Restarting The Economy – Weekly Market Notes April 27, 2020

Current valuations seem to underestimate the threat of a deep decline in corporate earnings, the impact of high unemployment and the economic damage triggered by the pandemic.

While we have never seen this kind of liquidity injected into our economic system, historically stocks generally do not go up during periods of declining earnings.

Our economy will recover but expectations may have gotten ahead of tangible data.

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