There are many things that remain uncertain with regard to the novel coronavirus and its effects. However, a few things are certain: the virus has created panic in financial markets and across society and will have a huge negative impact on the economy in the coming months. What is less clear is the impact it will have on equity markets two to three years from now.

News, assessments and revisions will provide a clearer picture as we proceed through the earning seasons, but in all likelihood some sectors and companies will reprice sharply. Companies with negative cash flow whose market valuations are based on overly optimistic expectations of future growth rates have a particularly large downside risk. There will also be some exciting opportunities...

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