Q1 was one of the worst in market history. We mentioned the market was overlooking Virus back in January and there was elevated complacency. No one imagined the health crisis and black swan event that would follow. The world is changing and industries are experiencing major shifts in consumer spending preferences. The recovery will be sharp and consumer dollars may never return to certain sub-sectors such as cruise-lines, casinos and other discretionary spend dependent businesses. Reallocation of capital and risk are changing by the day and certain companies will fare better than others. The best thing you can do is position your portfolio to capture the recovery, because it won’t be an across the board rally.