During March, all stocks fell and fell hard. To our way of thinking, two elements drove share prices down. (1) It was clear to anyone who was paying attention that the economy was going into the tank. (2) Government action was swift and aggressive igniting fear in the population at large. (3) In a news cycle where the mantra is "if it bleeds, it reads" Covid-19 came along just in time to save tradition dying news outlets. They played up the fear beyond all levels of reality.
