Investing is all about the fundamentals. Markets and our portfolios have been resilient in the face of the economic dislocation we have seen due to the Covid-19 pandemic, warranting our conviction in our approach of investing in Quality and Value for the long-term.
It has been six months of unprecedented economic and social dislocation. Despite the positive signs, we will have to see how economies and companies manage the next 12-18 months as we see the full impact of the physical distancing measures we have had to put in place to combat the pandemic and as fiscal and monetary measures are scaled back as they recover.
The pandemic has accelerated many of the changes and disruptions we have seen over the past decade. Our definition of quality is forward-looking, and many of the companies we invest in are direct beneficiaries and contributors of the changes as they provide goods and services that help economies and people to function and to innovate in the effort to overcome the challenges.
Several of our companies like the digital platforms and health care businesses have reported record results and have upgraded their outlook. Some like Thermo Fisher and Medtronic have used their balance sheet strength to make opportunistic acquisitions. Others that have been impacted by the inability to provide their goods and services due to the measures are providing indications of resurgent demand in areas where their businesses have been able to reopen.
At the same time the unprecedented global coordination of efforts to develop therapies and vaccines against the virus that causes Covid-19 are beginning to yield results. Global pandemics have occurred for millennia. They may have been slower to spread as they had to travel by caravan or galleon, but they were devastating in impact and casualties. The most recent virus may have spread faster because of our greater global linkages, transport and supply chains. But the global response has been faster too and the impact and casualties greatly helped by our greater understanding of health and science. That is why we believe that the global cooperation of scientists and universities is an example of a positive impact of globalization that we should celebrate.