Labeling market conditions as “The Investor’s Challenge” was a research theme Wilshire first established in an educational webinar series during the post-2008 environment. At its core, the theme discussed the zero/free-cash and low yield challenges facing investors (often referred to as financial repression) and explored portfolio strategies to confront these low expected-return challenges. The 2020 environment, driven by the massive economic impact of the COVID-19health crisis and unprecedented monetary and fiscal response, has accelerated these conditions to extreme levels.