The story of 2020 to date is “new market highs” leading to “record drops” and “record recoveries.”  All making for prominent headlines and lots of excitement, both negative and some positive.

 At the end of first quarter 2020, the market looked as if we were headed into free-fall with a pandemic raging and the market seriously jolted. As literally the world adjusted to the new COVID-19 reality, the views changed.  Central banks around the world eased. Massive, seemingly unprecedented government spending programs propped up the population and the economies.

Discussions soon turned to whether this was to be a “V” shaped recovery, a “W”, a “U” or an “L.”  None of us quite knew.