Any premature death is a tragedy; it’s not just a numbers issue. It is however not possible that the 864 confirmed cases and 29 deaths resulting from Covid-19 in the US (as I write this) are the sole cause of trillions of dollars in value being lost on US stock markets.

Covid-19 has scraped off the thin, crusty veneer of certainty about robust and ever increasing value in financial markets. In any case, I think listed equities are on their way out as a dominant asset class. It may take a decade, but the capital markets are going off the grid...

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