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Resilient Asset Management 2022 First Quarter Client Letter

Resilient Asset Management 2022 First Quarter Client Letter

To the Clients of Resilient Asset Management:


Greetings from world headquarters in Memphis, TN.

As I am typing this email, the end of "Tax Season" is approaching, the war in Europe is now two months running, gas prices are higher, grocery store runs are more painful on the wallet, and Lord knows what other bad news is out there.

Coupled with the pandemic, this can make for some weary souls.

As I have written to you in the past, it is virtually certain we will never have a shortage of bad news flooding the media waves.  And of course, many prognosticators foretell of a lugubrious future.  

The pundits are undoubtedly sincere with dire predictions supported by "facts".  However, to this day, anyone's prediction of muted future prosperity in our world has ultimately been proven demonstrably wrong.  If you don't believe me, just imagine the world without airplanes, cars, or iPhones and women are not allowed to vote - in 1900, that was your world...and two World Wars hadn't even happened yet!

As you all know, I am an unabashed believer in my United States of America and of capitalism in general.  Being a public optimist can feel a bit lonely and pollyanna'ish, especially when compared to the doomsayers and their unending academic conclusions.  I don't mind, swimming against the current has never bothered me.  I take solace knowing today's doom will be tomorrow's roadkill...I encourage you to do the same.  

At the macro level, there will never be a shortage of economic indicators about which we should be concerned.  What's more important is to understand and appreciate just how resilient our United States of America is in adapting to new conditions.  Whether it's for a vaccine, economic remedies, or national security assistance, the world turns to the United States in a crisis - and respond we do...neither inflation nor an unprovoked invasion will dent our reliability - you can be sure of that.

No matter the circumstances, I will reiterate to you what I have previously:  Control those things you can control, in your financial life and otherwise.  The more solid your financial foundation - no credit card debt, an Emergency Fund, an Executable Budget, a cogent Estate Plan, and a sensible saving and investment strategy - the better able you are to weather ANY potentiality.

And I remind you to never forget to think long-term - one of the very few quotes I remember from the numerous Forrestal Lectures I was required to attend at the Naval Academy was from the incomparable historian and author David McCullough who said this about his lecture's topic: "President Truman understood that the test of time is the only one that counts."  I've read his biography of #33 and that quote is an apt one sentence summary of a somewhat lengthier book.  Mr. McCullough's words still resonate with me over 25 years later, perhaps they will with you.

In closing, please keep what in the military we called a "Positive Mental Attitude"...there's never been a better time to be alive.  As we enter the Easter Weekend, please take a break to enjoy the time with your families and friends.  Spring is here and our best days are in front of us.

Thank you all for your time and continued trust in Resilient Asset Management.  Please contact us directly if you would like to discuss your personal circumstances.