Message from REAP • April 1, 2020

From: David H. Morgan & REAP

Dear Valued Clients,

March of 2020 will go down in history as one of the most chaotic months in modern national history. After an optimistic start to the year, the COVID-19 virus, an oil price war, and an old-fashioned Wall Street Panic took their toll on global markets. Congress has announced a fiscal stimulus package of more than $2 Trillion to help cushion the impact from COVID-19 economic disruptions. The Federal Reserve has also launched an aggressive monetary stimulus effort to counteract market pricing dislocations caused by the global pandemic. The twin forces of fiscal and monetary policy have lined up to help stabilize the economy and markets under these unique national circumstances.

As a fiduciary, we believe portfolio construction is the key to reaching long-term goals, not market timing. Looking at market history, the best days in the market tend to cluster around the worst days. It may be tempting to try to miss the worst days, but in the long run the risk of missing the best days is just too great to ignore.

In the heat of the moment, it can be challenging to make good long-term decisions. Hence, why we took the time to plan during calmer times and are well-prepared to weather the storm. As always, if you would like to discuss your portfolio or re-visit your risk profile, please do not hesitate to contact us.

Best Regards,

David H. Morgan

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