Global Head, Citi Private Bank
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Achieving renewal is often difficult, but also vital to human progress.
Of necessity, the COVID-19 pandemic has been a time of closure. Domestic confinement, shuttered businesses, and sealed national borders are among the most obvious manifestations of this. Now, though, a great reopening is clearly underway. Italian museums, Israeli restaurants, Turkish places of worship, and Japanese karaoke venues are just a few of the places to have welcomed people again over recent days. To be sure, this process is much slower and more uneven than the preceding shutdown. However, a responsible reopening is critical to our wellbeing and prosperity.
Importantly, reopening presents opportunities for renewal. Even before the pandemic struck, openness was on the wane in various ways. This is especially true in the sphere of international relations. Renewing the spirit of multilateralism – and the institutions that uphold it – was one of the messages we heard this week in our client call with Dr Madeleine Albright. The former US Secretary of State and US Ambassador to the United Nations emphasized the need for strengthening international cooperation and public-private partnership, especially in relation to global issues like health and climate change.
The great reopening also has far-reaching implications for investors. Next week, David Bailin and Steven Wieting publish their expectations for the global economy and markets in our Mid-Year Outlook 2020 report. They will explain why today’s new cycle is a time to prepare yourself, your family, and your portfolio for the opportunities and risks that lie ahead. They will also set out the new approaches to asset allocation, portfolio construction, and security selection that we think this new cycle demands. In the meantime, their latest CIO Strategy Bulletin – “A Rare and Remarkable Time” – highlights some of the large pockets of opportunity we see over the next couple of years.
Achieving renewal is often difficult, but also vital to human progress. And the pandemic has heightened the need for renewal on many levels. Envisioning and driving such progress is second nature to many of you, particularly in your businesses and in your communities. On that note, I would like to share with you another of our Global Citizen stories. Having taken the helm at the company created by her grandfather over ninety years ago, Adriana Cisneros oversaw a highly successful corporate reinvention, including the creation of Latin America’s largest digital advertising network. As well as innovation, Adriana’s approach stresses cross-border thinking and the importance of taking a long-term view. In this short film, she reflects upon her global citizenship, as well as the challenges of third-generation family business leadership.
Over the last few months, many of us have spent more time cut off from others than we have ever before. One enduring benefit of this experience will surely be that we appreciate each other even more. The benefits of solitude is also the subject of our latest article exploring how artists have responded to crises through the ages. Mary-Kate O’Hare of our Art Advisory team highlights the experiences of two remarkable painters – Frida Kahlo and Edward Hopper – to illustrate how art has often flourished during periods of loneliness. As Mary-Kate reflects: “Loved by so many, their work, while the product of isolation, becomes the meeting place where we all can find connection.”