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Happy Monday everyone.

There are 800 S&P companies reporting earnings this week and 8 billion economists on Twitter debating if the US economy will be a V shaped or W shaped recovery.

I liked what non economist Andy Kessler wrote this week because he is a great investor:

But a fishing line down should mean a Polaris missile right back up, right? President Trump has even said the post-virus economy will take off “like a rocket ship.” That’s the essence of a V-shaped recovery. If we’d had a two-week house arrest—three, at max—maybe a V it would be. The unemployed return to work, stores open, new cars crank out and voilà, just like old times. Unfortunately, that ship has sailed. Sad, because a short lockdown could have been enough to scare the corona out of us, instilling enough fear that we self-enforce social distancing, wear masks, distrust strangers. Mission accomplished weeks ago.

Now there’s no going back. With airplanes idle, hotels empty, theaters going bust, stores like Neiman Marcus threatening chapter 11 and oil going subzero last week, all signs suggest serious damage to the economy.

I LOVED this series of tweets from Northman Trader (I call him a snarky market cynic) who makes it sound so smart and easy to never own stocks:

Who cares what everyone else says though because as always, Ivanhoff and I did our weekly Momentum Monday (we use Zoom of course). Ivan dropped some market wisdom as usual saying the markets live in their own world. You can watch/listen right here.

The themes continue to be new (digital) economy over old economy, digital land (yes there are digital REITS) over real land, cloud over crude and life over death (biotech over defense).

Have a great week everyone.

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