Weekly Investment Focus

▪ States are putting health first, even if it means shutting down production lines
▪ This crisis has shifted from a supply shock to a demand shock and is beginning to look like a financial shock
▪ Central banks, led by the U.S. Fed, have just taken concerted action
▪ Credit spreads are widening sharply and stock markets have all entered a bear market
▪ While the trough has probably not been reached, rallies and investment opportunities will take place