greater adoption of technology will allow us fewer missed school and work days due to weather. Efficiency in online ordering of basic goods like groceries offers convenience and saves time, and in many instances, is more cost effective for the retailer as well. One of the most notable changes is innovation in treatments and a possible vaccine for Covid-19. Sharing knowledge between companies who are otherwise competitors is key for establishing the manufacturing capacity needed to produce COVID-19 vaccines and treatments. Such collaboration could forever change the way that innovation and competition are viewed in the biopharmaceutical industry. This is likely to impact future research, development and treatment for many other illnesses. What could the future be for cancer, Alzheimer’s or diabetes care, if competitors continue to collaborate like they have been forced to do for Covid?
We’ve seen the confidence that financial markets have had in these new ways of life as investors have bought in and stocks have profited amidst an economy that has it’s struggles directly due to the very same virus. Certainly, we are experiencing positive outcomes from this very negative Covid experience.
Securities and advisory services offered through LPL Financial,a Registered Investment Advisor. Member FINRA/SIPC.