This was always a 10% tail risk. Pandemics happen pretty frequently. We just didn’t prepare.

A sane and informed response and this would have been just a blip in terms of recession, might have caused a small recession if Trump hadn't willfully made it much much worse.

With the total fuck up...we are taking severe beating instead of a hit

“ A black swan is an unpredictable event that is beyond what is normally expected of a situation and has potentially severe consequences. Black swan events are characterized by their extreme rarity, their severe impact, and the widespread insistence they were obvious in hindsight.”

But I’ll point out that we’ve seen multiple pandemics since 1918.

I worked in the financial industry for 25 years....and I can say no one saw this coming who manage money.

some, relative to stocks.

Gotta trade...but good managers would have rebalanced early and losses would be low...most didn’t

[ I volunteer for the general information of DU'ers, that American Century's T-bill/Capital Preservation Fund, management fee is .48%. Seems pretty reasonable].