We made the realisation today that the "Relapse Risk" is not a significant market event that will simply 'happen' one day. The relapse is already happening - the world, the US and now Australia, is beginning to realise that there are geographically defined hotspots and it is not for Trump, Morrison or Boris to tell their State governors what to do, the virus has to be handled locally.  In which case there will be no Federal decisions to upset the market, just rolling local decisions. On which basis the relapse risk is low. Which is why Morrison, Trump and Boris are now left, having played their national fiscal policy cards, encouraging state governors and premiers to re-open when they can...please. But it is not up to them. Today in the strategy piece we also have an educational piece on an interesting investment philosophy about trading BL2TR companies (read the strategy piece) and we then look at the tides beneath the sea, the sectors that are likely to struggle post virus, or thrive. And finally we ask an interesting question about "What would we do if we knew the market was going nowhere?".