It has been a while since we have been tested like this. While we have experienced a few downturns in the past decade, there has been nothing like the current market environment.
With the spread of COVID-19 in February 2020 into a global phenomenon, risk assets fell for six weeks before rallying into a 21-month surge that enriched asset owners immeasurably. And now this. A different beast altogether. Almost 4½ months of equity and real estate declines and interest rate increases…