Over the past week, we have witnessed the market make a rapid about-face from “COVID-19 doesn’t matter”, to “COVID-19 might matter a lot.” This change of outlook has driven the market down ~11% on new fears of the coronavirus and its impact on global health and economies. The virus, which we were all unaware of a few months ago, represents a rare black swan event, now impacting world markets, economies, health care systems, government policymakers and individuals. While there is certainly plenty unknown about the virus and how it progresses from here, we would like to share some current thoughts.