First, it is important to acknowledge how fortunate we are that this pandemic did not occur during a time of financial or economic distress. Imagine how different the prospects would be if this were April 2009 in the middle of the Global Financial Crisis or April 2012 as the follow-on Eurozone debt crisis was in full flower. The United States was in its tenth year of recovery, the longest period without a month of job loss in history, and some form of correction was inevitable. Wise investors had already shifted to defensive postures. We may not have anticipated this specific Black Swan, but we were prepared for some event or combination of events to bring an end to what was clearly a great party for real estate investors.
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