“Everything in writing begins with language. Language begins with listening." Jeanette Winterson

Good morning,

Waking up on another Monday with positive preliminary vaccine news!!!

Released this morning, Moderna data that shows their vaccine is 94% effective. Timely and encouraging news, but it’s important for us to not only maintain our efforts to control the virus, but continue to be cautious in our communities.

It’s been a long few months of noise in the news, it’s certainly made our ability to listen much harder. It’s important for us to continue to sift through the information, try to understand our role in this recovery and remember the importance of listening to all of those around us.

What Great Listeners Actually Do

In our experience, most people think good listening comes down to doing three things:

• Not talking when others are speaking
• Letting others know you’re listening through facial expressions and verbal sounds
• Being able to repeat what others have said, practically word-for-word

What is good listening…….

Good listening is much more than being silent while the other person talks.

Good listening includes interactions that build a person’s self-esteem.

Good listening is a cooperative conversation.

Good listeners tended to make suggestions.

While many of us have think of being a good listener being like a sponge that accurately absorbs what the other person is saying, instead, good listeners are like trampolines. They are someone you can bounce ideas off of — and rather than absorbing your ideas and energy, they amplify, energize, and clarify your thinking. They make you feel better not merely passively absorbing, but by actively supporting. This lets you gain energy and height, just like someone jumping on a trampoline.

"Friends are those rare people who ask how we are, and then wait to hear the answer." Ed Cunningham

As we continue to digest information, remember that listening is one of the most important and imperative qualities that we possess.

Positive Vaccine, what does it mean?

When it comes to these vaccines, many questions remain. Namely, what is the efficacy when factoring in asymptomatic cases? Can it prevent severe disease or complications? Does it fully prevent infection or simply reduce the degree of symptoms? What is the duration of protection? And, how effective it is with the elderly? The data has yet to be reviewed by the rest of the scientific community. Nevertheless, it is a significant step forward and has provided a much needed sense of hope and relief.

Governments around the world are likely to prioritize certain groups – elderly and health care professionals – for first inoculation once available. The challenge thereafter becomes one of manufacturing sufficient quantities, transportation, storage and distribution as this vaccine needs to be handled with particular care (stored at -70 degrees Celsius for extended periods), and logistics given the need for two doses within a pre-defined time period. Widespread availability, particularly in the developed world, appears to be a realistic possibility as early as next spring.

Traditionally, vaccines have been made from the virus itself – an inactive form of it. The vaccine then triggers the body’s immune system to produce antibodies, which can help fight any future infection. However, the Pfizer vaccine is different. It does not use the virus, but rather coated molecules that carry a set of genetic instructions that the human body uses to make a certain kind of protein that would normally be found in the virus. The immune system detects these proteins, recognizes that they are foreign, and builds a response to protect against infection. An approval of a vaccine using this novel approach would be a first, and could mark a new chapter in vaccine development.

Its apparent success may bode well for the prospects of several others in Phase 3 trials that are using a similar approach.

This morning’s Moderna news is AWESOME and ultimately, we may see a few companies with potential vaccines that get approved in the year ahead, which could help meet the significant demand that is expected.

This potential breakthrough serves as a reminder that innovation is alive and well. More importantly, it suggests that global collaboration among the scientific community has real potential to help us overcome this virus. Coronavirus update The development above couldn’t have come at a better time. The current situation with respect to the coronavirus remains very challenging. The U.S. is now seeing rapid growth. To put things into perspective, the country’s 7-day moving average of new daily infections is over 123,000. That is 40% higher than the level of nearly 88,000 new daily infections from a week ago. And it is relatively widespread with most states seeing rising infections. With the U.S. Thanksgiving holiday just a few weeks away, we expect the country to struggle to get this trend under control.

Canada too is facing growing infection rates. Its 7-day moving average of new daily infections has now grown to over 4,400 from nearly 3,200 the week before. The provinces of Saskatchewan and Manitoba saw some progress this past week. At the opposite end of the spectrum were Alberta and British Columbia, both of which saw relatively stronger growth in new infection rates. Ontario and Quebec also saw a worsening in their trend. The East Coast and northern territories remain stable. Not surprisingly, many provinces continue to add new restrictions to try to slow the spread. In Europe, it has been less than two weeks since the majority of restrictive policies took hold. But, recent data suggests some early signs of improvement across a few countries like France and Spain. We expect next week to begin to provide more substantial clues as to whether a peak in new infections has been passed.

Undoubtedly, challenges remain over the winter months to come. But, we continue to believe that the year ahead holds the potential for less uncertainty as opposed to more. The U.S. elections, while not yet resolved, will be relatively soon. Central banks remain steadfast in their commitment to being as accommodative as possible to nurture an economic recovery. More aid and stimulus is likely on the horizon. And most importantly, the odds of vaccines being available by the spring continue to move higher. All this suggests a more stable backdrop for the economy and the markets as we move through 2021.

As we head into the week, remember to remain both optimistic AND realistic……we can learn everything by simply listening and observing.

"The most important thing in communication is hearing what isn't said" Peter Drucker

Be well & enjoy the moments Derek