pany get through , and let them avoid layoffs , says CEO Edris Bemanian .

This downturn also was a lesson in the value of keeping business and personal cash reserves separate , says Charles Ho , a certified financial planner and the founder of Legacy Builders Financial in Folsom . When the crisis hit , owners who kept a separate cash reserve for the business were less likely to have to choose between saving the business and jeopardizing their personal finances , he says .

Market madness

A lot of people still think the S & P 500 and Dow Jones Industrial Average were a disaster last year , says Kevin Thelen , certified financial analyst at Prospero Wealth Advisors in Roseville . Yes , the Dow dropped almost 40 percent over the span of six weeks in February and March 2020 . But by the end of the year , it had regained all the lost value and then some , ending up 6 percent higher

for the year . By April 16 of this year , it was up another 12 percent to hit an all-time high . The S & P and Nasdaq ’ s numbers were even better .

All that goes to show you can ’ t usually win by trying to time the market , say financial advisers . If in March 2020 , you ’ d told someone that the pandemic would make indoor gatherings impossible , force businesses to reshape themselves to survive and cause a global slowdown , “ You ’ d have said this would end poorly for the market ,” says Pat McClain , cofounder and senior partner at Sacramento-based Allworth Financial and co-host of the “ Money Matters ” talk radio show .

Instead , the opposite happened . Incomes for about half the population , especially those who worked in service businesses instead of brick-and-mortar retail , weren ’ t much affected . Because they had fewer outlets for spending money , their savings rates increased . With interest rates low , meaning few investment alternatives , they put their money in the stock market , driving it back up . The experience illustrates why a diversified portfolio is important : You can ’ t predict the equity or bond markets over short periods , McClain says . “ Over the long term , stock prices are driven by underlying company earnings ,” he says . “ Over the short term , they ’ re driven by sentiment .”

Now , instead of market paranoia , we may have its euphoric opposite — a public that thinks the market can ’ t lose , says Suzy Taherian , adjunct professor at UC Davis Graduate School of Management and chief financial officer at electric powertrain manufacturer Wrightspeed . An institutional investor recently told her about a young woman working as a maid who took her $ 15,000 life savings and bet on one company , just before the value fell by half . The level of day trading has almost doubled since the beginning of 2020 , according to a Credit Suisse report earlier this year .

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