thedenverpost--2020-12-20--Trevor Lawrence, No. 4 Clemson rout No. 2 Notre Dame for ACC title

CHARLOTTE , N.C. — After a heartbreaking 47-40 double-overtime loss to Notre Dame last month , Clemson coach Dabo Swinney assured his players in the locker room that there would be no trophy handed out that night .
There would , however , be one up for grabs when they got to Charlotte for the Atlantic Coast Conference championship game .
The Tigers haven ’ t blinked since , staying focused on their goal .
On Saturday they collected the hardware — again .
Trevor Lawrence had 412 yards of offense and three touchdowns , Travis Etienne ran for 124 @ @ @ @ @ @ @ 4 Clemson dominated No .
2 Notre Dame 34-10 on Saturday to win its sixth straight ACC title .
“ All we had to do was take care of business after that , ” Lawrence said about the loss in South Bend .
“ We remember fans running off the field and getting in our face .
You remember those images and keep those things in your head.
” Lawrence , who didn ’ t play in the first meeting because the coronavirus , threw long scoring passes to Amari Rodgers and E.J @ @ @ @ @ @ @ the Tigers ( 10-1 ) lock up a spot in the College Football Playoff for the sixth straight season .
Lawrence , the game MVP and presumptive No .
1 pick in the NFL draft , overcame an early interception on a tipped ball to complete 25 of 36 passes for 322 yards .
He ran 14 times for 90 yards , with a 34-yard touchdown scamper .
“ His ability to run really stresses your coverage calls , ” Notre Dame coach Brian Kelly said .
“ … So what you try @ @ @ @ @ @ @ eliminate those runs .
It just opens up some 1-on-1 matchups that are not favorable.
” The junior quarterback did it all , even throwing a block to spring Etienne for a 15-yard gain on a third-down run late in the second quarter leading to a touchdown and a 24-3 halftime lead .
Clemson has won all nine games Lawrence has started by at least 18 points and their average margin of victory in those games is 33.6 points .
Swinney called Lawrence the best player in the country .
“ It would @ @ @ @ @ @ @ didn ’ t attach their name to Trevor Lawrence , ” Swinney said .
“ I know that has become a stat award , but if you watch and you don ’ t know this is the best player in the country , I don ’ t what you ’ re looking at.
” Rodgers had eight catches for 121 yards , and Williams added four for 80 yards including a dynamic one-handed grab where he reached behind his head to snag the ball .
The momentum changed late in the first quarter @ @ @ @ @ @ @ who had converted an ACC title-game record 51-yard field goal on the game ’ s opening drive , clanked a 21-yard attempt off the right upright .
The Tigers quickly capitalized when Rodgers got cornerback Shaun Crawford to bite on a double move and hauled in a perfectly thrown pass from Lawrence for a 67-yard strike , the first of four straight scoring drives to close the first half .
After Clemson stopped Notre Dame on a key fourth-and-3 , Lawrence moved the Tigers 72 yards in six plays , showing his pocket @ @ @ @ @ @ @ and buy enough time to find Williams on a crossing route for a 33-yard score and a 14-3 lead — Notre Dame ’ s largest deficit of the season .
Etienne broke it open when he took a handoff , slipped an ankle tackle and raced 44 yards for a touchdown on fourth-and-1 for a 24-3 lead with 21 seconds left in the first half .
“ We let the second quarter get away from us , and that was the difference in the game , ” Kelly said .
Clemson ’ s @ @ @ @ @ @ @ up 518 yards in the previous meeting , but limited the Fighting Irish ( 10-1 ) to 263 yards Saturday and sacked quarterback Ian Book six times .
Book spent most of the game under duress , regularly flushed from the pocket .
• Rose Bowl denied exemption to allow fans for College Football Playoff , AP sources say • Grading the Week : Waiting on CU Buffs ’ Karl Dorrell to build wall around Colorado • Keeler : Thank you , Karl Dorrell .
You , too , Jarek Broussard .
CU @ @ @ @ @ @ @ during a 2020 we ’ d rather forget .
• Oregon beats USC for the championship in a finish that ’ s so very Pac-12 Clemson ’ s secondary put the clamps on Notre Dame ’ s wide receivers , and running back Kyren Williams was limited to 49 yards rushing after finishing with 140 yards on the ground and three TDs in the first game .
Book was held to 219 yards passing and no touchdowns .
“ There were new looks for sure , in the secondary as well as up @ @ @ @ @ @ @ But that was expected and it was on us to adjust , just be able to adjust on the fly .
And we weren ’ t able to do that tonight.
” Clemson : The return of linebacker James Skalski and defensive tackle Tyler Davis , both of who missed the first game , proved to be a major difference for the Clemson defense this time around .
Notre Dame : The Fighting Irish could get nothing going in the passing game .
Book was under pressure almost every time he tried to @ @ @ @ @ @ @ s wide receivers couldn ’ t shake Clemson ’ s defensive backs .
Clemson safety Nolan Turner will have to sit out the first half of the first-round playoff game after being ejected in the fourth quarter for targeting tight end Michael Mayer .
Clemson : No two-loss team had ever qualified for the College Football Playoff , so it was imperative the Tigers won to get a spot — and that ’ s exactly what they did .
“ We are trending in the right direction and we are playing our best @ @ @ @ @ @ @ Dame : Notre Dame hopes to edge No .
5 Texas A & M for the final playoff spot .
Kelly made his case for Notre Dame ’ s inclusion , saying , “ We played 11 games .
We ’ ve beaten two top-15 teams .
We obviously lost to the No .
3-ranked team in the country tonight .
It wasn ’ t our best effort .
But consistency , when you play 11 games , and you have a win over the No .
1 team in the country and @ @ @ @ @ @ @ Carolina team , I don ’ t know that you need to look any further than that .
”

