Quarterly Investor Letter Number 12 (Q1 2020)

Financial markets were severely and suddenly impacted by the spread of COVID-19 and measures taken to reduce its spread. The weight of evidence has unfortunately changed dramatically during the period and the portfolio has evolved to stay in harmony with that evidence. There are no playbooks we can refer to as there are few if any useful parallels. The range of probable outcomes is wide and the portfolio is positioned to do reasonably well in most outcomes, but it is unlikely to flourish in any one particular outcome.