“Necessity is the mother of invention” is a proverb that means, roughly, the primary driving force for most new inventions is a need. Now, with the world in the throes of dealing with the health and economic impact of Covid-19, the need for solutions could not be higher.
While it is essentially impossible to describe what things will look like a year from now, history suggests that solutions will be found. The United States was born from the successful escape from British rule, and has, in the ensuing years, navigated through several wars, huge threats to the health and safety of its citizens, the Great Depression and continuing attacks by terrorists.
Even though the future is always difficult to predict and it isn’t always darkest before the dawn, investors would be well advised to bet on America. Americans have proven to be resilient, innovative and persistent. Perhaps a few words from “Annie”, “Tomorrow, tomorrow, it’s only a day away”, will cheer you up.
We will find a way forward.
All comments and suggestions are welcome.
Walter J. Kirchberger, CFA