Our world has changed more profoundly than most of us can remember. A global health emergency which compels the world to come to a halt is simply unprecedented in the modern era.

The effect of Covid-19 on our physical health and economic well-being has clearly been destructive, as Robert Schiller describes in his recent article “The Two Pandemics”.1 The related shock to the global economy and financial markets has been similarly unprecedented: global markets of almost all kinds suffered double digit declines for the quarter. Only U.S. Treasury Bonds and gold were up for the quarter, as essentially all other asset classes were hit by the pandemic selloff.   READ MORE