CHARLOTTE, N.C. — After a heartbreaking 47-40 double-overtime loss to Notre Dame last month, Clemson coach Dabo Swinney assured his players in the locker room that there would be no trophy handed out that night.
There would, however, be one up for grabs when they got to Charlotte for the Atlantic Coast Conference championship game.
The Tigers haven’t blinked since, staying focused on their goal. On Saturday they collected the hardware — again.
Trevor Lawrence had 412 yards of offense and three touchdowns, Travis Etienne ran for 124 yards and a score and No. 4 Clemson dominated No. 2 Notre Dame 34-10 on Saturday to win its sixth straight ACC title.
“All we had to do was take care of business after that,” Lawrence said about the loss in South Bend. “We remember fans running off the field and getting in our face. You remember those images and keep those things in your head.”
Lawrence, who didn’t play in the first meeting because the coronavirus, threw long scoring passes to Amari Rodgers and E.J Williams in the first half to help the Tigers (10-1) lock up a spot in the College Football Playoff for the sixth straight season.
Lawrence, the game MVP and presumptive No. 1 pick in the NFL draft, overcame an early interception on a tipped ball to complete 25 of 36 passes for 322 yards. He ran 14 times for 90 yards, with a 34-yard touchdown scamper.
“His ability to run really stresses your coverage calls,” Notre Dame coach Brian Kelly said. “… So what you try to do is bring some pressures that eliminate those runs. It just opens up some 1-on-1 matchups that are not favorable.”
The junior quarterback did it all, even throwing a block to spring Etienne for a 15-yard gain on a third-down run late in the second quarter leading to a touchdown and a 24-3 halftime lead.
Clemson has won all nine games Lawrence has started by at least 18 points and their average margin of victory in those games is 33.6 points.
Swinney called Lawrence the best player in the country.
“It would be a crying shame if the Heisman didn’t attach their name to Trevor Lawrence,” Swinney said. “I know that has become a stat award, but if you watch and you don’t know this is the best player in the country, I don’t what you’re looking at.”
Rodgers had eight catches for 121 yards, and Williams added four for 80 yards including a dynamic one-handed grab where he reached behind his head to snag the ball.
The momentum changed late in the first quarter when Notre Dame kicker Jonathan Doerer, who had converted an ACC title-game record 51-yard field goal on the game’s opening drive, clanked a 21-yard attempt off the right upright.
The Tigers quickly capitalized when Rodgers got cornerback Shaun Crawford to bite on a double move and hauled in a perfectly thrown pass from Lawrence for a 67-yard strike, the first of four straight scoring drives to close the first half.
After Clemson stopped Notre Dame on a key fourth-and-3, Lawrence moved the Tigers 72 yards in six plays, showing his pocket awareness by stepping up to avoid pressure and buy enough time to find Williams on a crossing route for a 33-yard score and a 14-3 lead — Notre Dame’s largest deficit of the season.
Etienne broke it open when he took a handoff, slipped an ankle tackle and raced 44 yards for a touchdown on fourth-and-1 for a 24-3 lead with 21 seconds left in the first half.
“We let the second quarter get away from us, and that was the difference in the game,” Kelly said.
CLEMSON’S DEFENSE
Clemson’s depleted defense allowed Notre Dame to pile up 518 yards in the previous meeting, but limited the Fighting Irish (10-1) to 263 yards Saturday and sacked quarterback Ian Book six times. Book spent most of the game under duress, regularly flushed from the pocket.
Clemson’s secondary put the clamps on Notre Dame’s wide receivers, and running back Kyren Williams was limited to 49 yards rushing after finishing with 140 yards on the ground and three TDs in the first game. Book was held to 219 yards passing and no touchdowns.
“There were new looks for sure, in the secondary as well as up front,” Book said. “But that was expected and it was on us to adjust, just be able to adjust on the fly. And we weren’t able to do that tonight.”
TAKEAWAYS
Clemson: The return of linebacker James Skalski and defensive tackle Tyler Davis, both of who missed the first game, proved to be a major difference for the Clemson defense this time around.
Notre Dame: The Fighting Irish could get nothing going in the passing game. Book was under pressure almost every time he tried to throw the ball and Notre Dame’s wide receivers couldn’t shake Clemson’s defensive backs.
TARGETING
Clemson safety Nolan Turner will have to sit out the first half of the first-round playoff game after being ejected in the fourth quarter for targeting tight end Michael Mayer.
UP NEXT
Clemson: No two-loss team had ever qualified for the College Football Playoff, so it was imperative the Tigers won to get a spot — and that’s exactly what they did. “We are trending in the right direction and we are playing our best football,” Lawrence said.
Notre Dame: Notre Dame hopes to edge No. 5 Texas A&M for the final playoff spot. Kelly made his case for Notre Dame’s inclusion, saying, “We played 11 games. We’ve beaten two top-15 teams. We obviously lost to the No. 3-ranked team in the country tonight. It wasn’t our best effort. But consistency, when you play 11 games, and you have a win over the No. 1 team in the country and then you win against an outstanding North Carolina team, I don’t know that you need to look any further than that.”


thedenverpost--2020-12-20--Jaguars could be without punter at Ravens because of illness

JACKSONVILLE , Fla. — The Jacksonville Jaguars might not have a punter at Baltimore on Sunday .
Logan Cooke didn @ @ @ @ @ Saturday evening because of an undisclosed illness , was added to the injury report and @ @ @ @ @ game .
Cooke would need to get healthy and then get to Baltimore on a @ @ @ @ @ make the 1 p.m. kickoff .
It ’ s unclear what the Jaguars ( 1-12 @ @ @ @ @ doesn ’ t play .
Because they don ’ t have a backup punter on @ @ @ @ @ Aldrick Rosas likely would handle all the team ’ s kicking duties .
Either quarterback @ @ @ @ @ Glennon or receiver Chris Conley would then serve as Rosas ’ holder on extra points @ @ @ @

JACKSONVILLE, Fla. — The Jacksonville Jaguars might not have a punter at Baltimore on Sunday.
Logan Cooke didn’t make the trip Saturday evening because of an undisclosed illness, was added to the injury report and listed as questionable for the game. Cooke would need to get healthy and then get to Baltimore on a private jet Sunday morning to make the 1 p.m. kickoff.
It’s unclear what the Jaguars (1-12) would do if Cooke doesn’t play. Because they don’t have a backup punter on the practice squad, placekicker Aldrick Rosas likely would handle all the team’s kicking duties. Either quarterback Gardner Minshew, backup Mike Glennon or receiver Chris Conley would then serve as Rosas’ holder on extra points and field goals.


thedenverpost--2020-12-20--Broncos game balls and gassers: Noah Fant breaks 10-game scoring drought, Drew Lock comes back down

Broncos game balls and gassers: Noah Fant breaks 10-game scoring drought, Drew Lock comes back down to earth

Analysis from the Broncos ’ 48-19 blowout loss to the Bills on Saturday at Empower Field at Mile High .
Noah Fant : The second-year tight end broke his scoring dry spell with a diving touchdown catch in the corner of the end zone as time wound down in the first half .
Fant showed impressive hands and body control on his first TD since Week 2 , which briefly gave the Broncos life .
The 23-year-old reeled in a career-high eight catches for 68 yards with a long of 16 .
Jeramiah Attaochu : Attaochu had a forced fumble @ @ @ @ @ @ @ half .
He also posted four tackles and had a quarterback hit .
The veteran outside linebacker continues to prove himself as a viable reserve at the position , and even though he was flagged for an offsides penalty , he was one of Denver ’ s few defensive bright spots .
Melvin Gordon : Gordon accounted for two rushing TDs , a 10-yard scoring run in the second quarter and another 8-yard scoring run in the fourth .
The first of those was a bruising run in which Gordon took the handoff @ @ @ @ @ @ @ Buffalo defenders for the score ; the second TD upheld review after he stretched the ball over the goal line .
Gordon finished with 81 total yards .
Drew Lock : Coming off a career performance against Carolina in which he threw four touchdown passes and posted a 149.5 rating , Lock came back down to earth in his 16th NFL start .
He completed 62.5 % of his passes ( 20-of-32 ) and had a 81.8 rating .
The quarterback ’ s lack of pocket awareness led to a strip sack , @ @ @ @ @ @ @ game open in the third quarter .
Broncos cornerbacks : De ’ Vante Bausby was no match for Stefon Diggs as the Broncos were totally outmatched in the passing game .
Josh Allen threw for 359 yards and the shifty Cole Beasley also embarrassed Denver defenders on multiple occasions .
To top it off , rookie corner Michael Ojemudia was ejected for throwing a punch .
Red zone D : The Broncos ranked first in the category heading into the game at 48.9 % , and even though Allen and the Bills only @ @ @ @ @ @ @ to the red zone , two were back-breakers .
Penalties twice put the Bills in long-distance situations — first-and-goal from the 30 and first-and-20 from the 21 — but they ended up scoring TDs both times .

