Over the weekend, new cases of Covid-19 (coronavirus) were announced in South Korea and Italy, bringing the total number of infected to approximately 79,500 announced cases. The number of fatalities continues to increase and stands at approximately 2,600 cases globally. While the virus has spread to 19 countries, 97% of the infected cases and fatalities are localized to specific China provinces. Since the first news of the virus broke, global equity markets have remained resilient, expecting that the economic impact from disrupted supply chains and soft consumer spending will be short and economic growth will accelerate in the second half of 2020. With the recent spread of Covid-19 to the open-border Eurozone, global equity markets are re-evaluating that thesis and showing the first real signs of stress in over 15 months. There is still a great deal of uncertainty on what the impact will be to public health and global economic output. While any health emergency is an unfortunate and tragic human event, we believe it is an appropriate time to add historical context to the outbreak.