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What Have We Learned? 

I’ll be upfront with you: this week I really struggled to figure out what I wanted to include in Fident Friday. It was probably the closest I’ve come in two and a half years of weekly letters I came to skipping. 

It’s been a hard week with so much going on, and while I don’t want to ignore all that’s happening, I also still don’t know what to say about it. I wrote out a long-ish Twitter thread if you’re curious about some things I don’t know, along with some things that I do know pertaining to this. 

That said, an idea I’ve long held as true seemed to solidify itself all the more this week: the less humility we have, the less we’re able to learn and grow. 

Said differently: the more humility we have, the more we’re able to learn and grow. 

This is an interesting cousin to confirmation bias, but unique in it’s own dangerous way. Whether the issue is race relations, investment strategies, political affiliations, or church doctrine the concept holds true. 

We should all have well thought out, individualized opinions on important topics but we should always wrap those opinions in humility. We should ask ourselves “What if I’m wrong?”

This helps tremendously when discussing or reading or viewing an opinion at odds with our own. We don’t have to get defensive. We should - as Steven Covey says - seek first to understand, and then to be understood. 

If we’re honest with ourselves, there certainly ARE things that we’ve been wrong about in the past. We shouldn’t run from them, we should embrace them. And realize that we’re going to be wrong again in the future. 

Doing that not only helps relationships with those we disagree with, it also sets us up to learn and grow ourselves. 
Doodle
Interesting Resources

Quote
James Clear
"Motion does not equal action. Busyness does not equal effectiveness."

Congress Passes Paycheck Protection Program Loan Revisions 
Read time: A long time | US Congress
Huge news for small business owners this week regarding the PPP program. Lots of clarifications as well as some big changes - but here are my top 4. 

1- Timeframe to use the PPP funds extended from 8 weeks to 24 weeks.
This is huge because a lot of the businesses that received the loans have still been in mandatory shutdown, or industries that are forced to operate beneath capacity. 

2- Decrease from 75% to 60% of forgivable loan portion to be used for payroll 
Another huge component because some businesses are not able to effectively hire back employees even if they could because of the employees receiving a higher enhanced unemployment package, as well as having very high rent or mortgage obligations. 

3- Rehire date pushed back from June 30th to December 31st

The timeframe of rehiring employees has also been pushed back from mid-year to the end of the year. 

4- Period to repay loans extended from 2 years to 5 years
Even though the loans are super attractive at 1% interest rate, the new program guidelines provide more time to pay for them. (However, it's not entirely clear if this is a requirement or a guideline for banks to uphold.)

Note: you should consult with your CPA about your specific situation. 
I think a lot of us are facing some uncomfortable events - if not in our backyards, then in our social media feeds, our television sets, and even conversations with family and friends. 

What I'd encourage you to do is something I've been challenging myself to do. Sit with your thoughts for a bit, and examine your beliefs, your worldviews. Ask yourself "What if I'm wrong?" Talk with people who disagree and do it to truly listen, not to only respond. 

The Bible verse that keeps coming to my mind the past week or so is when Jesus summarized the "greatest" commandments - which included loving your neighbor as yourself. Regardless of their race, their uniform, their political view, and even their investment philosophy.

One way we can do that is to wrap some of our own opinions in some humility. 

Gratefully,
Jeremy
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Fident Financial, LLC (FFL) is a registered investment advisor offering services in the state of PA and in other jurisdictions where exempted.  Opinions expressed in this email are solely those of FFL, unless otherwise specifically cited.  Material presented is believed to be from reliable sources but no representations are made by FFL as to another parties' information accuracy or completeness.






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