Dear Friends and Clients,

I want to start by commending our Clients on your overall response to this truly unprecedented situation we all find ourselves in. Many of you have been with us through one, or even several, declines and we are gratified that our educational message seems to have been taken to heart.

As we have all experienced the fastest decline in asset prices in history – without warning – it is completely normal  for you to feel concerned. This sucks! No one likes to go through these temporary declines. Especially us! We have truly been heartened during the past few weeks as virtually all of you have heeded our message to not allow these declines to become permanent. What has been pleasantly surprising is how many of you have sought to add to your investments during this “sale” and have continued to refer us to your friends, family members, and colleagues, many of whom are receiving little or no guidance.

Your well diversified, goal focused, long term portfolio remains just as viable as it ever has been. The 1000 or so corporations in your portfolio produced important and necessary products and services before we had heard of this coronavirus. The demand for those products and services will be there when this scare is over. It is certainly possible it will come back stronger due to pent up demand.

We have been heartened lately by early discussion of a possible treatment for the COVID-19 virus. Two relatively inexpensive drugs (hydroxychloroquine and azithromycin) which have been available as generics with well-known safety profiles for decades have been shown in limited studies to be an effective treatment. There is some belief that it has preventive properties for at-risk people and health care workers as well.

Whether or not this proves to be the answer to treating the symptoms in victims of the virus, it will take longer for a vaccine to be developed and ready. Literally dozens of companies are working on developing vaccines with some already in clinical trials. Other treatments are also being explored. We also know that warmer weather has traditionally slowed the spread of previous coronaviruses, so hopefully that will be the case again here. It is believed that this particular strain doesn’t spread well in warmer, humid climates. Finally, a reason to look forward to a hot humid summer!

We will get through this and return to a more normal life; sooner than we might currently imagine. In the meantime, spend this time at home with your family and friends to rekindle and strengthen relationships. Get cracking on your “honey do” list. Catch up on your favorite tv shows or watch some new movies or oldies you remember enjoying.

There is little doubt we are all glued to the news these days. It can be fatiguing, as you are likely discovering.  Our endless message for a quarter century (a third of a century for some of us!) has been to encourage you to limit your exposure to the news. We have seen first-hand through the decades the emotional damage that can occur when people react in times of stress.

If anyone thinks  that this long term message of ours is aligned with any particular politician or party, I can assure you that’s a coincidence.  Clients who have been with us through several different presidential administrations and several changes in power in congress know that our message has been consistent and apolitical. In fact, we are “equal opportunity offenders” with regard to our periodic criticism of Washington policies. Whoever is in charge at the minute!

At Rogan & Associates, we provide education, guidance, planning, and encouragement to one constituency only – our planning and investing clients. Our tireless efforts are focused exclusively on the goal of our clients achieving long term financial success. We are proud of you, our clients, as you continue to have faith in us and continue to share our educational message.

Stay healthy. Stay the course. Keep the faith. And feel free to contact us via email or phone, and when the restrictions allow, set an appointment to visit us in person.


Michael Rogan