February marked one of the most rapid corrections for U.S. stocks in recent history. In early January, we alluded to the strong possibility of a 10-15% correction in the first quarter of 2020. With this correction now underway, we believe buying opportunities will present themselves as markets move lower. While we were relatively unfazed by the correction in stocks, what surprised us was the rapid pace at which it ensued. Many things could have contributed to this including elevated equity valuations, leveraged positions, and margin calls. At the end of the day, we expect the Fed to cut interest rates in response to the developing coronavirus crisis.