Epidemics: COVID-19

We certainly do not wish to downplay the concerns related to COVID-19, as the disease is highly contagious and can be transmitted by those who are not currently showing any symptoms, and its spread from China to points around the world is disconcerting.

Yes, this time is different, given the interconnectedness of the world, but there is always something unique about every frightening market event. In this report, we offer perspective on epidemics and the equity market turbulence associated therewith as we have long believed that the secret to success in stocks is not to get scared out of them, while we are always focused on the long-term, multi-year prospects of the businesses in which we are invested. Happily, capitalism's immune system is quite strong.