Analysis from the Broncos’ 48-19 blowout loss to the Bills on Saturday at Empower Field at Mile High.
Game Balls
Noah Fant: The second-year tight end broke his scoring dry spell with a diving touchdown catch in the corner of the end zone as time wound down in the first half. Fant showed impressive hands and body control on his first TD since Week 2, which briefly gave the Broncos life. The 23-year-old reeled in a career-high eight catches for 68 yards with a long of 16.
Jeramiah Attaochu: Attaochu had a forced fumble and a seven-yard sack in the first half. He also posted four tackles and had a quarterback hit. The veteran outside linebacker continues to prove himself as a viable reserve at the position, and even though he was flagged for an offsides penalty, he was one of Denver’s few defensive bright spots.
Melvin Gordon: Gordon accounted for two rushing TDs, a 10-yard scoring run in the second quarter and another 8-yard scoring run in the fourth. The first of those was a bruising run in which Gordon took the handoff on a draw and battered through three Buffalo defenders for the score; the second TD upheld review after he stretched the ball over the goal line. Gordon finished with 81 total yards.
Gassers
Drew Lock: Coming off a career performance against Carolina in which he threw four touchdown passes and posted a 149.5 rating, Lock came back down to earth in his 16th NFL start. He completed 62.5% of his passes (20-of-32) and had a 81.8 rating. The quarterback’s lack of pocket awareness led to a strip sack, and subsequent scoop-and-score, that blew the game open in the third quarter.
Broncos cornerbacks: De’Vante Bausby was no match for Stefon Diggs as the Broncos were totally outmatched in the passing game. Josh Allen threw for 359 yards and the shifty Cole Beasley also embarrassed Denver defenders on multiple occasions. To top it off, rookie corner Michael Ojemudia was ejected for throwing a punch.
Red zone D: The Broncos ranked first in the category heading into the game at 48.9%, and even though Allen and the Bills only scored on three of their six trips to the red zone, two were back-breakers. Penalties twice put the Bills in long-distance situations — first-and-goal from the 30 and first-and-20 from the 21 — but they ended up scoring TDs both times.


thedenverpost--2020-12-20--Broncos Report Card: Across-the-board failure in blowout loss to Buffalo

So much for building on last Sunday ’ s win at Carolina .
It was another step back — or a step in place — for the Broncos ’ offense .
Jerry Jeudy ’ s first catch didn ’ t come until 11 seconds left in the first half .
Drew Lock had three passes batted down/deflected at the line of scrimmage , but still had the Broncos within 21-13 at halftime with a solid two-minute drive ( nine plays/75 yards ) , capped by a six-yard touchdown pass to tight end Noah Fant .
But the second half was @ @ @ @ @ @ @ leading to a 21-yard fumble return touchdown by Jerry Hughes .
The Broncos ’ first four second-half drives gained seven total yards .
Lock ’ s 20 completions gained only 132 yards ( long of 19 ) .
The Broncos were short-handed at cornerback , but that doesn ’ t justify why Buffalo did whatever it wanted .
The Broncos had no answer for quarterback Josh Allen ( 28-of-40 for 359 yards and two rushing/passing touchdowns apiece ) , receiver Stefon Diggs ( 11 catches-147 yards ) , the Bills ’ third-down package @ @ @ @ @ @ @ attempts ) and the running game ( three touchdowns ) .
The Broncos hurt themselves with penalties — two apiece for offsides and roughing the quarterback .
Cornerback De ’ Vante Bausby was worked over by Diggs and rookie cornerback Michael Ojemudia was ejected for a post-play punch .
What summed up the game : The Bills faced a first-and-goal from the 30 in the first half … and scored a touchdown , and tried to run out the clock in the fourth quarter … and scored on a 51-yard touchdown carry .
@ @ @ @ @ @ @ kicker Taylor Russolino , called up from the practice squad because McManus was on the COVID-19/reserve list , missed a 51-yard field goal and two point-after attempts and his kickoffs were returnable .
The Broncos ’ highlight was long snapper Jacob Bobenmoyer recovering a muffed punt by Andre Roberts , leading to a touchdown .
To open the second half , the Broncos ’ kick coverage unit appeared to get out of their lanes , resulting in a 53-yard return by Roberts that led to a short Bills scoring drive .
Punter Sam @ @ @ @ @ @ @ terms of hang time ( first six punts all over 4.00 seconds ) and direction ( working the edges ) .
Coach Vic Fangio had to be concerned Monday when he looked at the Bills ’ game video from their win over Pittsburgh and at his team ’ s injury report ( two more cornerbacks hurt against Carolina ) .
His figurative play-calling hands were tied because of the lack of available corners , so Allen pitching and catching all over the yard was half-expected .
Not expected were the penalties that showed @ @ @ @ @ @ @ for a hard count at Mile High , hitting the quarterback late and Ojemudia ’ s punch at an opponent .
On offense , the Broncos ran some good stuff to Fant , but that ’ s about it .
Not enough touches for Jeudy , Patrick or Hamler .

