Equity markets find themselves in a much different place than a quarter ago. When we penned our first quarter update, coronavirus fears gripped financial markets around the world and stocks had retreated sharply from their highs. Since then, we’ve witnessed an astounding recovery for equities. In the second quarter, the S&P 500® gained 20.5% (its best quarter since 1998) while the Russell 2000® advanced 25.4%. Year-to-date, the S&P finished the period down 3.1%, a manageable decline that flies in the face of the dire predictions from just a few months ago. The Russell finished year-to-date down 13.0%, clearly a meaningful decline but much better than negative 30.6% at the end of March.