I recently asked four esteemed Emerald Bay neighbors and friends what they thought of our current situation and what their outlook on looking forward is.
Below are their answers.
Unfortunately, I could only include snippets of the interviews with our esteemed neighbors in my newsletter. I think it is important for all of us to discuss our perspectives among the various sectors. We all have different perspectives and I think it is fascinating to learn about others' perspectives.
Please check out all of the answers to my questions from this esteemed Panel here…..
Brian Karaba - Montage International - CFO
What about the current crisis worries you the most?
What gives you the most hope?
From a business perspective, my biggest concern as it relates to Covid-19 is the lasting impact it will have on our day-to-day lives: how will it impact our social interactions, our willingness to meet in groups, dine at restaurants, or spend leisure time at gyms, spas, or pools. The most hopeful aspect of the post-crisis world is that we are seeing indications that people want to treat themselves when restrictions are lifted. Families may vacation for an extra week, upgrade their accommodations when traveling, and/or spend more money on dining and activities. The fear and severity of the health consequences of Covid-19, coupled with the difficulty of isolation, seems to be prompting people to want to celebrate their freedom and make new memories outside of the four walls of their homes to a much higher degree than existed before the crisis.
Harley Bassaman - Convexity Maven
How do you see a rebound happening after the shutdown ends?
Large companies that populate the S&P 500 will all be fine, which is why that Index has recovered so quickly. Small business, which makes up about a third of all employment is a different story. And of course, spending patterns will be different. Will ball games still be packed? Concerts? Travel will clearly be different, especially if countries place restrictions on entry, such as Singapore.
Susan Thomas - Board Chair Laguna Food Pantry
What gives you the most hope?
The outpouring of offers of help from volunteers and support of donors, both new and existing, fills me with hope and gratitude for the kindness of the community. Not sure about the overall economy, but Laguna Food Pantry will likely have an increased number of shoppers for the foreseeable future. So many have lost jobs or have no hourly wages and are struggling to stay in existing housing. Struggling families will continue to need food that they cannot afford to buy.
Brian Nugent - Founding General Partner, Sway Ventures
How is the economy likely to recover after all of this in your opinion?
We will emerge from the downturn. We always do. This downturn was not caused by secular trends or misdeeds but rather a health crisis, that can go away, as fast as it came. This may mean that we recover faster than the great recession of 2008-2009, but things will not be the same as before. The key is that life and work will be different in many ways. And the faster we can adapt our lifestyles to the new norm, the faster we can take advantage of the changes. Being able to be productive in a virtual model will suit you well. Economic recoveries always favor those who allow themselves room for learning and growth and taking new approaches to old problems. Out of the last recession emerged companies such as Uber, Venmo, Pinterest, Square, Whatsapp, Slack, and Airbnb. The concept being we were compelled to do things differently. Things had to change. And those who embraced it and had the conviction to help lead the way out reaped the rewards. A focus of our business is to find the next great entrepreneurial ideas that can help transform society for the better.