Setbacks remain likely, whether in the form of a second wave of infections and shutdowns, a slower-then-expected rebound in employment or consumer confidence, or political factors such as the current unrest or pending election. Such setbacks could easily result in more volatility. Conclusion: Market Risks remain despite rebound.

After a gut-wrenching six week drop , the S&P 500 has surged by an astounding 42 percent (as of this writing) from the March 23rd lows. Meanwhile, more than a few market strategists are scratching their heads, asking themselves how stocks today could possibly be priced at pre-pandemic levels.

We are now three weeks or more into the start of a new environment for the spread of the virus. Not only has there been no significant increase in the case growth rate, but case growth itself has trended back down to around 20,000 per day. The real question now is whether recent public protests will generate another wave of infections. We won’t know the answer for at least another two weeks, but this possibility is something we must keep an eye on through June.

In light of the extraordinarily tough spring we have all had to endure, and now the abhorrent violence spreading throughout many of our great American cities, I thought this important message should be shared as a reminder of the challenges that our parents and grandparents lived through and overcome.

The recent market downturn and volatility resulting from the Coronavirus lockdown may have created a tax-savings opportunity for certain non-qualified stock option (NQSO) holders. If you have exercised options at a low valuation, held onto your shares and your company stock price rebounds, you could realize a tax savings when you ultimately sell the stock. But there are some critical considerations to keep in mind.

Another good week. We are not yet out of the woods, and there are certainly significant risks going forward, with a second wave of infections being the biggest. But the thing to keep in mind is that many of the biggest risks are moving behind us.

The Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), signed into law on March 27, 2020, includes several small business-focused provisions designed to allow businesses to retain employees and to help them pay expenses during this difficult time. If you are a small business owner in need of financial support, here’s what you should know.

We have spent the past couple of days first looking at the coronavirus pandemic itself and then at the likely economic effects. Which brings us to the third part of our discussion: market reactions. Now, we have the context to look at what has happened and think meaningfully about what might happen next.

Yesterday, we talked about how the coronavirus pandemic itself can be brought under control, and how in many countries it already has been. Here in the U.S., we are not there yet, but we can reasonably expect to get there in the next month or so. That is the good news. But when the virus is brought under control...

Yesterday, we talked about the big picture around the coronavirus crisis: the pandemic itself, the likely economic effects, and, last but certainly not least, the market reactions. Next, I want to start a more detailed discussion of each component. We will deal with the pandemic today, the economy tomorrow, and the markets on Friday. Although the big picture provides valuable context, there is also quite a bit to be gained by diving deeper into each component.

With everything that is happening in the world, now is a good time to step back and think about where we are and where we might be going. There is a tremendous amount of information available. But what’s missing is a framework for that information that would help clarify the big picture. What I want to do today is outline how I see that big picture, which will hopefully provide a framework to understand where we are headed.

One of the best ways to show gratitude is simply taking a couple of minutes, every day, to write down three things you are grateful for. They don’t have to be big. My own, on occasion, have included a nice hot cup of tea. The value comes from focusing, even for a short time, on the good things in life, rather than the problems.