Offense — F
So much for building on last Sunday’s win at Carolina. It was another step back — or a step in place — for the Broncos’ offense. Jerry Jeudy’s first catch didn’t come until 11 seconds left in the first half. Drew Lock had three passes batted down/deflected at the line of scrimmage, but still had the Broncos within 21-13 at halftime with a solid two-minute drive (nine plays/75 yards), capped by a six-yard touchdown pass to tight end Noah Fant. But the second half was a debacle. Lock was sack/stripped, leading to a 21-yard fumble return touchdown by Jerry Hughes. The Broncos’ first four second-half drives gained seven total yards. Lock’s 20 completions gained only 132 yards (long of 19).
Defense — F
The Broncos were short-handed at cornerback, but that doesn’t justify why Buffalo did whatever it wanted. The Broncos had no answer for quarterback Josh Allen (28-of-40 for 359 yards and two rushing/passing touchdowns apiece), receiver Stefon Diggs (11 catches-147 yards), the Bills’ third-down package (nine conversions in their first 13 attempts) and the running game (three touchdowns). The Broncos hurt themselves with penalties — two apiece for offsides and roughing the quarterback. Cornerback De’Vante Bausby was worked over by Diggs and rookie cornerback Michael Ojemudia was ejected for a post-play punch. What summed up the game: The Bills faced a first-and-goal from the 30 in the first half … and scored a touchdown, and tried to run out the clock in the fourth quarter … and scored on a 51-yard touchdown carry.
Special teams — F
Hurry back, Brandon McManus. Fill-in kicker Taylor Russolino, called up from the practice squad because McManus was on the COVID-19/reserve list, missed a 51-yard field goal and two point-after attempts and his kickoffs were returnable. The Broncos’ highlight was long snapper Jacob Bobenmoyer recovering a muffed punt by Andre Roberts, leading to a touchdown. To open the second half, the Broncos’ kick coverage unit appeared to get out of their lanes, resulting in a 53-yard return by Roberts that led to a short Bills scoring drive. Punter Sam Martin continues to do great work in terms of hang time (first six punts all over 4.00 seconds) and direction (working the edges).
Coaching — F
Coach Vic Fangio had to be concerned Monday when he looked at the Bills’ game video from their win over Pittsburgh and at his team’s injury report (two more cornerbacks hurt against Carolina). His figurative play-calling hands were tied because of the lack of available corners, so Allen pitching and catching all over the yard was half-expected. Not expected were the penalties that showed a lack of discipline, like falling for a hard count at Mile High, hitting the quarterback late and Ojemudia’s punch at an opponent. On offense, the Broncos ran some good stuff to Fant, but that’s about it. Not enough touches for Jeudy, Patrick or Hamler.


thedenverpost--2020-12-20--Federal pandemic aid expires in a week. With no safety net in place, many Coloradans face financial

Federal pandemic aid expires in a week. With no safety net in place, many Coloradans face financial ruin.

