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Not long ago, I thought today’s newsletter would have to tell the story of Robin Hood vs the Invisible Enemy. In other words, how the army of retail investors who have flocked to commission-free trading offered by robinhood.com and others would fare in conflict with the apparent resurgence of the coronavirus in a range of countries (including all the BRICS — Brazil, Russia, India and China) and red American states. Would the retail traders’ naive optimism (or sensible homespun wisdom, depending on your point of view) triumph? Or would a sensible grasp of the reality (or unreasoning panic, again depending on your point of view) that the virus remains unbeaten emerge victorious?
