Matt Levine, Columnist

Stocks Are Trying to Forget 2020

Also Kylie Jenner, Carnival and vacation arbitrage.

June 1, 2020 at 4:53 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Here’s a simple model for stocks and the pandemic:

None of these things is obviously true, and point 3 in particular depends on a lot of assumptions about the progress of the pandemic and the speed of reopening and changed in behavior and the loss of workers and know-how and a million other things. (And of course you didn’t build a 100-year model, etc.)