DM – Q1 Commentary 2020

It’s Different This Time –  Sir John Templeton once called those the most dangerous words in investing. To be sure, we heard them when tech stocks seemed unstoppable in the late 1990’s, when house flipping was free money in the mid-2000s, and alongside virtually every other ill-fated bubble in investing history. They even applied in the opposite sense when fatigued investors convinced themselves that the financial system was irreparably broken in 2009 and fled stocks at the market’s nadir that spring.
As things presently stand, however, we’re fairly sure that even the late Mr. Templeton would have to admit that the otherwise treacherous phrase is for once wholly applicable. Try as we might, we can find no episode in modern times that compares to the scale and pervasiveness of the COVID-19 crisis has fallen upon all corners of the globe.

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