By: Matthew Theal, CFP® & Joshua Winterswyk, CFP®
Every Friday afternoon we recap what we are reading and the content we have produced. We hope you enjoy!
We are now more than a month into the lockdown on the West Coast. California, Oregon, and Washington have seen tremendous success by acting before it was recommended by the Federal Government and the CDC. Because of the early action, those 3 states have decided to partner together on a plan to re-open for business.
This week, California Governor Gain Newsom began laying the groundwork for what the plan will look like. On Friday, Newsom revealed a new economic advisory committee which includes Tom Steyer, Bob Iger, Janet Yellen, and Tim Cook.
While nothing is official, it seems that face masks will be mandatory for entering businesses and restaurant works will also be required to wear gloves as well. It also seems that large gatherings like sporting events and concerts will not be allowed for the time being. Early indications are the restrictions will start to come off sometime in May.
Best From the Web
I’m not a scientist, nor am I a doctor so I won’t pretend to play one a blog. This article is the most positive news we have had on COVID-19 treatment. It seems that Remdesivir, a drug used to treat Ebola patients is having positive results in a trial based in Chicago. Those other trials of the drug going on throughout the country. We are waiting to hear more news. Gilead stock was up 6% on Friday hitting a one year high.
Kudos to Fox News for great reporting on the origination of COVID-19. It seems U.S. intelligence has found two facts out. 1) They don’t sell bats at the wet market in Wuhan 2) There’s a lab in Wuhan that studies coronaviruses. It was speculated on the deep internet in January that COVID-19 came from a lab and not a bat, this reporting clearly supports that. I know with some people Fox News isn’t the most reliable news source but I have seen this story also reported by the Washington Post, Yahoo News and CNN.
I’m a massive sports fan, as are my colleagues Brent and Joshua. We have greatly missed sports through this quartine. Getting sports back will be a massive win for the country and the world. That said, I don’t think it’s happening anytime soon with fans. In Los Angeles, Mayor Eric Garcetti said this week that large gatherings won’t be happening until at least 2021. Some leagues get it, on Thursday the PGA Tour announced it would be coming back in June with no fans. With the likelihood that fans won’t be in the stand until 2021, what is going to happen to owners? Ticket and concession sales are a large portion of the owner’s revenue.
Really cool article from the NYT looking at how spending is changing in America. Unsurprisingly, grocery sales are up a lot with the majority of people spending on meal kits and through online grocers. Anything travel related has plunged to the downside: Airlines, Lodging, Cruises, Online Travel & Rental Cars. Interestingly, restaurant sales are down overall but restaurant delivery services have seen a spike. Speaning on entertainment is mixed with movie theatres and live events down while gaming and music streaming are up.
What We Created
Today we are putting a special message from RPA Wealth founder Brent Pasqua.
RPA Wealth Management will continue taking important steps to help minimize the spread of this virus. We are currently following the State & CDC’s guidelines.
All client appointments are virtual until further notice. On the day of the meeting, you will receive a link for a Zoom meeting along with any needed meeting notes.
We will continue to be proactive in our communication with clients through email, podcasts, videos, and client reviews.
Please reach out to us with any questions.
Brent M. Pasqua