 Good day, fellow investors. Very interesting times, and we have to assess those times where there is a lot of panic with rationality. We have to be the ones that look at what's going on, add the data, add the facts, and then try to see what is most important for long-term investors. Because even Benjamin Graham says in the short run, the market is a voting machine, but in the long run, it is a weighing machine. What does this mean? The market now reacts as a complete voting machine. Fundamentals are forgotten. The market is just voting on the last piece of information and then panically reacting in fear of missing out on the upside, as we are seeing probably today when stocks rebounded, or in complete fear and panic and distress as it was the case yesterday. So that's the market, voting machine, short-term time span, and then we have investors, long-term market, weighing machine, fundamentals, see where this is really going and what will the world look like in the next 10 years. So we're going to discuss how the market is a voting and a weighing machine, explain the difference, what's very important for you, the economy, what will be the repercussions on the economy, what are the repercussions on the economy, how is that important, how has that been dealt with from fiscal and monetary policy? We have seen the Fed slashing rates to zero. And then the most important thing, it is about your strategy. It is about you, nothing else matters. It's how you deal with what's going on, how you are ready for whatever might come in the future. And then again, it all depends on your strategy because it all depends on liquidity, horizon, and then of course, whether you are an investor or a speculator. Let's start. If we look at what's going on in the market and if I look in the comments on my platform, on YouTube, on Facebook, wherever, it's all about survival, bankruptcy, nationalization, the listing, stock market shutdown, depression, running out of cash, et cetera, et cetera. This will go down, this will go even more down. This is just the beginning, et cetera, et cetera. So a lot of such words, well, where people try to justify their actions. And that's completely rational and normal. However, if we look at the market again, yesterday, down, big time, today again, up, the other day, up, especially Friday, with the peak in the late hours of trading. So what we see is a lot of volatility and the volatility is the result of uncertainty. The market doesn't know what will happen, how to react, and therefore it reacts on anything, trading, a lot of trading going on, et cetera, because the market doesn't know. We also don't know, which again leads me to my conclusion later, it's all about you and how you approach this uncertainty. If we look at what the Wall Street Journal says, US futures rarely as global markets see so, and then every topic is just about the market, nothing about fundamentals or the economy, because this is what people are interested in now, the market, the market, the market. The Dow falls nearly 3,000 points, Fed takes new action. Okay, US world leaders step up a force to slow spread of coronavirus, okay, why are the markets so volatile? And then US banks borrow from the Fed. No real discussion on what will be the impact on the economy and what are the fundamentals. Similarly, Bloomberg, again, US futures market route, doesn't stop market route, et cetera, et cetera. And then we have to see, okay, what is the real impact of the economy? There will be definitely an impact, what will be the long-term consequences, the short-term consequences, and what does that mean to us, if you're a speculator or an investor? And this week, there was, or last week, there was a Goldman Sachs conference for their top 5,500 clients, and a lot of notes came out and I found these notes from investors that listened to the conference call with the Goldman's head of economy and medicine, and they gave a perspective on what happened, and it's a very interesting expected because it sheds a different light on what's going on. It is a very, very, let's say, no emotional perspective, so if you are an emotional person, sensible person, stop watching this video, that's something, you cannot have emotions when it comes to investing. That's unfortunate, that sounds harsh, but that's how it is, I'm sorry, I know, as they say, the truth is like poetry and nobody likes poetry, right? So let's dig into what Goldman Sachs has to say, 50% of Americans will likely contact the virus, so it's like common cold, really spreading fast, 70% of Germany is also possible that it will contact the virus, peak virus expected over the next two months, declining thereafter, so it is concentrated in a band between 30 and 50 degrees north latitude, which means like the common cold and flu, it prefers cold weather, which is a positive, and it's likely that it's seasonal, this is all Goldman Sachs, so 80% early stage, practically common cold, a little bit like the few, and unfortunately, the elderly or those that have their immune system compromised, up to 3 million people will be hit severely, especially let's say in the US, and that's something, unfortunately, but also what is the truth? The truth is that 3 million people die in the US due to old age and disease per year, so 3 million people die per year, and whether they will die because of the coronavirus or not, that's something to be discussed, and that's an ugly discussion, because it's never nice to talk about that, but that's a discussion that unfortunately, we need to have in order to try to grasp the consequences of this. The truth is, and the effect is, something I'm very certain of, people die, life you live and then you die, and that's harsh, I know, but that's how it is. We just have to see how this new virus will impact what's going on in the world, and each that I know it is not nice, well, depending again on the culture, you're looking it from somewhere that is celebrated somewhere is not, but that's something not related to this channel, not related to investing. So the fact is that people will die, and that also the economies will be impacted, even if this lockdown shuts down everything, and there is, I don't know, unemployment rate goes up by 3%, that's 120,000 people on average dying just in the United States, not even to mention globally, just because the unemployment rate goes up. So that's also something you have to think about. It's not just about the coronavirus as it is the case in economy. There is no free lunch. If you take from here, if you block everything, unemployment goes up, recession, people die because of that too. So again, harsh, but that's the truth. If we look more at the economy, Goldman growth GDP rate will be the lowest in 30 years at around 2%, but then it may take six months for the Chinese economy supply chains and everything to recover, and we are already seeing them recovering. So there will be economic damage, but the real damage is driven mostly by market psychology. Stock markets should fully recover in the second half of the year. Very harsh to comprehend that, to think about that, but it is mostly likely as we learn to live with the virus, we learn to deal with it, we accept it as a new part of our lives. So that's it. On the market, technically, the market generally has been looking for