“Hello, you’ve reached the winter of our discontent”
--Troy Dyer, Reality Bites, 1993
Reality is finally biting. The misguided fantasy of a “V-shaped” recovery is increasingly disappearing. In its place is the growing reality that the ongoing health care crisis will be with us for much longer and more unpredictably than many initially imagined. The implication for the economy and corporate earnings has already been distressing and will continue to be debilitating for the foreseeable future. How long will it take before once predictive and now reactive U.S. capital markets finally awaken to this reality?