We are in extraordinary times. To me it feels like a combination of the days after 9-11 and the 2008 Lehman collapse. We are sheltered in place, fearful for our lives and the economy is grinding to a halt.
Our government came up short in its response to pandemic. (I try to keep this blog out of the political debate. This is not one of those times.) The administration was ill-equipped to handle the pandemic, ignored the problem, failed to take early action, and has consistently gotten the facts wrong. It’s initial response was tax cuts, which did not address the pandemic and was a poor tool to help those in economic distress. Things will stabilize, eventually.
The next problem will be be figuring out when to end things. We will need to release people from their isolation and tell everyone it’s okay to start meeting again. I fear that we will lack the leadership and trust in government to hit the restart button. Who will honestly tell us that it’s okay to go out?
That leaves us where we are now. Trying to keep our businesses running in this time of crisis. Holding thing together. Waiting for normal to return.
For registered investment advisers, the Securities and Exchange Commission has offered some relief. You can have some extra time to file your Form ADV. It requires notifying the SEC and posting information on your website. Similar extensions are available for filing Form PF. I hope things are better a month from now and firms won’t need that extension.
Sources: