While a global crisis in which large swathes of the world's population have been locked down will, inevitably, leave some companies floundering, others are likely to emerge stronger than before.
Cyclical and structural opportunities
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US equity markets have had their worst quarter since 2008.
As Covid-19 sweeps across the globe, a recession looks unavoidable.
Asia was first into the coronavirus crisis, with China officially reporting cases in mid-January, but it is showing encouraging signs that it may be the first to emerge from it.
Investors are grappling with the huge uncertainty caused by the global Covid-19 pandemic. The human and economic impact has been dramatic, both in its magnitude and in its velocity.
The speed and scale of the market decline has been the defining feature of this market downturn, although this has been matched in unprecedented rapidity of response by both central banks and governments.