In this letter: A rush for the exits drains liquidity from most equity and fixed income markets resulting in a rapid and significant sell-off that rivals some of the worst we have witnessed in the past 100 years. A global pandemic ends one of the longest economic recoveries in U.S. history, with expectations of further pain ahead. Economist and market prognosticators search for parallels to provide context to COVID-19 but often lean on poorly drawn corollaries. Central Bank and Fiscal backsto
