The bear market of 2020 was historic in terms of the speed and magnitude of the selloff. In times like this, when even seasoned investors could use some perspective, we strive to provide unparalleled thought leadership.

On March 20, 2020, within days of the first quarter market bottom, we penned an in-depth letter to our clients and partners. This client letter included eight main viewpoints intended to help our clients navigate an economy in turmoil. By providing this letter publicly, we believe it gives a window into how we provide long-term perspective to our clients and partners, which is part of our client-focused mission.

The client letter includes: 2020.05 Guidance for Navigating the Bear Market of 2020-1

  • Perspective on market selloffs/recoveries and emotional biases
  • The steps we took to stress test our holdings
  • How recessions can accelerate secular trends
  • How we took advantage of short-term opportunities
  • And much more

Please fill out the form on this page to access the letter in its entirety.


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The information and views expressed herein are provided for informational purposes only and do not constitute investment advice. Past performance does not guarantee future results. Any projections, outlooks, or estimates contained herein are forward looking statements based on specific assumptions that are current as of the date indicated, subject to change without notice, and should not be construed as indicative of any actual events that have occurred or may occur. The inclusion of particular investments is not intended to represent, and should not be interpreted to imply, a past or current specific recommendation to purchase or sell a security and should be considered in the context of an overall portfolio. Investing in equity securities involves risk and principal loss is possible. Nothing contained herein constitutes investment, legal, tax, or other advice and should not be relied upon in making an investment or other decision. Investors should always obtain and read up-to-date investment services material before deciding whether to appoint an investment advisor.