In our March 31st Strategy Review, we attempted to show that even though things were really bad and were expected to get a lot worse in the near term in terms of number of Coronavirus cases and the shape of the North American economy, it appeared that, at least based on historical declines in price, forward earnings and forward price/earnings (P/E) multiples (ie. valuations), that a lot of the bad news was likely baked into the stock market. And from the lows of March 23rd, we have seen a tremendous rally in both the S&P500 and the TSX, up 34.5% and 35.3%, respectively.