If Christmas Day shines bright with its shiny gifts and tables filled with good food , then Dec. 26 looms like a lump of coal in an otherwise empty stocking this year for 280,000 Coloradans .
That ’ s the day the federal CARES Act expires , ending millions in extra unemployment benefits that have kept people economically afloat since March .
Two weeks after the president declared a national emergency , Congress passed the $ 2 trillion bill that bailed out millions of Americans whose jobs vanished as businesses closed to stop COVID-19 ’ s spread .
For Serah @ @ @ @ @ @ @ the end of the CARES Act means falling short of her January rent and pushing the unpaid Xcel Energy bills back again .
For Letrisha Fritch , a bus driver working just 12 hours a week , it will mean applying for any retail job she can find in hopes of paying her mortgage .
And for Michelle Bougere , the loss of unemployment benefits means continuing to live with her parents and doing everything she can to avoid dipping into her retirement account .
“ It ’ s just indescribable stress , @ @ @ @ @ @ @ m sure I ’ m not alone in this.
” The CARES Act funneled $ 3.7 billion to Colorado workers by providing extra money for weekly payments , extending the number of weeks people could draw benefits and by creating a program that allowed self-employed people , contractors and gig workers to collect benefits .
As late as Friday , Congress was considering a plan that would provide a one-time stimulus of about $ 600 to workers whether or not they have a job .
It also would add an extra $ 300 @ @ @ @ @ @ @ number of weeks people can draw benefits , and keep the Pandemic Unemployment Assistance program for gig workers going through April 19 .
Still , it won ’ t be enough to fend off financial hardship for thousands of Coloradans living on the brink of financial disaster .
And any stimulus won ’ t come fast enough to prevent a gap in benefits , potentially sending thousands off a financial cliff to start the new year .
Even if Congress passes a bill before Christmas , it would take about a month for @ @ @ @ @ @ @ Haavind , deputy executive director of the Colorado Department of Labor and Employment .
“ We ’ ve passed the point of no return , ” said Michele Evermore , a senior policy analyst for the National Employment Law Project .
“ It ’ s the day after Christmas and rent is due .
It ’ s a terrible time for a cliff.
” Since the pandemic began , about 729,000 Colorado workers — about 24 % of the state ’ s entire workforce , as measured in 2019 — have received at @ @ @ @ @ @ @ the state labor department .
But there are 280,000 people whose jobs have not been restored or who have not been able to find new work or whose health has not allowed them to return , and those Coloradans stand to suffer the most when the CARES Act ends .
That looming cliff has snuck up on some people who ’ ve relied on extra benefits to pay for food , rent , car payments and other essentials for months .
Among the programs expiring are Pandemic Unemployment Assistance , which for the @ @ @ @ @ @ @ contract workers , and Pandemic Emergency Unemployment Compensation , which extended the number of weeks a person could draw benefit payments .
The Colorado Department of Labor and Employment is reaching out to tens of thousands of people using those programs to alert them funding is set to run out .
Earlier this month , labor department analysts projected 153,000 Coloradans would lose income when those programs shut off .
That proved to be a rosy estimate .
Of those who will lose all benefits , 191,000 are on the Pandemic Unemployment Assistance @ @ @ @ @ @ @ state labor department doesn ’ t have much it can offer in terms of short-term relief .
Earlier this month , CDLE Executive Director Joe Barela suggested those who are able to return to the job market should look at job postings and explore training options available through the state ’ s network of workforce centers .
“ If people can work , if it is safe for them to work , we would like to see them explore their opportunities if their benefits have run out or are about to run out @ @ @ @ @ @ @ that , state officials are asking people to be patient .
“ We will let them know as soon as we get additional guidance from congressional action and the U.S Department of Labor , ” Haavind said during a press briefing on Dec. 10 .
But it ’ s hard to be patient with the government when a landlord isn ’ t patient about late rent .
“ They should put away their personal egos and do something , ” Ezeudoye said of politicians in Washington .
“ I don ’ t know @ @ @ @ @ @ @ homes and play with their grandchildren and their families when there are others lining up begging for food .
It ’ s inhuman.
” Ezeudoye , 80 , was furloughed in May from her job as a wheelchair agent at Denver International Airport .
Since then , she has used unemployment benefits to supplement the $ 830 she gets each month from Social Security .
She burned through the maximum 26 weeks of unemployment allowed under Colorado law and then the extra 13 weeks provided under the CARES Act .
When that allotment @ @ @ @ @ @ @ benefits through PUA .
While that program was created for the self-employed , the law also allowed people who exhausted all their allowable weeks but couldn ’ t re-enter the workforce because of health conditions to draw from it .
On Jan. 1 , Ezeudoye will be left to pay her $ 900 monthly rent and all of her bills on Social Security alone .
Already , she ’ s behind on rent and owes money to Xcel Energy .
“ All those little , little bills , ” she said .
The @ @ @ @ @ @ @ with food banks reporting longer lines and housing agencies seeing record numbers of requests .
Even groups that don ’ t operate as traditional charities , such as Black Lives Matter 5280 , are creating assistance programs .
That group , known more for its civil rights advocacy , created a fund this year to help Black and Indigenous people pay their rent , said Apryl A. Alexander , a community organizer .
“ There ’ s a lot of people really being disenfranchised in this moment , ” she said , noting @ @ @ @ @ @ @ and economic crisis are hurting Black people , Latinos and other minorities harder than whites .
Maj. Richard Pease of the Salvation Army in metro Denver said his agency is bracing for an “ avalanche of requests ” for housing assistance .
In an average month , about 1,000 people ask the Salvation Army for help to pay rent or a mortgage .
In April , requests ballooned to 4,000 , and he ’ s expecting at least that number in January .
Pease encourages anyone who might need help to apply before @ @ @ @ @ @ @ takes time for paperwork to process .
“ We ’ re seeing folks who ’ ve never come to the Salvation Army for help before , ” Pease said .
“ We encourage people not to isolate and hope it will all work .
We want them to reach out because we ’ re all in this together.
