In our client communication, I have been thinking about why the market should recover based on fundamentals. Ultimately, people need to have faith that business will survive and thrive and in owning a basket of stocks or bonds, you own assets that have sound economic drivers. If you own bonds, you are a lender and the debt issuer will pay you a coupon. If you own stocks, you own a stake in the business’s future cash flow and the business will return to you in dividends or go up in value. The question would be how much we are willing to pay for a basket of these businesses. If we pay a relatively dear price and the future outlook of these businesses does not look as great as we anticipate, then we do not have much margin of safety. We will be essentially paying $2 for what is worth $2.2. Not a good outcome....