The tragedy of covid-19 is the proximate cause of the onsetting economic downturn, not the underlying fundamental cause. I’m not smart enough to determine how long or deep this oncoming recession will be. Accordingly, although we remain ‘open for business’ for our current portfolio — indeed, our portfolio companies’ health remains our primary objective right now — we do not expect to commit to any new investments at this time. I realize that saying this may lead to some missed opportunities, but transparency and candor represent some of our core principles to startup founders.

Nonetheless, as investors we do try to forecast how this is going to play out across the various business sectors. The following graphic is my attempt to depict the word jumble in my brain these days. A similar exercise from the smart minds over at GP Bullhound inspired me to use this format. I invite any feedback on this: additions, rejections, embellishments, etc.

Finally, my heartfelt thoughts to all of those readers who are directly affected by this crisis, both in terms of health or financially. Take good care.