The idea that economies will quickly recover to pre-crisis levels once lockdowns are lifted defies the experience of every market crash in modern history.
Markets can mislead. Because they are described with numbers, it’s easy to think that they are somehow mathematical, scientific or logical.
Experienced investors know that the truth is very different. In the words of famed economist John Maynard Keynes: “The market can remain irrational longer than you can remain solvent.”
