- We’ve spent a lot of time doing management meetings. And it’s been very inspiring that the managements for the most part have been very open and very proactive. In many cases, reaching out to let us know what they’re doing and what their plans are.
- We’re starting to see a few signs of countries beginning to talk about slowly reopening. France is going to begin May 11th, according to President Macron. Austria is starting mid April to open small businesses. All businesses are opening May 1 in Austria, Denmark, and Norway. So, we’re starting slowly to see reopening. Of course, we can’t keep these economies closed forever. And the authorities need time to prepare their healthcare systems.
- We do feel that the fiscal stimulus that has been injected into the global economy should help ease. Mathematically, it has to help ease the recovery in most of these areas because even in the US, you see almost 10% of GDP is being spent. This should help us recover from what has been a relatively nasty economic wake as a result of this shutdown of about 30% of global GDP over the last four or five, six weeks.
- Some of the companies which we’ve owned that were just smallish positions, we’ve added to substantially as a result of the steep share price declines.
- Valuations of some of the blue-chip companies in the developed world have really, really got creamed the first half of March. There’s been a little recovery since then. But I think there’s a huge valuation differential for the most part.
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