By Lucian Miers | Friday 3 April 2020
Disclosure: The author has a short position in one or more of the shares mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
As I write the Dow is down 25% year-to-date and 28% from its all-time high struck seven weeks ago on Feb 12th. Amongst the maelstrom of opinion and statistics that surfaced in March, the fact is that none of us have a clue what the future holds – least of all the financial ‘experts’ (Ray Dalio: “cash is trash”, Steve Mnuchin: “this is not a financial crisis but we need to print 3 trillion now”). It is encouraging that the new heroes are health workers and not hedge fund managers and clueless treasury officials. My view is that the falls do not remotely reflect the severity of the economic situation, but that is beside the point…
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