” Ron Ruggiero , president of the Service Employees International Local 105 , called Congress ’ s failure to act “ unconscionable and morally outrageous.
” “ The desperation of working people — it ’ @ @ @ @ @ @ @ ” he said .
He recalled how in 2017 President Donald Trump and the GOP passed a $ 1.8 trillion tax cut in a matter of weeks .
They could do the same for the unemployed if they wanted to , he said .
In October , the Democratic-controlled U.S. House of Representatives passed a $ 2.2 trillion stimulus package that would have added an extra $ 600 weekly unemployment benefit and another $ 1,200 one-time payment to most Americans .
But Senate Majority Leader Mitch McConnell blocked it with his party ’ @ @ @ @ @ @ @ Republican-controlled Senate dragging it out for months and months .
It ’ s morally wrong that billionaires get what they want with no delay while working people are subject to months and months of delay with all this stress and the reality of what they don ’ t have , ” Ruggiero said .
“ It ’ s just unconscionable and it ’ s dangerous.
” Too little , too late The scope of the damage on a national scale is stunning .
The U.S. Department of Labor counted more than 14 million @ @ @ @ @ @ @ claims for PUA and PEUC support during the week ending Nov. 28 .
While a deal appears imminent , most of those who work with the unemployed say it will be too little , too late .
In Colorado , it ’ s likely that the soonest PUA payments will be reactivated is late January .
“ It doesn ’ t matter when Congress passes these relief packages .
Please keep in mind that there are several things that need to happen at the state level for every state , ” Haavind said @ @ @ @ @ @ @ We need to await federal guidance from the U.S. Department of Labor .
That guidance tells us how we need to reprogram our systems , who is eligible , who is not eligible , and really is the framework for these packages going forward.
” That reprogramming work alone could take weeks .
Zach Neumann , the executive director of the COVID-19 Eviction Defense Project , which provides free legal assistance to struggling tenants , referenced recent U.S. Census Bureau survey data when discussing the dangers of even a small gap in federal @ @ @ @ @ @ @ Household Pulse Survey , 209,000 Coloradans have “ no confidence ” in their ability to pay their next month ’ s housing costs .
Around 365,000 people in the state are not caught up on their rent or mortgage .
Even with the state legislature putting $ 54 million to housing assistance during a recent special session and the possibility that Gov .
Jared Polis will extend a statewide eviction moratorium that expires this month , the “ risks are enormous , ” Neumann said .
Once Colorado updates its unemployment systems there @ @ @ @ @ @ @ , errors and other hiccups that prevent them from collecting , Neumann pointed out .
And glitches are likely as Colorado is poised to launch a new unemployment claims system just as any new stimulus package is put in place .
That will replace a computer system that the labor department ’ s own executive director described as being held together by “ duct tape and chicken wire.
” “ If we ’ re going to address this we need to keep people in a position where they are still receiving funding and @ @ @ @ @ @ @ , these types of things , because it ’ s a long road between the passage of new money and it actually landing in people ’ s pockets , ” Neumann said .
Meanwhile , people barely scratching by wait .
And the anxiety mounts .
The company where Bougere works as director of events was among the first to lose business when the pandemic hit .
The company plans and manages large events such as Taste of Colorado , college graduations , political conventions and rallies , and other big to-dos that @ @ @ @ @ @ @ When the coronavirus arrived , those concerts , rallies , parties and festivals were the first things to be canceled .
“ Our business just died on March 15 , ” Bougere said .
“ We have millions of dollars in inventory just sitting.
” The company , Production Services International , dropped to five full-time employees from 45 and canceled work for hundreds of independent contractors who run sound and light systems and work as stage hands .
The company used a Paycheck Protection Program loan to pay Bougere and other employees @ @ @ @ @ @ @ that ran out she filed for unemployment .
At first , an extra $ 600 a week in benefits lessened the pain .
That federal CARES Act benefit , however , expired in July .
The $ 618 a week in unemployment insurance she now receives equates to more than a 40 % loss of income .
The income loss forced Bougere to break her lease at a Denver apartment — at a penalty — and move home to New Orleans to live with her parents .
At this point , she has @ @ @ @ @ @ @ her best to avoid dipping into her retirement accounts .
But that may not be possible if nothing replaces the CARES Act .
She ’ s already used up her regular unemployment insurance benefits and now is receiving the extra 13 weeks of benefits .
That ends on Saturday even though she only would have used three weeks .
Late last week as Congress discussed a one-time stimulus payment of $ 600 to $ 700 with no extension to regular unemployment benefits , Bougere sighed , saying it would cover her cell phone @ @ @ @ @ @ @ else .
After 25 years in the special events industry , all of this is forcing her to consider a career change at 54 .
Her company guaranteed her old job but she ’ s unsure she can wait for it to be safe for hundreds or even thousands of people to gather again .
“ Until I can find employment I depend on the generosity of my parents , ” Bougere said .
“ I ’ m lucky to have them at my age.
” On March 13 , Fritch had just @ @ @ @ @ @ @ hadn ’ t been paying much attention to news while behind the wheel .
When her boss at Gray Line called and told her she needed to pick up a Lufthansa flight crew and take them to the airport , she didn ’ t understand the urgency .
He explained the coronavirus was spreading in Colorado and things were shutting down .
“ That was the last time I drove until September , ” Fritch said .
These days Fritch works 12 hours per week , shuttling Lufthansa crews to and from DIA @ @ @ @ @ @ @ is just enough to get by .
“ I ’ m making it .
I ’ m eating cheaper .
I ’ m staying home , ” Fritch said .
“ I ’ m not going anywhere so I ’ m not burning gas.
” When she was laid off in March , the company no longer provided health insurance .
A cancer survivor , Fritch bought insurance but could only afford the bare minimum .
She ’ s searched for a part-time job but no one is hiring tour bus drivers .
@ @ @ @ @ @ @ something in the retail sector .
She hopes the extended unemployment benefits continue .
Otherwise , there ’ s not much left to cut from her already tight budget .
“ It ’ s just enough to get by , ” Fritch said .
“ If I lose what little unemployment I get , I will have to go find something else part-time .
”

