Stocks suffered severe declines during the first quarter as the new coronavirus, Covid-19, spread in China, Iran, Europe and then the US. With “social distancing” as the primary method of fighting the spread of Covid-19, economic activity slowed markedly in the affected areas. No one knows how long it will take to stop the spread of the virus. The medical, research and financial resources of the US and other major nations are focusing on increasing testing, developing treatments and a vaccine, and providing financial support for individuals and companies affected by the economic downturn. The exact course forward is uncertain but we remain convinced that Covid-19 will be contained and eventually eradicated.