Quarterly Commentary
Q2 2020: The Illusion of Price, The Opportunity of Return

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Global asset returns in Q2 of 2020 displayed a stark contrast to the panic of Q1, when equity markets experienced drawdowns over -30%. Fortunately for investors, an unparalleled barrage of both Federal Reserve market intervention and government aid and spending in the U.S. stopped the bleeding. After a vertiginous start to 2020, asset prices suffered a precipitous fall, leading the S&P 500 Index to experience virtually the worst quarter ever in Q1 – only to then rise dramatically off the lows reached in March, to close one of the best quarters ever in Q2. At one point...

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