Two years ago, investors were starting to fret about something they could not properly understand.
A virus in China had kept markets on edge for a few weeks and was starting to look like it could be serious. Stocks around the world were suffering knocks of around 1 or 2 per cent a day.
Fear not, the sage minds of Wall Street said, pointing to previous outbreaks of viruses such as Zika and Ebola, which left no lasting damage to stocks. This newfangled coronavirus would probably follow a similar path and prove to be an opportunity to buy the dip, they said. We all know how deep and dark that “dip” turned out to be.
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