The plunge in February and March was overdone based on the decline in earnings.
Think of the “Star Trek” character and the calm punctuated by fits of euphoria and bouts of despair will be easier to understand.
It’s some of both, though the lockdowns make it clear that many of us can easily do with less.
They warned of soaring prices after the financial crisis when deflation was the bigger risk. It probably is again.
Their downfall is the assumption that the future will be like the past.
And that’s fine. You don’t have to be perfect to do perfectly well in the stock market.
It’s not impossible, but it does require a level head and planning.
Every rally or bust has large counter moves that may not be a real break from underlying trends.
Terms in the financial crisis were too generous to most companies, but at least one rescue offers a promising template.
Passive investors calmly bought amid the market plunge while the titans liquidated.
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