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Quarterly Investment Update: A novel danger, and response

Last Updated: September 30, 2025

COVID-19, and the disruption to life and economic activity it has wrought, are new to mankind. From its previous peak, America’s benchmark S&P 500 Index has experienced its fastest 20%+ fall since its inception in 1957. Drops of that magnitude – signalling a bear market – have on average taken over 200 days. But the record-breaking plunge is not a reason to expect a sharp technical rebound to begin soon. It simply reflects the gravity of the situation and the fact that markets have been blindsided.

  • Coronavirus