An Open Letter About the Coronavirus’ Impact:

To All –

Hopefully you’re able to stay calm this worldwide health crisis and panic. My prayer is that all of us can experience calmness in the storm.

I have been impressed with our customers. The resilience, perspective, and rationality I’ve witnessed strengthens me greatly. Although it is hard to see an investment portfolio decline, you are generally looking through it out into the future.

We are living in an environment of fear. Some people’s actions are rational, like extreme physical distancing and hand washing. But other actions are irrational—like hoarding three months’ worth of toilet paper.

We are not called to fear.

We are hardwired to want to at least do something. But there is nothing we can do to immediately fix the problem, and this is deeply unsatisfying. Virus case counts (and emotions) will go up dramatically as testing increases, and then level off and eventually decline.

Here are some of our beliefs about the future:

1. Commerce will continue into the future. There will be changes, however. If you agree with this statement you should stay invested, unless you cannot sleep.
2. The pandemic and the panic that goes with it will create bad economic effects. It will also create new winners and losers in the stock markets. Our managers are currently busy identifying these and re-positioning for the future.
3. This is one of the biggest buying opportunities of our lifetime. It would be nice if a bell rang at the very bottom.
4. But there is no bell. We don’t know where the bottom is. Although as of March 19, 2020 we have seen at least three days with signs of panic selling, we have not seen the raw hopelessness that accompanies a market bottom. That said, we could be at the actual bottom right now. Or six months from now.

Our offices are closed for now, but everyone is working. You can reach the office at (330) 893-0113 on account details, or to visit with Liz, John, Evelyn, Clinton, or myself.

We are thinking of you often,

Ellis Y. Miller