Good Morning,

If you were not able to get to the Regeneron interview evening before last, I have sent along the link again for you – it does provide hope that not all is dark. If one is willing to think something other than “the end of days”, one would be able to see that a therapeutic is on the way.
I have provided you the YouTube link here.

Once again: please note I am not suggesting that the CEO interviewed has a solution that solves the problem tomorrow. The purpose of watching it – and really listening to it – is to drive home the fact that there are thousands of very, very smart people – with leading-edge technology and science on their side – working for us 24-hours-a-day to solve problems.

My concern – panic by its very nature causes one’s mind to disconnect from what they normally would perceive. The cloud of fear is a powerful, very powerful weapon. Panic – and the reactions it drives – can often cause events which are worse than the problem being responded too.

Today – as is always the case in the peak areas of a panic – it’s like a car accident.

The media is sadly letting too much scare-mongering take place. Professors who come on air to suggest that millions of American’s will die is simply irresponsible. To suggest that our problem here is going to be tens of thousands of times worse than in China is just well, absurd.

For sure, I know in advance that my words here will have little if any impact.

And please, if you are offended about my language -I am sorry. There is nothing but good intent in my words – and I type them caring about your interest.

I feel we have all gotten sort of out of control – we have all become too addicted to social media. It is a weakness – just like any addiction. It is in our collective interest to break that addiction.

√ My hope is that we can muster the strength to recognize that we will fix the problem – together.

√ We will find – as we have always found – that the American people are the most creative, the most brilliant the most vigorous population on the planet.

√ EVERY single time we have faced a “we will never get over this” event – we have gotten over it, we have made it better, we have overcome – we have been victorious on the other side.

These notes are tough these days.

But it is our only way to try to provide a series of breadcrumbs which can help you get through the fire of panic, the fog of fear and see yourself on the other side.

There is a beginning – and then an end.


We will get a drug. We will get a therapy – we will get beyond.

And when we do – we will be stronger, better, closer – and the horizon will be brighter than it has ever been.

√ More important – when we do – the recovery days will be as fast and out of the blue as the collapse days.

√ Being terrified of the next shoe to drop is usually the hallmark to missing the recovery.

Does that mean it is easy?

Of course not! Nothing good is every easy.

But there are long-term benefits to “tough.”

√ Tough makes us better. Tough makes us learn. Tough makes us stronger – and oddly, more open, flexible and patient.

√ Tough makes the reward of successfully getting to the other side – which we will – together, more rewarding.

√ It feels better – it proves to us that we conquer and overcome whatever we need to.

It proves to us that defeat what was an emotion, a fear – a false image appearing real.

The Stop Light – Read it Again.

Consider for a moment that you and I are driving in a car. We just got started on this trip – and the GPS has our destination logged in. Our destination is a replay of the 80’s and 90’s. Oddly enough, a check of the “map” shows that the first 6 months of the 80’s also started out in a pretty ugly and dramatic manner – with very weak markets and a recessionary period coming off of the lost decade of the 70’s.

Here is the deal though – picture us back in the car – and let’s further pretend we are 10 miles from the interstate. On our way, sometimes very quickly – we will hit a stop light.

We have to stop.

Sometimes that stop light might be a quick stop light. Other times, it may be a bit extended. And then sometimes, out of just bad luck – we might come to a stop light that is broken on red – and requires us to sit there for a while….

In essence, though, our road trip is still in the GPS – it is just on hold.

That’s all – it is on hold.

The roads ahead did not disappear. The bridges were not removed.

The turns and miles ahead up the mountain are still in our GPS – they did not vanish.

Our car did not break down.

We did not forget how to drive.

The fuel needed along the way to get there – did not get taken away.

We simply hit a stop light. It’s maddening, frustrating and for someone like me, greatly tests your patience.

But….when the light turns green again – we will be back on our road trip.

The Dollar

Notice that the US Dollar is on highs – surpassing levels seen before the virus arrived.

The world of capital is not telling you that the US is done. The world of capital is instead rushing into the Dollar – and away from other currencies. The world of capital is acting very differently than the black boxes are in valuing the future of the US. Let’s just try to take that into consideration as this very, very stressful situational experience.

Panic Still Underway

All of this – of course, has not yet stopped the level of panic – some of which in and of itself is now becoming completely self-fulfilling.

The markets are not open yet – but one can strongly suspect that 5-7% ranges up and down every day are a) unprecedented and b) will likely keep driving the VIX futures to higher levels – maybe even more records.

Now – the crowd has indeed shown we are now more fearful of the future than we HAVE EVER BEEN BEFORE – IN ALL OF HISTORY.

We have now exceeded everything in history as it relates to fear of the future.

Every single one of those periods in the past were not what we feared at the time – they also did not end immediately.

In the meantime, others see something different.

The real question is the same we are always faced with in every crisis:

We – all – get – to – choose.

As with each note sent, especially during the unique panic threat and global reaction to it we currently face – we are here to talk and help.

I hope this has served to provide a beneficial view of what after-effects can look like when we get past the current red light.