Major moments in markets tend to come with some sort of gimmick to explain them. In 2020, it was letters of the alphabet. After the initial COVID-19 crash in markets and in the economy, investors focused on what shape the recovery would take.

Would it be V-shaped, with a rapid pick-up from the depths? Or W-shaped, with a succession of setbacks? Or would it take an L-shape, with us all getting knocked down, unable to get up again?

Financial Times