With a global recession now a certainty, government bond yields remain very low and offer no long-term investment perspective, but help diversifying the portfolio as of now. Credit spreads in some market segments have reached extreme levels and led to price dysfunctionalities. In equities “there is blood in the streets” but one cannot call a bottom yet. Places to hide are the global health care and consumer staples sectors. The situation remains very fluid. We recommend a well-diversified portfolio across asset classes with relative high cash levels as investment opportunities will be plentiful once the Covid-19 crisis ebbs down.