If Christmas Day shines bright with its shiny gifts and tables filled with good food, then Dec. 26 looms like a lump of coal in an otherwise empty stocking this year for 280,000 Coloradans.
That’s the day the federal CARES Act expires, ending millions in extra unemployment benefits that have kept people economically afloat since March. Two weeks after the president declared a national emergency, Congress passed the $2 trillion bill that bailed out millions of Americans whose jobs vanished as businesses closed to stop COVID-19’s spread.
For Serah Ezeudoye, a furloughed airport worker, the end of the CARES Act means falling short of her January rent and pushing the unpaid Xcel Energy bills back again.
For Letrisha Fritch, a bus driver working just 12 hours a week, it will mean applying for any retail job she can find in hopes of paying her mortgage.
And for Michelle Bougere, the loss of unemployment benefits means continuing to live with her parents and doing everything she can to avoid dipping into her retirement account.
“It’s just indescribable stress,” Ezeudoye said. “I’m sure I’m not alone in this.”
The CARES Act funneled $3.7 billion to Colorado workers by providing extra money for weekly payments, extending the number of weeks people could draw benefits and by creating a program that allowed self-employed people, contractors and gig workers to collect benefits.
As late as Friday, Congress was considering a plan that would provide a one-time stimulus of about $600 to workers whether or not they have a job. It also would add an extra $300 to weekly unemployment payments, extend the number of weeks people can draw benefits, and keep the Pandemic Unemployment Assistance program for gig workers going through April 19.
Still, it won’t be enough to fend off financial hardship for thousands of Coloradans living on the brink of financial disaster. And any stimulus won’t come fast enough to prevent a gap in benefits, potentially sending thousands off a financial cliff to start the new year. Even if Congress passes a bill before Christmas, it would take about a month for money to start flowing, said Cher Haavind, deputy executive director of the Colorado Department of Labor and Employment.
“We’ve passed the point of no return,” said Michele Evermore, a senior policy analyst for the National Employment Law Project. “It’s the day after Christmas and rent is due. It’s a terrible time for a cliff.”
A looming cliff
Since the pandemic began, about 729,000 Colorado workers — about 24% of the state’s entire workforce, as measured in 2019 — have received at least one unemployment payment, according to the state labor department. But there are 280,000 people whose jobs have not been restored or who have not been able to find new work or whose health has not allowed them to return, and those Coloradans stand to suffer the most when the CARES Act ends.
That looming cliff has snuck up on some people who’ve relied on extra benefits to pay for food, rent, car payments and other essentials for months. Among the programs expiring are Pandemic Unemployment Assistance, which for the first time provided benefits to gig and contract workers, and Pandemic Emergency Unemployment Compensation, which extended the number of weeks a person could draw benefit payments.
The Colorado Department of Labor and Employment is reaching out to tens of thousands of people using those programs to alert them funding is set to run out.
Earlier this month, labor department analysts projected 153,000 Coloradans would lose income when those programs shut off. That proved to be a rosy estimate. Of those who will lose all benefits, 191,000 are on the Pandemic Unemployment Assistance, or PUA, program.
The state labor department doesn’t have much it can offer in terms of short-term relief. Earlier this month, CDLE Executive Director Joe Barela suggested those who are able to return to the job market should look at job postings and explore training options available through the state’s network of workforce centers.
“If people can work, if it is safe for them to work, we would like to see them explore their opportunities if their benefits have run out or are about to run out,” Barela said.
Other than that, state officials are asking people to be patient.
“We will let them know as soon as we get additional guidance from congressional action and the U.S Department of Labor,” Haavind said during a press briefing on Dec. 10.
But it’s hard to be patient with the government when a landlord isn’t patient about late rent.
“They should put away their personal egos and do something,” Ezeudoye said of politicians in Washington. “I don’t know how they go back to their different homes and play with their grandchildren and their families when there are others lining up begging for food. It’s inhuman.”
Ezeudoye, 80, was furloughed in May from her job as a wheelchair agent at Denver International Airport. Since then, she has used unemployment benefits to supplement the $830 she gets each month from Social Security.
She burned through the maximum 26 weeks of unemployment allowed under Colorado law and then the extra 13 weeks provided under the CARES Act.
When that allotment was exhausted, Ezeudoye qualified to receive benefits through PUA. While that program was created for the self-employed, the law also allowed people who exhausted all their allowable weeks but couldn’t re-enter the workforce because of health conditions to draw from it.
That ends on Saturday.
On Jan. 1, Ezeudoye will be left to pay her $900 monthly rent and all of her bills on Social Security alone.
Already, she’s behind on rent and owes money to Xcel Energy.
“All those little, little bills,” she said.
Overwhelming need
The need already is overwhelming Colorado charities, with food banks reporting longer lines and housing agencies seeing record numbers of requests. Even groups that don’t operate as traditional charities, such as Black Lives Matter 5280, are creating assistance programs.
That group, known more for its civil rights advocacy, created a fund this year to help Black and Indigenous people pay their rent, said Apryl A. Alexander, a community organizer.
“There’s a lot of people really being disenfranchised in this moment,” she said, noting studies that repeatedly have shown the pandemic and economic crisis are hurting Black people, Latinos and other minorities harder than whites.
Maj. Richard Pease of the Salvation Army in metro Denver said his agency is bracing for an “avalanche of requests” for housing assistance. In an average month, about 1,000 people ask the Salvation Army for help to pay rent or a mortgage. In April, requests ballooned to 4,000, and he’s expecting at least that number in January.
Pease encourages anyone who might need help to apply before they are in arrears, because it takes time for paperwork to process.
“We’re seeing folks who’ve never come to the Salvation Army for help before,” Pease said. “We encourage people not to isolate and hope it will all work. We want them to reach out because we’re all in this together.”
Ron Ruggiero, president of the Service Employees International Local 105, called Congress’s failure to act “unconscionable and morally outrageous.”
“The desperation of working people — it’s difficult to put into words,” he said.
He recalled how in 2017 President Donald Trump and the GOP passed a $1.8 trillion tax cut in a matter of weeks. They could do the same for the unemployed if they wanted to, he said.
In October, the Democratic-controlled U.S. House of Representatives passed a $2.2 trillion stimulus package that would have added an extra $600 weekly unemployment benefit and another $1,200 one-time payment to most Americans. But Senate Majority Leader Mitch McConnell blocked it with his party’s support.
“You have the Republican-controlled Senate dragging it out for months and months. It’s morally wrong that billionaires get what they want with no delay while working people are subject to months and months of delay with all this stress and the reality of what they don’t have,” Ruggiero said. “It’s just unconscionable and it’s dangerous.”
Too little, too late
The scope of the damage on a national scale is stunning. The U.S. Department of Labor counted more than 14 million people across the country who filed continued claims for PUA and PEUC support during the week ending Nov. 28.
While a deal appears imminent, most of those who work with the unemployed say it will be too little, too late.
In Colorado, it’s likely that the soonest PUA payments will be reactivated is late January.
“It doesn’t matter when Congress passes these relief packages. Please keep in mind that there are several things that need to happen at the state level for every state,” Haavind said during that Dec. 10 call. “We need to await federal guidance from the U.S. Department of Labor. That guidance tells us how we need to reprogram our systems, who is eligible, who is not eligible, and really is the framework for these packages going forward.”
That reprogramming work alone could take weeks.
Zach Neumann, the executive director of the COVID-19 Eviction Defense Project, which provides free legal assistance to struggling tenants, referenced recent U.S. Census Bureau survey data when discussing the dangers of even a small gap in federal unemployment support.
According to the latest Household Pulse Survey, 209,000 Coloradans have “no confidence” in their ability to pay their next month’s housing costs. Around 365,000 people in the state are not caught up on their rent or mortgage.
Even with the state legislature putting $54 million to housing assistance during a recent special session and the possibility that Gov. Jared Polis will extend a statewide eviction moratorium that expires this month, the “risks are enormous,” Neumann said.
Once Colorado updates its unemployment systems there will be people who run into glitches, errors and other hiccups that prevent them from collecting, Neumann pointed out. And glitches are likely as Colorado is poised to launch a new unemployment claims system just as any new stimulus package is put in place. That will replace a computer system that the labor department’s own executive director described as being held together by “duct tape and chicken wire.”
“If we’re going to address this we need to keep people in a position where they are still receiving funding and can pay rent and pay for food, these types of things, because it’s a long road between the passage of new money and it actually landing in people’s pockets,” Neumann said.
Plummeting income
Meanwhile, people barely scratching by wait. And the anxiety mounts.
The company where Bougere works as director of events was among the first to lose business when the pandemic hit. The company plans and manages large events such as Taste of Colorado, college graduations, political conventions and rallies, and other big to-dos that bring together a lot of people.
When the coronavirus arrived, those concerts, rallies, parties and festivals were the first things to be canceled.
“Our business just died on March 15,” Bougere said. “We have millions of dollars in inventory just sitting.”
The company, Production Services International, dropped to five full-time employees from 45 and canceled work for hundreds of independent contractors who run sound and light systems and work as stage hands.
The company used a Paycheck Protection Program loan to pay Bougere and other employees through June, she said. When that ran out she filed for unemployment. At first, an extra $600 a week in benefits lessened the pain. That federal CARES Act benefit, however, expired in July. The $618 a week in unemployment insurance she now receives equates to more than a 40% loss of income.
As a single mother, Bougere helps supports a 21-year-old college student in California.
The income loss forced Bougere to break her lease at a Denver apartment — at a penalty — and move home to New Orleans to live with her parents.
At this point, she has depleted her savings account and is trying her best to avoid dipping into her retirement accounts. But that may not be possible if nothing replaces the CARES Act.
She’s already used up her regular unemployment insurance benefits and now is receiving the extra 13 weeks of benefits. That ends on Saturday even though she only would have used three weeks.
Late last week as Congress discussed a one-time stimulus payment of $600 to $700 with no extension to regular unemployment benefits, Bougere sighed, saying it would cover her cell phone bill, car insurance and not much else.
After 25 years in the special events industry, all of this is forcing her to consider a career change at 54. Her company guaranteed her old job but she’s unsure she can wait for it to be safe for hundreds or even thousands of people to gather again.
“Until I can find employment I depend on the generosity of my parents,” Bougere said. “I’m lucky to have them at my age.”
Barely getting by
On March 13, Fritch had just finished driving an out-of-town charter bus and hadn’t been paying much attention to news while behind the wheel. When her boss at Gray Line called and told her she needed to pick up a Lufthansa flight crew and take them to the airport, she didn’t understand the urgency.
He explained the coronavirus was spreading in Colorado and things were shutting down.
“That was the last time I drove until September,” Fritch said.
These days Fritch works 12 hours per week, shuttling Lufthansa crews to and from DIA. That work supplemented by unemployment benefits is just enough to get by.
“I’m making it. I’m eating cheaper. I’m staying home,” Fritch said. “I’m not going anywhere so I’m not burning gas.”
When she was laid off in March, the company no longer provided health insurance. A cancer survivor, Fritch bought insurance but could only afford the bare minimum.
She’s searched for a part-time job but no one is hiring tour bus drivers. Her next step will be looking for something in the retail sector. She hopes the extended unemployment benefits continue. Otherwise, there’s not much left to cut from her already tight budget.
“It’s just enough to get by,” Fritch said. “If I lose what little unemployment I get, I will have to go find something else part-time.”


