As a result of the economic shutdown, US stock markets fell dramatically in March. From its intraday high on February 19, 2020, the S&P 500 fell 35.6% to its intraday low on March 23, 2020. In a little over a month, the most widely followed US stock index lost over 1/3 of its value. Despite all of the ongoing problems and despite all of the headwinds facing our economy, the S&P 500 not only recovered the losses suffered, it closed with a new all-time high on August 24th. While seemingly unexplainable, we believe the recent market activity has reinforced several key beliefs.