Global Head, Citi Private Bank
August 21, 2020Posted InCiti
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Once COVID-19 is defeated, we need a full-scale regeneration of the global economy and of society. Perhaps the best place to begin this journey is within ourselves.
I hope this message finds you and your loved ones safe and well – and perhaps also enjoying a much-deserved holiday or staycation. After several months of close confinement in New York, the family and I have finally managed to escape the humidity of the city for the fresh air of Maine. This truly magnificent state is proving to be a revelation, particularly the natural delights of Acadia National Park. With its sweeping woodlands, rugged coastline, and glacier-capped peaks, this is the great American outdoors at its finest. Enjoying the dual sensations of freedom and oneness with nature is ideal for replenishing body and soul.
Looking after ourselves like this is more vital than ever. The task that lies ahead of us is immense. Put simply, we need nothing less than a full-scale regeneration of the global economy and of society as a whole. The hardship that we have endured during the pandemic has highlighted so many areas of life where we can – and indeed must – make things better. Finding more efficient and sustainable ways of living and working will be critical. However, that will not be enough. The great regeneration after COVID-19 must also seek a happier and more fulfilling existence for everyone. Over the coming weeks, we will explore how the world might go about this.
Perhaps the best place to begin the journey of regeneration is within ourselves. Above all, this means improving how we cope personally with challenges and setbacks. With this in mind, we have arranged three very special virtual sessions with the world-renowned clinical psychologist and emotional intelligence expert Dr Martyn Newman. Martyn – whom some of you will know from our Empowering Leaders program – will be sharing strategies to help overcome stress and thrive under pressure. I warmly invite clients to join us from Thursday 28 August to hear Martyn’s insights.
Having the right mind-set for life after COVID should be a priority for companies as much for individuals. Disruptive forces have intensified across many industries during the pandemic, and seem likely to persist for years to come. Developing a culture of innovation is one way that family businesses and their owners can prepare themselves for this. What that means in practice is the subject of the latest edition of Legacy Insights, our newsletter produced in partnership with Cambridge Institute for Family Enterprise. We examine four types of decisions that are critical to the successful regeneration of family businesses, as well as the standout habits of disruption-ready business families.
Sooner or later, one or more such advances will deliver the decisive breakthrough. It will be thereafter that the great regeneration can begin. The economic and market implications of an effective treatment for COVID-19 is one of the topics that David Bailin and Steven Wieting explore in their latest weekly report. Although they have just lowered their growth expectations for 2020, they also now see a more favorable outlook for the next two years. Against a backdrop of rampant prices in technology stocks and gold, they set out the actions you should consider taking in your portfolio ahead of a successful vaccine.
It really has been wonderful to hear from all of you who appreciated the musical interludes that we have brought you this year. Given your warm reception, I am pleased to announce a new series of interludes in partnership with the world-class Philharmonia. The first episode is a performance of Vaughan Williams’s Fantasia on a Theme by Thomas Tallis. With origins in the sacred music of the 1500s, it has been described as one of the true masterworks of the 20th century. While solemn and serious, this piece simultaneously brims with a sense of hope and optimism. It reminds us that whatever difficulties we face, there is a beauty and majesty to life that goes far beyond the moment we are in now. This seems a perfect note upon which to begin our journey towards the great regeneration.