The market response first, to the Covid-19 crisis, and second, to the huge stimulus packages announced to offset it, has been astonishing.
Savage falls across equities and corporate bonds have been swiftly reversed, with some equity markets a whisker away from all-time highs.
How to reconcile a 'sudden stop' in global economic activity, with buoyant financial asset markets, has been a key area of focus for us and many others.
Certainly, the shock to economic activity and corporate balance sheets in the near term will be huge - a 30%-50% annualised fall in US real GDP in Q2 would be a consensual outcome.
But of course, what matters for forward looking markets is how the world emerges in 2021 and 2022, and our base case leaves us comfortable owning quality risk even as markets recover.
An important element of this is the response from policy makers to Covid-19, eclipsing anything we have seen before in both speed and size, including during the Global Financial Crisis (GFC).
We have had fiscal easing this year of between 20%-30% of GDP depending on where you look - with Europe topping the pack when loans and loan guarantees are included.
This has been accompanied by a similarly enormous monetary response, including buying high yield credit in the US and removing issuer limits in Europe. What was delivered in quarters during the GFC was rolled out in days.
And this, along with credit guarantees and other forms of regulatory forbearance can stop the doom loop - and in our view, address and ultimately resolve the various dislocations Covid-19 has brought with it.
Balancing the cost of shutdowns with the benefits of that stimulus, our forecasts suggest economic activity in the US regaining Q4 2019 levels by the end of next year, in something of a 'U-shaped' recovery. Europe is likely to experience a slower path back.
But all in, we would judge this as a very large - but ultimately temporary - shock and are keen to be long assets most affected by the monetary response and with decent valuation.
Maya Bhandari is portfolio manager, multi-asset, at Columbia Threadneedle Investments
• An astonishing response by policymakers, eclipsing anything seen during the GFC
• Valuations, though not as cheap as they were in late-March, still look attractive, particularly for those assets most likely to benefit from the policy response
• Real risks of second waves of the virus as lockdowns are lifted, threatening to knock already fragile markets off course after their powerful rally in recent weeks
• A change in policy stance - either monetary or fiscal - away from easing before recoveries take hold