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The second quarter began on the heels of the most precipitous fall in stock market history, quickly followed by a remarkable bounce in late March. As value investors, we draw considerable insight from the actions of corporate insiders. Given the unprecedented reason (coronavirus) for the market volatility, we were especially interested to see whether business leaders would act as they typically do during downturns. As we had anticipated, insider buying surged in the aftermath of the market downturn, though buying faded as stock prices rebounded. Where this cycle proved to be different,