“Markets have experienced record volatility reflecting the unprecedented closing of most of the world economies. Investment professionals steeped in reading cash flow statements and balance sheets have suddenly been forced to analyze trendlines being reported by health authorities. As we look ahead to how economies and markets progress from here, we can extrapolate from past downturns to get a sense of how corporate profits recover when the economy fully opens. However, until we can fully restore all sectors of the economy, we believe the recovery may disappoint investors as so many industries cannot function optimally with partial social distancing. When we ultimately find a treatment or vaccine that allows for a truly open global economy, we should see a fuller recovery.