The State of Affairs & Why We WILL Defeat COVID-19
“The scariest part is a fear of the unknown … I’m in the middle of a crisis, but by 8 PM, if I turn off my phone, I’m not really in a crisis—I’m home like every other night.” – Scott Adams
“I’ve been watching the events very carefully, and it’s not something I advise for everybody. It takes a large, psychological load … So much so that I’m forcing myself to take 1-hour breaks during the day.” – Scott Adams
During this time, it’s of the utmost importance that we do everything possible to take care of ourselves and stay out of the hospital. By doing so, we’re saving lives.
Overall, Scott isn’t too worried about COVID-10; here’s why:
“We’ve had big problems in the past … But we’ve never had a situation like this—a global problem where all the smartest people could talk to each other instantly … For the first time in human history, all the smartest people in the world are focused on the same problem at the same time and can communicate.”– Scott Adams
How will COVID-19 change the healthcare system?
“There will be a whole bunch of good news coming out of the bad news” – Scott Adams
Think about it: we’re putting the best medical minds in the world together to fight a problem—many benefits are likely to result
(It’s similar to how startups develop in high-talent areas like Silicon Valley )
“I feel as though it’s close to guaranteed that there will be some red tape that’s removed” – Scott Adams
We’re removing the “red tape” temporarily in several areas—we’ll likely find many things are better off without it
COVID-19 will certainly toughen our ability to fight pandemics—we’ll have much better plans for the next one
It’s 100% certain we’ll move our drug pipeline from China to the U.S.
“If you hear your government is not making that happen, change your president. Find one that will. That’s not optional anymore.” – Scott Adams
We’ll likely allow doctors to practice across state lines via telemedicine (at the moment, it’s illegal!)
Also, the world will develop better hygiene habits—this can only improve things!
How will COVID-19 affect the economy?
100% of the economists/finance experts Scott has spoken with say the effects are temporary
“The moment we get the word, the uptick will be breath-taking” – Scott Adams
As soon as the U.S. government says they have a handle on COVID-19, the economy will BOOM
“The biggest, most important, and robust parts of the economy will not be affected by this, but there are definitely some pockets [that will be] … Restaurants will get whacked, hotels, travel—all of that stuff will have some trouble.” – Scott Adams
Because they’re handing out loans to many profitable small businesses in a cash crunch, banks will do amazingly well
Use Your COVID-19 Quarantine Time Productively
“If you come out the end of this and haven’t developed a whole new skill, you did it wrong” – Scott Adams
Because of COVID-19, is temporary UBI a good idea?
“Maybe universal basic income (UBI) might not make sense as an ongoing thing, but boy does it make sense now … For me, it shouldn’t even be a discussion … We should do it TODAY.” – Scott Adams
But won’t it run up the debt?
“I don’t see a better reason to run up the debt—maybe I’ve never seen a better reason to run up the debt—than what we have right now” – Scott Adams
One more point:
“The idea of doing any kind of trickle-down approach in this kind of emergency is bat sh*t f***ing crazy” – Scott Adams
Is it fair to bail out the airlines (and other industries)?
One argument against doing so: many of the companies/industries asking for help are also companies that had a high percentage of their free cash flow devoted to stock buy-backs
It’s definitely possible to bail out these industries, but is it fair?
“Don’t care. Don’t bother me with that. The last thing I’m even going to engage with you on is the question of fairness during an emergency … Fairness has no weight now.” – Scott Adams
How will COVID-19 affect the 2020 election?
Before the coronavirus, Scott had said Donald Trump was on path to a landslide re-election unless something big changed (and it did)
“The coronavirus took the odds of a Trump landslide to something closer to 50/50” – Scott Adams
The big question: will people still be worried about crowds enough when it comes time to vote?
Scott puts the odds at 50/50
The most likely scenario: it will be recommended that if you’re above a certain age, you should avoid voting in person, and instead, vote by mail
Perhaps we’ll finally be able to vote digitally—how hard can it be to make this happen?
We have 3 old candidates (Donald Trump, Bernie Sanders, and Joe Biden)—if they keep campaigning in public, they’re incredibly prone to infection
Given their ages, COVID-19 poses a significant risk
“We could lose one or two of them—that’s not beyond the realm of possibility” – Scott Adams
The odds of this? ~10%
It looks like Joe Biden is a lock to get the democratic nomination, but as far as his cognitive abilities go…
“I don’t think there’s more than a 30% chance he’ll seem completely competent by election day” – Scott Adams
The most likely outcome (which is still only ~50% likely to happen): Biden wins the nomination and gets slaughtered by Trump
Does Scott own Bitcoin?
Scott previously owned Bitcoin as part of a fund, but recently sold it for a 20-30% profit
“I laughingly said I would own it to stop other people from getting rich without working” – Scott Adams
On Bitcoin: “It’s a hard argument to say it’s a safe place to put money in a crisis” – Scott Adams
Let’s Talk Investing
“In terms of stock investing, diversification is the only word I like to use—it’s the only thing you need to do” – Scott Adams
Most of Scott’s wealth is invested in Fortune 500 companies
By investing in something like the S&P 500, your success is tied to the United States’ success—if the country does well, you’ do well
Another piece of advice: If you think you can “pick” stocks…. you can’t
Scott’s Advice to CEOs and Business Leaders During the COVID-19 Pandemic
Lead with empathy and take care of your people
If, at the end of the crisis, your employees think, “Wow, my company really cares about me,” you’ll be much stronger—employees remember good deeds