BIBL - Recessions Are Like Forest Fires: They Shouldn't Be Stopped
Big Picture Thesis
Even as Americans have come to terms with the idea that the economic shutdown will have to last longer than we initially thought in order to curb the spread of COVID-19, investors continue to widely expect a V-shaped recovery. Once the all-clear is sounded, goes this view, everything will go back to normal. Everyone who was laid off will get their old jobs back. All the closed restaurants and businesses will reopen. Movie theaters and malls will be packed with cash-rich consumers. All within a matter of months after the novel coronavirus