A Little Thing That Makes a Big Difference
I hope this month’s post finds you doing well despite the second wave of COVID. It had been a terrific summer for the Atlantic bubble and the experts warned us that it would not last. Such is life, nothing lasts forever. Stock markets go up and they go down. Some days are calm and others are stormy. We've heard it before, but now perhaps more often; this too, shall pass. However it is the waiting for it to pass that is hard. We have found ways to adapt. Some better than others. What I admire most is the good attitude from those who face additional challenges during this pandemic - for instance, those with compromised immune systems, those who own a restaurant, retail business, or gym, the essential workers (so many!), those separated by family, those dual working parents working from home, and those who are alone.
"Hard is not relative. Hard is hard." (Ash Beckham)
There does appear to be light at the end of the tunnel evidenced by the stock markets continuing to post gains in November on positive vaccine developments and economic recovery hopes. The question I wonder is; "how long is this tunnel?" If the experts were correct in the early days of the pandemic then we can anticipate another long stretch; many months to over a year. In accepting that possibility my admiration grows towards those who've adopted a positive attitude in the face of the pandemic.
"Attitude is a little thing that makes a big difference." (Winston Churchill)
How can we improve our attitude?
By turning down the negative voice. Our thinking of an event is usually more important than the actual event. Since an event happens only once, but what we think about the event and the story we tell others and ourselves is what remains. We have the option to listen to the negative or positive voice. The following is a humorous example explaining the difference;
An avid positive-oriented duck hunter was in the market for a new bird dog. His search ended when he found a dog that could actually walk on water to retrieve a duck. Shocked by his find, he was sure that his negative-oriented friend would never believe him. He decided to try to break the news to his most pessimistic friend by inviting him on a duck hunt to witness his amazing dog firsthand. As they waited by the shore, a flock of ducks flew by. They fired, and a duck fell. The dog responded and jumped into the water. The dog however, did not sink but instead walked across the water to retrieve the bird, never getting more than his paws wet. The friend saw everything but did not say a single word. On the drive home, the hunter asked his friend, "did you notice anything unusual about my new dog?" " I sure did," responded his friend. "He can't swim."
No matter what information or results a person provides to their negative voice, the voice will always find a creative way to criticize it. The positive and negative voice receive the same information but develop completely different stories, based on which voice you are listening to.
How does listening to a voice make any difference in a situation?
In truth, the voice doesn't change the facts; however it can radically change how you respond to them. According to author Stewart Robertson "Content reframing is finding a way to make an event or behaviour to be represented in such a way that it would have value no matter how negative you think it might be."
Think about changing thoughts about the pandemic from something permanent to something temporary and survivable, without diminishing that these times are tough, or even incredibly sad or tragic.
We all have a style of self-talk that explains why bad things happen to us. Pessimists take negative events as permanent and personal, locking thoughts into a bunker that reinforces gloom. Optimists see setbacks as temporary and non-personal. This allows them to bounce back and build resilience. And you don’t have to be an optimist to think like one.
"Whether you think you can or you think you can't - you're right." (Henry Ford)
There are plenty of resources on-line to further explore the topic of attitude. A simple Google search is all you need to begin.
This little thing could make a big difference.
If you would prefer to speak more on the economy, stock markets, or specifics to your accounts I am available at your convenience.
Be positive,
Matthew Bishop
Investment Funds Advisor