a reason to reset after the longest bull market in history. So as for Goldman, there is no systemic risk. No one is even talking about that. Governments are intervening in the markets to stabilize them, and the private banking sector is well-capitalized. It feels more like 9-11 than it does like 2008. Also, something I'm looking, copper prices have been hit, but it's not a real disaster. Those will probably go lower to perhaps two dollars a pound, but it's not a disaster, it's not something uncommon. Also, if we look at the reaction, the Fed, ECB, the Bank of China, Bank of Japan, everybody is reacting. The Fed cuts the rates to zero to help with the liquidity. And they said they will buy more, they will buy more. So buy more bonds, 700 billion quantitative easing program. So there is the reaction against something that wasn't there in 2008. Then we can debate also what Ray Dalio says about the interest rate floor. Interest rates are not so efficient anymore. So governments and monetary policy, central banks, will have to do more, will have to have a coordinated intervention. And we'll see also how that evolves. It's also all uncharted territory for most of us, even Ray Dalio missed taking advantage of this downturn. So that's how the world is and we'll see how it evolves. How long it will last? The virus, the reaction of the market, the help of the government. Well, everybody's saying that, well, most are saying that with immunization, 60% of people getting the virus, things should cool down, should narrow down, which is then a positive. How long will that happen? Well, if warmer weather comes and helps, and then you say, why in Australia people catch it? Because when you land in Australia, you are in the climatized aircraft, climatized car, climatized building, climatized hotel. So you don't really see those heats that kill everything. So there is plenty of room to spread. If it is under the influence of temperature, but that's something else. So there is stimulus. It's impossible to know exactly how long will this last. If there is three months, six months, 12 months, some businesses will be hurt more, some businesses will be hurt less. But it's likely that over the next 10, 12 months, two years, things will return to normal and then we'll have to deal again with the normal issues that we have from the debt, from the money printing, from the bankruptcies. That's always normal. You always deal with trouble in life and then that's life. You go ahead by solving issue by issue. So it's now about strategy, your strategy. How are you dealing with this? Because the most important thing now is what you are going to do. How are you going to react? Is this going to be an opportunity for you? Or it's going to be an opportunity for you to lose money that you have gained in the past? Let's discuss. As we said in the short run, the market is a voting machine, but in the long run, it's a weighing machine. So fundamentals are not in sight. So we have to look at fundamentals. If this lasts a year, okay, I have to deduct the cash flows from my valuations for one year or even put negative cash flows that lowers my valuation of a business. But then the market is already done down significantly. So okay, I have just to readjust for debt. Now, when it comes to your strategy, it's all about your liquidity, your horizon and your investing or speculation. The key when it comes to a downturn is how liquid you are. So what is your job security? Will you be able to add money to a portfolio like we are doing with our model portfolio on my stock market research platform? Just add that 1,000 yesterday, bought something, next month we'll add more, buy something, buy something, buy something. Over the next 20 years, we'll build a great portfolio and these downturns are an opportunity to buy on the chip for those that have such a strategy. So it's all about you and the liquidity. If stocks fall 50%, I have more liquidity to add, look at the situation, et cetera, et cetera. And then such we as investors tend to end up much better off after such a situation rather than the market just keep going up like it was the case up till a few weeks ago. So it's just a few weeks, put that into perspective when it comes to making decision. We are just a few weeks into this seriously as it hit the globe globally and that's something also to be taught about and put into perspective. So on your horizon, also nobody knows when the market will recover. So it's again, always the first rule of investing, never put the money you need in the next five, 10 years. If you did put money that you need in stocks the next five, 10 years, then well, you didn't listen to the first rule of investing. You were gambling and you know how it usually ends up with gambling. The key is can you add to a falling market if yes, you accumulate wealth, you accumulate stocks and you accumulate good businesses that will deliver returns over the long term. The key is always don't put yourself at risk. Don't put money that you need at risk because the key is always that you sleep well. And that's also the message of this channel. So please subscribe and click that notification bell. Sleeping well, thinking about liquidity and everything else about the investor mindset which is sometimes always more important than what happens in the markets. And then there is always investing and speculation. If you miss the best days, 25 days in the stock market, you lose money even if stocks keep giving you returns. And if you look at the 10 worst days and 10 best days, those usually happen when it is a great opportunity to buy long term. 1987, 2000, 2001, 2002, 2009, every 2008 and 2008 everything was going up and down but missing those 25 best days in the history of the stock market actually leads you to lower, lower, much lower returns long term. So as investors who can't really time the market we can just think about ourselves and see how that fits our situation and what are the opportunities? How can we take advantage of this not being taken advantage of it? And that's what I do as said I sent a message to my stock market research subscribers yesterday how I invested some personal money, some money for the portfolio that I manage. Last week I bought something else for the lump sum portfolio. So I can tell you what I do. I have liquidity, relative job security and that's what gives me the security that I will pass this through. We will wait it out and the world will be a better place in a year or two years and who knows what will we be thinking about the new things, the new issues down the road. In the meantime, we just keep buying businesses, buying, buying, accumulating wealth and as there are lower prices, well, thank you for lower prices and I'm really sorry for all those that have been personally hit by the virus from losing a job just get an email about if you were losing his job about losing your dear ones but then again, emotions and rationality will try to stay rational here because in the long run, that's how you get the highest value out of this channel and investing. So to finish with Benjamin Graham, the investor's chief problem and even his worst enemy is likely to be himself. Don't be your worst enemy. Subscribe, click that notification bell, looking forward to your comments and I'll see you in the next video.