Scott’s 2020 Year-End Letter

December 2020

Handshakes. Not that anyone is asking, but that’s what I miss. I still get hugs from grandchildren and children and sometimes my wife. And when COVID surrenders, we will probably hug our friends again, but I think handshakes are done.

I hope you and your families are all doing well. My nuclear family and FSR family all seem to be staying healthy. We know it’s been a weird year, but we shouldn’t feel too sorry for ourselves. Overall, we baby boomers and our children have had it pretty easy compared to other generations. In our house the conversation has changed from infection rates to when we will get the vaccine.

I am extremely proud of our FSR team. When the market crashed in March, we were in communication with virtually every client repositioning portfolios when necessary, taking advantage of Roth conversions and generally making sure everyone was in the best position to ride out the storm. We thank you for your patience with tax preparation. Logistically, we were getting our sea legs. Technology has truly changed the world. Since March, we have met with most of you virtually as opposed to in-person. A survey of about 100 clients told us that two-thirds prefer avoiding the commute and meeting virtually. There’s a business change we didn’t see coming at the start of 2020!

Looking forward, I am positive for our economy. That doesn’t mean it won’t be volatile, but I believe the market will trend-up. Why?
1. The vaccine
2. More stimulus
3. Pent-up cash in the banking system

Stay safe. In a few short months we can all get foot massages again, because that’s what I really miss the most!