My Three-Phase Market Recovery Overview
To review some of our previous thoughts in the first four memos, I still see a three-phase recovery, and we are still in the second phase. The three phases are:
Government Intervention at Lightning Speed
Our investor-based discipline kept us invested in great businesses, and for the most part, we are back near our portfolio values at the beginning of the year. Our discipline to not react emotionally has been the best decision, and I truly cannot believe the speed of recovery.