The Current Situation

Memos and updates regarding market conditions in a pandemic age. 

We said in our year-end letter, sent to investors in late-January, the populus was underestimating the risk of pandemic (brought to our attention in this note)

Below are links to four recent memos sent to investors on the rapidly escalating pandemic and market impact. We have also included other important resources we believe any serious market participant will want to fully understand. 


If you’re not willing to react with equanimity to a market price decline of 50% two or three times a century you’re not fit to be a common shareholder and you deserve the mediocre result you’re going to get.

— Charlie Munger