The first half of 2020 was unprecedented. On March 11, our world changed dramatically as the World Health Organization officially characterized the COVID-19 virus as a pandemic. This declaration set forth a series of events resulting in a complete shutdown of the global economy, the likes of which we have never seen before. Markets reacted violently, and volatility was at extreme levels, with the stock market losing almost a third of its value in just 22 trading days between February 19 and March 23. Fixed income markets, even U.S. Treasuries for a time, also declined as a substantial number of liquidations by levered investment funds put massive pressure on bond prices. The Federal Reserve stepped in quickly, cutting interest rates in early and mid-March and providing massive stimulus to address liquidity concerns in fixed income markets. In addition, on March 27, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which provided much-needed support to individuals and businesses that had no way of making money in an economy that was completely locked down. We didn’t know it at the time, but March 23 was a turning point in investor sentiment that began a string of positive returns. Notably, the second quarter of 2020 generated the second-best return in the past two decades. It’s almost unfathomable that amid a pandemic, the S&P 500 had two of its 25 largest daily gains since 1928 (9.3% and 9.7% on March 13 and March 24, respectively). What a period it was!