COVID-19 UPDATE. Case trends still positive. 18 states might soon meet Phase I criteria. White House discusses bringing global supply chain home.

COVID-19 remains a global crisis and we realize that many people need to keep up with COVID-19 developments, particularly since we are moving into the more critical stage ("restart economy"), so feel free to share our commentary to anyone who has interest. One of the more interesting comments President Trump made today was his questioning of the benefit and need for global supply chains.  In fact, he spent some time talking about how he ran on the platform for bringing jobs and assets home.  It is possible that future policy, post-COVID-19, creates incentives for businesses to bring assets back to the US.  Governments, by policy mandate, pick "winners and losers" so if this ends up being a policy initiative, this will have meaningful investment implications (at first glance, greater for US Technology, Industrials, Financials, and even Healthcare, because the US leads in Healthcare).  And might also complement their desire for infrastructure spend, to re-ignite the US economy.  After all, bringing assets back to the US, is asset-heavy = investment spend = good for EPS.  The White House concluded their press briefing this evening and the overall tone was positive, with much progress on case front (peak was 4/10/2020 and still falling), testing availability, PPE (protective ...

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