V-Shaped Recovery for Me, L-Shaped Recovery for Thee

Plus! Shopify, Japan, Mechanical Turk, eSports, Zoom, Everyone-But-Zoom, Clubhouse

It’s hard to ignore the gap between equity indices and economic headlines. From the low on March 23rd, the S&P has rallied by 27%, while cumulative initial claims since then have hit 23.1m (for context, that’s roughly the cumulative total for the prior two years). There’s an easy and optimistic explanation for this: markets discount the future, whi…

This post is for paying subscribers