Change in the marketplace is simply the music to which its participants dance. Uncertainty brings up the volume and adds distortion.

In March of 2020, the market was in freefall due to the uncertainty surrounding COVID-19. On March 12th, we sent out a note suggesting patience and a reminder, that as value investors, we view stocks going on sale as an opportunity.

Flash forward from the date of that note, and the market, based on the performance of the S&P 500 Index, has doubled through April 4th.

But, here we are, with a new bout of uncertainty. Very loud, with plenty of distortion.