Our February comment was released following a difficult final ten days of the month – not that it relates to the current events. The events are, as it’s said, what they are. The market already understands that virtually everything in China is shut down. Autos sales have plummeted, 99% of nightclubs closed, 70% of restaurants closed, 50% of Mom & Pop stores are closed. The list goes on. What investors are now starting to consider is the second derivative – where the opportunities lie.
“Believe me, there are eternal investment principles, and technology doesn’t alter them: Time is your friend. Impulse is your enemy. Buy right and hold tight. Cost matters. If you aren’t sure, diversify. Invest for the long-term. Stay the course. “ –John C. Bogle, Reinventing Mutual Funds, speech, June 11, 2001,