thedenverpost--2020-12-20--Improving Investor Behavior: Hindsight in 2020

They say hindsight is 20/20 , and as we make the year 2020 hindsight , it ’ s a good time to reflect .
What did we learn ?
What surprised us ?
How can we use our past to make our future bigger and better ?
It was former Secretary of Defense Donald Rumsfeld , who said it ’ s the “ unknown unknowns ” that get you .
Unlike a “ known unknown , ” something we expect but don ’ t quite know the outcome , an unknown unknown is something no one could have predicted .
@ @ @ @ @ @ @ somebody would get elected ; we just weren ’ t sure who .
The circumstances may have been unusual , but there was going to be an outcome that we could anticipate .
An unknown unknown is something like COVID-19 : something that comes out of left field and creates uncertainty through its mere existence .
We did not understand its nature , the impact , the contagiousness , how to treat it , who would be the most vulnerable , what the effect would be on our health care system or how @ @ @ @ @ @ @ 10 months later , there is still much we don ’ t know .
Rarely do we see a year packed with both types of unknowns delivered in such rapid succession as we have this year .
It was a “ masterclass in investor behavior ” as the markets plunged , recovered , pulled back , recovered , and so on .
After the market fell 34 % in 33 days , investors sold at the low prices for the year , only to see valuations rise over 50 % in a matter @ @ @ @ @ @ @ now , the markets look likely to finish the year with about a 15 % gain .
That ’ s remarkable .
If I had told you in December of last year that a pandemic would hit the U.S. , resulting in almost 300,000 American deaths and unprecedented unemployment , would you have guessed the markets would be up ?
This is why good investor behavior is so important .
Looking at the data , it ’ s easy to conclude that we are not where we “ should ” be , and @ @ @ @ @ @ @ was a tempting year to try and time the market , either selling or buying .
But those who sat on their hands did surprisingly well .
Think back : Not only did we have the onset of COVID and an important election , but protests , restrictions , negotiations , and federal interventions defined the year .
Each of these events tempted investors to buy or sell , and the market moves ( or lack thereof ) that quickly followed either buoyed or blew out investors .
Those who resisted temptation and @ @ @ @ @ @ @ and with minimal effort .
It was proof that while timing the market once may be possible , doing it with any level of consistency is impossible .
I feel for those who made large investment changes to their investment portfolio driven by fear .
Fear is a very dangerous and powerful emotion .
We had a second lesson just before the election when the market fell 9 % in mid-October , only to have one of the best days of the year right after .
No amount of study , research , @ @ @ @ @ @ @ to know what will happen tomorrow .
That ’ s why I won ’ t pretend to know what ’ s going to happen next year .
Uncertainty is always present , and our goal as investors is not to eliminate it but learn to live with it .
We should remember that one person ’ s fear is another ’ s opportunity .
And above all , we need to remain consistent .
If you had continued to invest throughout the year regularly , whether a little each week or each month @ @ @ @ @ @ @ caught some great buying opportunities .
But if fear caused you to think , “ maybe I should wait a month or two before investing some more , ” you let your emotions get the better of you .
If that story sounds familiar , you aren ’ t alone .
Nor does it make you a terrible investor .
Instead , see it as an opportunity to grow .
Like going to the gym , muscles that are used improve .
Look back on your year and try to remember your thinking @ @ @ @ @ @ @ fearful ?
Optimistic ?
Uncertain ?
Did you react to those feelings ?
If so , what can you do to prevent that in the future ?
If that sounds like a chore , you might consider talking to an adviser .
Stewarding capital is part of our job , but a much more important role is helping people manage and improve their behavior .
I do not know what 2021 has in store for us , but I will tell you that I ’ m optimistic .
Frankly , that ’ s @ @ @ @ @ @ @ has been a terrible unknown this year , but think about it this way : our country faced a new virus , tore it apart to understand it , headed to a lab and built a vaccine for it , and are now beginning to distribute that vaccine , all in about 10 months .
And in that time , our country adapted .
We used old tools in new ways .
We connected where and how we could , both personally and professionally .
As a result , tools like Zoom point @ @ @ @ @ @ @ maybe doesn ’ t involve as much travel , hassle , or headache and instead points to more time with our families , a better connection with our neighbors , and more efficiencies in how we work .
These tools aren ’ t new , but our changing world made them a necessity .
The science , the innovation , the capabilities we have as Americans is truly mind-boggling .
There will be many “ unknown unknowns ” in our lifetime .
Our true test is our reaction to them .
Though our @ @ @ @ @ @ @ pulled together ( along with the rest of the world ) to face a common enemy .
If that alone doesn ’ t make you optimistic about our future , I don ’ t know what will .
Happy holidays and best wishes for the new year .
Steve Booren is the founder of Prosperion Financial Advisors in Greenwood Village .
He is the author of “ Intelligent Investing : Your Guide to a Growing Retirement Income , ” published in March 2019 .

They say hindsight is 20/20, and as we make the year 2020 hindsight, it’s a good time to reflect. What did we learn? What surprised us? How can we use our past to make our future bigger and better?
It was former Secretary of Defense Donald Rumsfeld, who said it’s the “unknown unknowns” that get you. Unlike a “known unknown,” something we expect but don’t quite know the outcome, an unknown unknown is something no one could have predicted. The election was a known unknown: somebody would get elected; we just weren’t sure who. The circumstances may have been unusual, but there was going to be an outcome that we could anticipate.
An unknown unknown is something like COVID-19: something that comes out of left field and creates uncertainty through its mere existence. We did not understand its nature, the impact, the contagiousness, how to treat it, who would be the most vulnerable, what the effect would be on our health care system or how people would react to it. Even 10 months later, there is still much we don’t know.
Rarely do we see a year packed with both types of unknowns delivered in such rapid succession as we have this year. It was a “masterclass in investor behavior” as the markets plunged, recovered, pulled back, recovered, and so on. After the market fell 34% in 33 days, investors sold at the low prices for the year, only to see valuations rise over 50% in a matter of months. As it sits right now, the markets look likely to finish the year with about a 15% gain. That’s remarkable. If I had told you in December of last year that a pandemic would hit the U.S., resulting in almost 300,000 American deaths and unprecedented unemployment, would you have guessed the markets would be up?
This is why good investor behavior is so important. Looking at the data, it’s easy to conclude that we are not where we “should” be, and yet, here we are. It was a tempting year to try and time the market, either selling or buying. But those who sat on their hands did surprisingly well. Think back: Not only did we have the onset of COVID and an important election, but protests, restrictions, negotiations, and federal interventions defined the year. Each of these events tempted investors to buy or sell, and the market moves (or lack thereof) that quickly followed either buoyed or blew out investors. Those who resisted temptation and remained committed and consistent did surprisingly well and with minimal effort. It was proof that while timing the market once may be possible, doing it with any level of consistency is impossible.
I feel for those who made large investment changes to their investment portfolio driven by fear. Fear is a very dangerous and powerful emotion. We had a second lesson just before the election when the market fell 9% in mid-October, only to have one of the best days of the year right after. No amount of study, research, newsletters, or blogs can prepare you to know what will happen tomorrow.
That’s why I won’t pretend to know what’s going to happen next year. Uncertainty is always present, and our goal as investors is not to eliminate it but learn to live with it. We should remember that one person’s fear is another’s opportunity. And above all, we need to remain consistent. If you had continued to invest throughout the year regularly, whether a little each week or each month, you would have “accidentally” caught some great buying opportunities. But if fear caused you to think, “maybe I should wait a month or two before investing some more,” you let your emotions get the better of you.
If that story sounds familiar, you aren’t alone. Nor does it make you a terrible investor. Instead, see it as an opportunity to grow. Like going to the gym, muscles that are used improve. Look back on your year and try to remember your thinking at any given point. Were you fearful? Optimistic? Uncertain? Did you react to those feelings? If so, what can you do to prevent that in the future? If that sounds like a chore, you might consider talking to an adviser. Stewarding capital is part of our job, but a much more important role is helping people manage and improve their behavior.
I do not know what 2021 has in store for us, but I will tell you that I’m optimistic. Frankly, that’s my general disposition. Yes, COVID has been a terrible unknown this year, but think about it this way: our country faced a new virus, tore it apart to understand it, headed to a lab and built a vaccine for it, and are now beginning to distribute that vaccine, all in about 10 months. And in that time, our country adapted. We used old tools in new ways. We connected where and how we could, both personally and professionally. As a result, tools like Zoom point to a different future — one that maybe doesn’t involve as much travel, hassle, or headache and instead points to more time with our families, a better connection with our neighbors, and more efficiencies in how we work. These tools aren’t new, but our changing world made them a necessity. The science, the innovation, the capabilities we have as Americans is truly mind-boggling.
There will be many “unknown unknowns” in our lifetime. Our true test is our reaction to them. Though our country remains divisive, we’ve pulled together (along with the rest of the world) to face a common enemy. If that alone doesn’t make you optimistic about our future, I don’t know what will. Happy holidays and best wishes for the new year.
Steve Booren is the founder of Prosperion Financial Advisors in Greenwood Village. He is the author of “Intelligent Investing: Your Guide to a Growing Retirement Income,” published in March 2019.