The U.S. equity market rests just under 8% from its February 19 peak. Cue worries that we’ve come too far, too fast. Near-term stock valuations may look extended as revenue and earnings sink. There’s no end yet in sight for the pandemic, and U.S. elections are just around the corner. But, as the bulk of the premise for owning stocks is based on long-term future value creation. Specific winners and losers aside, we imagine the future no less obscure than it ever has been. While we suggest all investors regularly revisit risk tolerance in order to gauge comfort with market risk, perhaps most should seek to maintain that longer-term perspective we have found tends to lead to better investment outcomes.