It’s been said that successful people demonstrate their resilience through their dedication to making progress every day, even if that progress is marginal. Today we begin the new day with enthusiasm.

Last week was marked by ongoing progress in the fight to contain the spread of the coronavirus and restart the global economy and the kick off to the earnings season. This morning the big news is a severe drop in crude prices as there seems to big a very large problem with the volume of oil being held in the US – producers and traders believe the price of oil in the future will indeed be higher do not want to sell at these low prices….a short term problem. Today, like every day, we are not focused on the near term but look to understand how the market, and the world will look beyond challenges as we can then find resilience and opportunity.

“When we learn how to become resilient, we learn how to embrace the beautifully broad spectrum of the human experience.” ― Jaeda Dewalt

As time goes on and we have more conversations with our friends, colleagues and families, it’s evident, the impact that this pandemic is having on every household is unique. We are all living our own unique circumstances and all trying to cope with the responsibility of managing health, family, our businesses and all the while ensuring that we are strong enough to plow through the obstacles of today.

I have a book recommendation for you - The Obstacle is the Way, by Ryan Holiday The main theme of the book comes from a quote by Roman Emperor, Marcus Aurelius: “The impediment to action advances action. What stands in the way becomes the way.”

Through the book (it’s an easy light read) Ryan listed a number of the world’s most successful companies that started during depressions or economic crises: •Walt Disney Company (during 1929 depression)

• FedEx (oil crisis 1973)
• Hewlett-Packard (Great depression 1935)
• Revlon (Great depression 1932)
• General Motors (panic of 1907)
• Microsoft (recession of 1973-75)
• LinkedIn (post dot-com bubble 2002)

“For the most part these businesses had little awareness that they were in some historically significant depression,” Ryan says. “The founders were too busy existing in the present. They just knew they had a job to do, a great idea they believed in or a product they thought they could sell. Most people start from disadvantage (often with no idea they are) and do just fine. It’s universal.”

“First, see clearly. Next, act correctly. Finally, endure and accept the world as it is”

What Ryan states is completely relevant for our thinking of today – I encourage you to embrace this mindset in your business and at home….. At Henderson Wealth, we believe that in this acceptance we’ll find purpose and the opportunity of progress

Turning to the markets quickly, the progress is encouraging given the outlook was relatively bleak just a few weeks ago. But, it remains to be seen how quickly people’s behavior may return to “normal” until effective treatments or vaccines are readily available. On this front, there have been encouraging developments as well but it is likely too speculative at this point to make any conclusions.

This week marked the start of the first quarter earnings season. Expectations are low and are even worse for the next quarter given anticipation the global economic weakness may persist for the bulk of April, May, and June. Hundreds of other companies are expected to report results and provide updated commentary on the economic backdrop in the weeks to come. It’s hard to imagine these businesses having any more insight into when the economic challenges will subside. As a result, we continue to expect uncertainty and volatility to remain elevated for the time being and we’ll be taking advantage of opportunities as they present themselves.

As always, I’m here if you have any questions or would like advice --- it’s going to be another week of excitement and another week of progress.

“Our greatest glory is not in never falling, but in rising every time we fall.” ― Confucius