As many of you have already noticed, we continued to trim positions over the past two weeks after a furious rally from the lows in March. To recap, the market fell nearly 35% from February 19th to March 23rd, the most severe decline from an all-time high in history. In response, central banks and governments around the world mobilized to combat the crisis with trillions of dollars in stimulus and “market support.” Following these actions, the U.S. stock market staged an incredible rally of more than 28% from March 23rd through April 17th. Although impressive, a 50% retracement of a market decline is actually very common early in a bear market. After this series of violent market movements, the S&P 500 Index now sits 15% below its all-time high from February (as of April 17th).