The equity markets have confused and whipsawed many investors in 2020 with the boom, bust and boom price action. The S&P500 finished the first half being down about 4% as the global economy came to a standstill. Central banks and governments reacted very quickly to the Covid-19 pandemic by firing bazookas of monetary stimulus and fiscal programs, only to figure out where and how those programs could best be implemented, but before they understood the root cause and symptoms of the economic and market issues. Fire first, aim second and finally be ready and figure out why you did the first two. Mind-boggling to the TRI, and fraught with many intended consequences.