Brad McMillan, Commonwealth’s CIO, provides an update on the coronavirus, including the economic and market…
Remain calm and carry on. These words from Brad McMillan, Chief Investment Officer at Commonwealth Financial Network, reflect his views on the Coronavirus outbreak.
As Brad mentions in his article, the World Health Organization confirmed 79,331 cases of this virus compared to about 15 million cases of the flu this year. While that number is not insignificant, consider also that they are concentrated in Asia, with only 14 cases diagnosed in the United States, and with the U.S. health care system, among the best in the world, prepared to deal with this issue.
The impact on manufacturing may have some temporary impact in China, but with a recovery expected in a relatively short time.
As Brad notes, “The U.S. is well-positioned, both for the virus and for the economic effects.”
“Remain calm and carry on” seems to be the prudent response to this drop in the market. While an outbreak of disease is never anything to take lightly, it appears that this one is under control, and most likely with limited real impact on the value of investments.
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Chuck Myers, AIF®PV Financial Group Chief Investment Officer