The beginning of the year feels like so long ago that it may be hard for all of us to remember how investors entered 2020 with a sense of optimism.  The US was resolving trade disputes and many were hoping that we were past the headline driven market movements for at least some time.  Then Covid-19 or the Corona Virus hit and all of our lives have changed.  The world came to a shut down in a very short period of time and life as we know it has changed.   

While projections about COVID spread appear to be improving, there is great uncertainty around the course of the virus and how long it will take before life can “get back to normal” and we can start to watch live sports again versus reruns.  An equally challenging prospect is anticipating how the global economy will recover once we get there. Will it be a quick jump back to where we were before? After all, there were no fundamental concerns with consumers, no bubble waiting to burst, instead we are simply staying at home, doing our part to flatten the curve. Answers to these questions will become clear over time. In the meantime, we continue to manage portfolios with an eye to harvesting tax losses where possible and rebalancing to asset allocation targets reflecting long-term objectives, thereby positioning investments for participation in the recovery, whenever it occurs.  We remain optimistic during this time of uncertainty, we feel we have the brightest minds working on a vaccine and look forward to having meetings face to face vs over the phone. 

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