June 1, 2020

Dire forecasts for the end of the world have not come to pass. The resurgence reflects 1) investor anticipation of things getting better at some distant point in the future, 2) the fact that some companies have actually seen business improve during the Crisis, and 3) a broad-based shift in sentiment to optimism from fear. We remain bullish on the long-term potential for the U.S. economy and for exceptional companies to do well.