Quarterly Letter
The first quarter of 2020 was one of the worst on record, and it certainly felt like it. In a matter of weeks, a virus that likely emerged from a wet market in Wuhan, China, brought the global economy to a halt. A Saudi-Russian induced oil price war exacerbated the decline. Only cash, select government bonds, and gold provided refuge from the carnage. There is tremendous uncertainty in the near term, as policymakers inject wartime stimulus into economies, creating a bridge until health risks subside and economic activity recovers. Opportunities are emerging amid the associated uncertainty, and we are taking a disciplined, opportunistic, and incremental approach to capitalizing on them.
