"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
The average congestion during the morning rush hour for the week ending 27th March, compared to the 2019 weekday average
In the years shortly before and following the great crash of 1929 most market participants failed to grasp the full scale and length of the unfolding depression. Capitulation finally came after 1932, when the DJIA closed at its lowest level of the 20th century.
"Looking at 20-year rolling market returns, we are in the bottom 5% of returns since 1927"