- At the time of writing, Italy, Denmark, Belgium, Spain, and France have all gone on nation-wide lockdowns. The UK, and we assume many others, are likely to follow suit, soon.
- There is no precedent for almost entire populations working from home, with schools and borders shut.
- These are truly extraordinary times, and not a scenario any market participant was betting on just four weeks ago.
- While the depth of the crisis took us by surprise, consumer patterns have shifted to businesses we know and like. It looks like staying at home is forcing entire populations to live more like Millennials!
