There’s not much point in bringing reason today vis stocks, but let’s give it a go. Readers will know that MB uses the “hammer and dance” paradigm for virus recovery:
Global stocks are rallying on the basis that the “hammer” process is working as the virus curve flattens. The problem is that the market has not yet discounted the “dance”. It will have to at some stage, not least because developed economies have done such a poor job of the hammer, meaning new outbreaks of the virus will be common and virulent.
For example, this:
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