I hedged my portfolio in January. You didn’t need a declaration of pandemic by the WHO to see the risk — that’s a trailing indicator. I exited my initial hedges in mid-March.

Which isn’t to defend or justify insider trading by Congress. There were intelligence analysis reports floating around Washington DC in 2019, so it was a known risk. But you didn’t need to be a beltway insider to see that possibility when insuring against that risk was very cheap.