3 Main Talking Points

Explain what’s happening.

• This marks the end to the bull market, at least for now.
• The coronavirus is different than other viruses.

This is bad, but how does it compare to 2008?

• This has caused volatility both up and down, with the single biggest market movement days both up and down in the past decade, occurring in March 2020.
• This was the quickest shift to a bear market ever.
• The swift drawdown was partially due to a lack of information as the economic underpinnings were generally strong coming into this crisis.

There is a path forward.

• The economy was fundamentally sound before this crisis occurred, which provides hope for moving forward.
• No one can make a credible economic forecast which is one of the reasons that the drawdown was so swift and the volatility is so extreme