Thoughts on a crazy week

It has been a crazy couple of weeks for us all. And it may have only just started. Looking back through the eyes of an adviser, an investor and a member of society, here are some broad observations. None are particularly original and they are in no set order:

• Berkshire Hathaway (Warren Buffett) has $128bn in cash. 50% of this is from royalties on Warren’s and Charlie’s quotes, and the quoting rate is still increasing exponentially!
• The Spider-man pointing at Spider-man image seems to be everywhere in my feeds.
• Monday the 23rd might might have been the bottom for the ASX. On that day, the BetaShares GEAR product had fallen 66% from its high 4 weeks earlier. I know someone who bought it this week. I also know they didn’t tell me the bottom had been formed, which I’m disappointed about. No Christmas card for them.
• Another sign this week might have been the bottom is that last week seems to have seen peak activity for portfolio changes with wrap accounts and super funds. There are lots stories of product providers’ IT systems and call centres being overwhelmed and not being able to handle the volume of requests to buy or sell, or just get an account balance.
• When fixed interest funds effectively have an exit fee, you know there’s panicked selling which would appear to be irrational.
• Also, this week MAY NOT be the bottom.
• Don’t say to the public “hey, I’ve got some money for you” and then wonder why the system crashes. Don’t let the”Xxxxxx from marketing” announce something until “Kate from operations” makes sure it is actually doable.
• Haircuts are okay. But your hairdresser needs to be Edward Scissorhands to be able to cut your hair while 1.5mtrs away.
• Children are the least likely to spread germs and the most likely to follow social distancing rules.
• Overseas travellers crowding through Sydney Airport are like children – they are the least likely to spread germs and the most likely to follow social distancing rules.
• For the clearest explanation of what the Government wants us to do, visit https://twitter.com/katemclennan1.
• There is always pappardelle pasta available in my supermarket. I’m not game to try it. It must be left there for a reason that I still can’t work out, but I’m not taking a chance on this one.
• We all have different views on what “essential” work or “essential” shopping is. Just stay home whenever possible.

This article is the opinion of the writer and does not consider the circumstances of any individual. This document has been prepared by Peter Keogh (Authorised Representative No. 253538 of Paragem Pty Ltd AFSL 297276) and is intended to be a general overview of the subject matter. The document is not intended to be comprehensive and should not be relied upon as such. We have not taken into account the individual objectives or circumstances of any person. Legal, financial and other professional advice should be sought prior to applying the information contained in this document. No responsibility is accepted by Peter Keogh, Paragem or its officers.