The Editor 

Staring down reality

John Hughman

Staring down reality

Looking around at deserted high streets, and at businesses furloughing or, like IAG, shedding tens of thousands of staff, watching oil prices collapsing, witnessing the largest drop in US GDP since 2008 and predictions of a 40 per cent drop in the Covid-19-struck second quarter, seeing the death toll continue to soar and the easing of lockdown restrictions quickly reversed in the countries that have tried, it is hard to believe that the S&P 500 is currently trading just 15 per cent below its all-time high. 

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