Aaron Brown, Columnist

This Stock Market Swoon Differs From All Others

Understanding why equities fell so far, so fast is the key to understanding the way forward.

April 7, 2020 at 2:00 PM UTC

Aaron Brown is a former head of financial market research at AQR Capital Management. He is also an active crypto investor, and has venture capital investments and advisory ties with crypto firms. He is the author of the soon-to-be-released "Wrong Number."

Wall Street is a dangerous place these days.
Photographer: Johannes Eisele/AFP/Getty Images

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On April 8 and 9, Jews around the world will gather – perhaps via Zoom for many - for Passover Seders. Part of the ritual is the Ma Nishtana, or the four questions, all of which begin, “Why is this night different from other nights?” Investors of all religious faiths, or none, would do well to ask themselves, “Why is this stock market crash different from other stock market crashes?”

Markets expect dividends over the next 21 months will be half what was expected at the end of 2019.1