COVID-19 has brought about events that possibly 99% of those alive today have never imagined, let alone experienced, not just in terms of illness and possibly loss of life, but also in terms of the hardships caused through the enforced lockdowns. Any number of superlatives can be used to describe what we have all witnessed and experienced this last quarter, and specifically, this last month, not the least of which are the fastest bear market in history and also the shortest (if you count the 20% rebound from the lows of the Dow Jones Index in the last full week of March). We will endeavour to not sensationalise what is a truly remarkable series of events (but we do not promise, as there are some truly staggering numbers involved). Instead, we thought that we would commence this Quarterly Commentary with a couple of entries from this scribe’s personal diary, to illustrate the thought processes that were at work during the rout of policy responses to the crisis which led to the rout in the financial markets.