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An Update from Pilgrim - 1.5.2020

9th May 2020

1.5.2020

Good Afternoon,

So, both my wife and sons asked me today how long we had been in lockdown? I was surprised I could not remember. A good friend of mine said it was probably because I was comfortable working from home and the simplicity of our new life was creating a relaxed environment. Having a 12-week-old puppy around has helped. No time to reflect or get bored!

I am sure you are all adapting in your own way and have developed new routines. Virtual Pilates and Yoga sessions 3 times a week has been my favourite so far. I watched Grayson Perry last night on how he is encouraging people to use art to help fill their lockdown days. It was interesting to hear what he missed most of all was being able to dress up as a woman and show off. Each to their own.

As you know from our regular weekly communications, our team have adapted to their new working practices and of course, like you, they are looking forward to returning to normality sometime in the future. None of us yet know what this is going to look like! In the meantime, we continue to devote our energies to look after your financial plans and wealth.

This week has been a relatively quiet week in the financial markets. Given the extreme levels of monetary and fiscal stimulus, we believe there is a high chance of a strong economic and stock market recovery to follow. However, we continue to believe the best case over coming weeks is a period of consolidation, while the worst case is a fall back towards the low we reached in mid-March. Much depends on market reaction as we move into the heart of the earnings reporting season and receive more economic data that reflects the significance of the shutdown.

David Buchan

Finance Director
Pilgrim Financial Planning

David Buchan

CII

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