At the time of writing, UK equity benchmarks have fallen by approximately one-third from their year-to-date highs.
Although the market drawdown was substantially worse during the Global Financial Crisis at 45%, the speed of the recent sell-off has been almost unprecedented.
The global spread of Covid-19 and the resultant political response to try and contain it have ground large parts of the global economy to a shuddering halt.
Many unknowns remain. How has China seemingly managed to export the virus to the rest of the world while apparently containing the spread within its own borders?
South Korea and Singapore seem to have managed to contain their outbreaks. Why can't other countries?
There is of course much we do not know about the virus; how many people have had it, what its true mortality rate is, and whether we are reaching the peak of the outbreak or we are just the start.
Projections from epidemiologists make grim reading, with any future lifting of lockdown measures potentially being followed by further lockdowns as and when the number of infections begins to rise again - China may be a leading indicator here.
A vaccine for the virus is apparently 12 to 18 months away. Are we to be in lockdown, or in and out of lockdown, during all of that time?
The policy response has been swift and substantial, with Chancellor Rishi Sunak promising to pick up 80% of the cost of wages for staff that cannot work due to their places of work being closed, alongside many other policy measures.
Minimising redundancies is going to be key to achieving a sharp V-shaped recovery when things return to normal.
If the current social distancing measures work and Covid-19 cases peak in four to six weeks, allowing the economic lockdown to be gradually lifted, this might be an exceptional buying opportunity.
Businesses will weather the storm with starkly different levels of success, supermarkets have not seen a boon like it. The leisure industry, of course, has all but closed.
Given the continued uncertainty, the highest quality business models, with strong cash generation and flexible cost bases are likely to be those that spring back in the best of health when normality returns.
Ewan Millar is senior investment manager at Cornelian Asset Managers
• Huge market drawdown presents attractive long-term opportunities
• Substantial near-term upside if virus peak is a matter of weeks away
• Profound economic disruption and therefore earnings risk
• Without a vaccine it is difficult to know how long societal lockdown measures will be required