We said in the first quarter that we would get through this crisis and that things would improve and recover. Financial markets recovered first, quicker than they ever have from such a deep economic hole and quicker than anyone could have hoped. Economies have made great progress too but are not back to their pre-COVID-19 levels yet and may not be for another year or two.

Many of our clients, and investors broadly, are asking this important question: How do we reconcile the recent equity market gains, particularly in the United States, with the poor state of the current economy and the weak outlook?