Risk assets (equities, credit, and emerging market bonds) have declined significantly since February 19, including further significant declines since client meetings the first week of March. Several negative datapoints have occurred which has led to a complete risk-off sentiment in the market. Valuations in risk assets have become more compelling for those with a long-term viewpoint, although calling a precise bottom is unrealistic as the ultimate duration and economic impact of the Coronavirus is unknowable at this point in time. Similarly, safe-haven assets (government bonds) performed well during this sell-off but yields and valuations have reached uncompelling levels (especially for fixed income assets with higher duration).