The equity market returns in the first quarter of 2020 were historically low. The S&P 500 was down 19.5%. There have only been 18 quarters in which the S&P 500 has declined by 15% or more. Ten of those occurrences took place between 1929-1939. During the selloff, other safe-haven assets showed their portfolio diversification benefits as long duration Treasuries were up 21% in Q1, the U.S. dollar index was up 2.5%, and gold increased by 4.5%. While Treasury bills (a proxy for cash holdings) where only up 0.28%, they outperformed the S&P 500 by 20%. That is the highest outperformance of cash verus stocks since Q4 2008.