This brief research note serves as a supplement to our March piece, Managing through Market Drawdowns. Six months ago, the U.S. was in the midst of its first official bear equity market (down 20% or more) in more than a decade (when considering monthly return data). While it was recognized that the cause of this sell-off (the Coronavirus) was unlike anything most investors have experienced before, the research note referenced above reinforced the merits of disciplined rebalancing as a critical part of achieving long-term investment goals. Although the global economy is far from fully recovered (we do not mean for our lighthearted title to ignore some very serious underlying economic divergences) and unemployment remains elevated at 8.4%, the U.S. equity market fully recovered all of its losses from earlier this year by the end of July.