Following the financial crash of 2008, investors have benefited from a decade of bullish markets, and while there were indications that a slowdown was on the horizon, economic stasis caused by a flu pandemic was not on anyone's radar.
The current situation is truly era-defining and poses significant challenges for governments and investors alike. But as alien as it may feel, the economy is paused rather than suffering a hard reset.
The UK Government is committed to an unprecedented level of monetary and fiscal expansion, giving employers and employees hugely significant support to navigate this storm.
This means that rather than an economic crash, the UK is in stasis, with permanent unemployment and business closures minimised.
When the environment is right, it can be reanimated and can rebound and rebuild from a position of strength.
Such unprecedented circumstances offer an upside. While there remains significant uncertainty about the short-medium term, there is value to be found in the market.
Rigorous analysis of balance sheets and an expert understanding of individual companies will help ensure that investors are well positioned once the crisis passes.
When the UK emerges from its cocoon, working habits will have been transformed. The trend toward digital payments, working from home and cloud-based computing has been an underlying trend in the UK economy, but this crisis has acted as an accelerator.
Such behavioural changes mark a permanent shift to a new economy, with businesses likely to be the beneficiaries of lower overheads and greater employee agility.
Of course, the scars that this will leave on the UK will not be insubstantial. As welcome as the substantial economic support is, rocketing debt will impose restrictions on spending for generations.
The UK will likely have to undergo a period of tax rises as well as a squeeze on public spending to rebuild its balance sheet.
This pressure is also going to be felt by investors more directly. Low interest rates, significant dividend cuts and/or deferrals from corporates, as well as a squeeze in bond yields may prompt an income crisis.
For longer-term investors these are choppy waters that can be ridden out, but they do pose a more substantial challenge for those approaching or already in retirement.
Covid-19 has given investors a significant financial shock, but the longer-term outlook remains positive.
While the investing landscape may have shifted somewhat, the fundamentals of the UK economy are strong and those investors that stay the course will reap the benefits.
Andrew Mackintosh-Walker is managing director at Close Brothers Asset Management
• The Government and the Bank of England appear committed to continuing unprecedented monetary and fiscal expansion, ensuring that the UK economy is well positioned for a strong rebound
• Rigorous analysis of balance sheets identifies real value in the market
• Unprecedented economic support means that government debt will skyrocket
• A shortage of income will be a real challenge for investors with low interest rates, dividend cuts/ deferrals, and bond yields squeezed