A number of unprecedented events happened this last week, ranging from my university closing for the month due to the coronavirus–to an apparent freeze in the residential mortgage market–to a flood of redemptions to corporate bond ETFs that overwhelmed the liquidity that the market could provide. From my experience living in Florida during past hurricane seasons, I predicted the runs on local grocery stores well in advance. However, the stock market decline since February greatly exceeded my expectations in terms of severity.
I met with my friend and fellow Seeking Alpha writer Pietros Maneos on