As of April 2020.

"The environment today is not entirely dissimilar from the early 1930s, the last time a demand shock of a similar magnitude occurred."

Excerpt

"Moreover, in the years since the global financial crisis, international trade has been a less powerful engine of economic growth."

"The services sector has taken a much greater hit during the COVID-19 crisis than has typically been the case in past downturns, and it is the largest contributor to global GDP."

Balance sheet strength matters now more than ever

There have been five major bear markets in the S&P since the Depression, with each one experiencing rallies along the way that turned out to be false dawns.

Looking at the chart below, however, makes me wonder whether I should've left this particular stone unturned.

Proportion of the population moving, compared to usual, over the most recent three weeks