The Strength of our Values in Unprecedented Times

As we turn from one quarter to the next, it at once feels like time is passing both quickly and slowly. Thinking back six weeks, we were dining at restaurants, throwing birthday parties, and strolling through grocery store aisles. That already feels like ages ago, and that kind of normalcy now itself seems novel. We at Bailard are familiar with dynamic conditions from frequently-changing market signals to slower-moving economic indicators. But this is different. Social and fiscal policies are evolving daily around a health crisis that goes beyond the markets and the economy to our homes and loved ones.

Just six months ago, we wrote in the 9:05 about our firm-wide values: accountability, compassion, courage, excellence, fairness, and independence. These values have always been core to who we are and today, in these testing times, they are more important than ever.

Bailard, with our clients, has overcome numerous economic shocks over the 50 years since our founding. And while 2020 has brought us extraordinary, previously-unthinkable times, we are confident we will overcome this too. Within the pages of this quarter’s 9:05, you’ll find the same relevant, measured perspective on the markets and economy that you have come to expect from your Bailard team. We continue to take a long-term perspective on the market, yet are mindful of short-term opportunities to minimize losses or even uncover possible gains. And, as always, we work tirelessly to ensure the needs of our clients are first and foremost.

This unprecedented health crisis presents a unique challenge for we, as humans, thrive on social connection. While the pandemic has in some cases brought generations of families together under one roof, in other cases we are separated and far away. And we cannot see our friends (or at least, not in-person). With that in mind, we thought to share a little of our experience, and you’ll find the back cover of this newsletter offers a peek into our lives as we shelter-in-place.

It shouldn’t have come as a surprise, but we are so pleased to witness the strength of our team during this time. We hope you share in the pride that we feel as our colleagues exhibit not only the excellence you might expect but exceptional compassion for our clients and our communities. We thank you for your partnership and, more importantly, wish safety and good health for you and your families. If you have any questions or concerns and want to discuss more, please reach out to us.

Peter M. Hill

Chairman and Chief Executive Officer

Sonya Thadhani Mughal, CFA

Executive Vice President

Chief Operating Officer, Chief Risk Officer