PPLC - Predicting The Unpredictable: When The Market Will Turn
Is there anything like predictability?
Recently, I have looked at some second-order effects of the pandemic and concluded that not the coronavirus itself and its near-term financial consequences, but the emerging unpredictability of the post-coronavirus world was causing the market panic.
Markets obviously love predictability for a reason: Steady performance provides the illusion of safety and certainty, which leads to the - often false - conclusion of predictability. But external shocks like the current pandemic can cause all those certainties to vacillate.
For example, take Live Nation (LYV): Since musicians can't make anymore