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It was March 21, 2020, and Mike Cavanaugh, managing partner at capital markets advisory Regiment, was scared. He could see that members of his team were scared, too. Illinois officials had just announced the state’s stay-at-home order. The National Basketball Association had already suspended the season after Utah Jazz center Rudy Gobert tested positive for Covid-19; the National Collegiate Athletic Association had canceled both its men’s and women’s playoff basketball tournaments.

So Cavanaugh

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