This article series provides a monthly dashboard of industries classified by sectors. It compares valuation and quality factors relative to their historical averages in each industry.
Executive summary
In such a volatile environment, valuation and profitability ratios may change quickly. The energy sector has been hit by two black swans in the same month: the spread of Covid-19 and a new oil price war. In fact, ratios have no fundamental meaning at this point: they make sense in a continuous environment, and many companies have or will hit a discontinuity. Current prices are the result