A Perspective on the Coronavirus
Our founder, Roger Sharp, reflects on the Coronavirus outbreak.
—
On my first trip to Asia in 1977, I fell in love with the region. Since then my family has spent many years living in Hong Kong and Singapore, and I’ve commuted from Down Under to just about every Asian city you can imagine, to work on deals and investments.
I proudly count myself as a member of a sizeable cohort who has devoted a lot of their lives to the region. What an exciting time we’ve had - so much sweat, frustration, and fun!
The spread of WuFlu over these past few weeks brings back memories of SARS, and before that, a host of other crises-of-the-moment that my friends, work colleagues, and family have collectively experienced in Asia.
I’ve been in Bangkok during at least two coups, I’ve run an investment banking business during the Asia crisis, I’ve chaired an online travel agent during the outbreak of SARS, with a few more experiences on top of that. Each road bump felt like an existential threat at the time - here are just some of them:
- currencies collapsed as pegs to the US$ unwound, and clients defaulted on US$ debt
- revenues at our bank crashed while our expats were paid in US$ - do the math!
- armed officials raided our Hong Kong office and then a similar incident in Bangkok
- locals ran amok in Jakarta as we covertly evacuated; there was mention of machetes
- Barings, Peregrine and a host of Asian entrepreneurs collapsed
- a series of natural disasters hit including earthquakes in Taiwan
- travellers were stuck in SARS-riddled hotels, and flight bookings were dented
All in all, a colourful time. What can be learned from it? Here are a few reflections:
1. It’ll pass. Whatever it is, it’ll pass.
Asia and its plethora of cultures and peoples are remarkably resilient. They’ll soon get up, shake themselves off, and go again.
2. If you’re a foreigner, stay the course.
Don’t shut up shop and go home. Show respect and commitment to your employees, to the society you live and work in, and to your clients. Be there for them.
3. Have faith.
Asia is the engine room of growth and is the fastest-moving, most exciting region on the planet. If you’re technology entrepreneurs as we are, it’s a prize worth trying for.
4. Make no assumptions, and be nice.
If you aren't located in Asia when you read this, the Asian people you see in your street may be your own nationals, or perhaps visitors from another Asian country. They aren't necessarily Mainland Chinese. And if they are, they've chosen to spend their hard-earned bucks in your country, and they're probably stuck, unable to get home. Spare a thought for them - they'll be just as concerned as you are (probably more). This virus doesn't discriminate, and nor should we.
To conclude
As the Coronavirus spreads, as cities in China are locked down, as supermarket shelves are quickly emptied in Singapore, as airplanes fly more or less empty, and as we worry about our friends and our loved ones (I have plenty in Asia) - take comfort that it will pass quickly, and prepare yourself for the inevitable boom in demand for everything as the situation normalises. My view is that will be around the middle of the year. Until then, its conference calls, Netflix and patience.
Oh, and a final note for our clients in Asia - we’re here for you - so please answer that phone call, and reply to that WhatsApp message or that email - let’s get on with it!