As we have worked to understand the likely impact of the pandemic on economies and asset classes around the world, the most striking feature is the extraordinary uncertainty of the path from here.

Many things are possible, from a V-shaped recovery to a longer slog as economies struggle to get back to "normal" without a rapidly available vaccine and/or widely available effective treatment, to a true global depression as the destruction of countless small businesses leaves millions upon millions out of work even after we do reach the other side of the pandemic...

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