Also, even a perfectly successful way of containing Covid-19 would depress stock values [against a benchmark of the virus not existing] if it involved containment actions such as isolating significant numbers of people and cancelling events and flights.

Also stocks react to the economic impact of the panic, not necessarily to the disease itself.

I also wouldn’t overplay the market correction. We are back to where stocks were in Oct last year, when there were no concern about the virus.