Quarterly Review & Outlook-2nd Quarter 2020

“We all got holes to fill, and them holes are all that’s real.
Some fall on you like a storm, sometimes you dig your own.”

-Townes Van Zandt, “To Live is to Fly”

Historical parallels are of questionable use in the face of a global pandemic, subsequent economic shutdown, and unprecedented policy response. Not since World War II have monetary and fiscal policy coordinated to this degree, while at the same time the disjointed nature of the virus-economy interaction stirs anxiety not easily squared with the sharp recovery in asset prices.

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