Cross-posted from FTAlphaville:
The problem in the era of coronavirus is that nearly all company earnings, without massive government intervention, are going to zero. Indiscriminately. So really, everything is overvalued ceteris paribus. Which sort of makes writing on something trading at 100 times earnings feel kind of silly.
What would help our cause, however, was if we knew where earnings might settle after we’re through the crisis. Then, perhaps, the fun could begin again.