In 2008 the S&P fell half off its peak and nothing physical happened to the economy. Now we have two very physical things — supply and demand shocks. The strategy of no strategy means these two physical problems will continue until a vaccine is produced, i.e. likely not for a year or more. On February 25th, I predicted a massive drop in the stock market due to the coronavirus. At that point it had already fallen 8% from its peak. Today, it's 20% below its peak. I think it will fall 50% below peak. That may be conservative. In the Great Recession, the S&P fell half from its peak and nothing physical happened to the ... (full story)