The speed of the market decline in the first quarter was unprecedented and the ensuing recovery in the second quarter was as impressive as the gut-wrenching decline in Q1 2020.
Our Summer 2020 Investor Letter contains commentary on the economic and market impact precipitated by the virus mandated shutdowns. With the third quarter underway it seems the worst of the economic damage caused by the virus-induced stay at home mandates just might be behind us. States are reopening their economies resulting in a significant pickup in economic activity, albeit from a low level. The fiscal and monetary response to the virus-led economic shutdown is substantial and provides interim support for businesses and consumers, allowing time for businesses to reopen and bring back furloughed employees.
Our Summer 2020 Investor Letter contains additional commentary on the current environment and our expectations for the balance of the year. More insight is accessible at the Investor Letter link below.
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