I agree, but the bet seems to be (in so far as anyone can judge what the market is thinking) that the multi-trillion economic stimulus combined with other credit lines corporations are taking out will do their job on a macroeconomic scale despite anecdotal stories about it being inadequate for individuals. I don't think that's the case, but I don't have any data to say it's unreasonable.

Plus there is the expectation that once a vaccine is developed/distributed it'll be the roaring 2020s as everything recovers fully, which I largely agree with. So if you're looking at record profits less than 2 years out, makes for a pretty rosy outlook.

That of course is assuming there aren't any particularly economically devastating effects from the oil price wars/demand drop, educational lapses, hurricanes/wild fires on top of corona-virus leading to a renewed spike during evacuations, and any other manner of things that can go wrong. That's where I'm generally making the opposite bet, there's just too many unknowns and plausible disasters that can happen, and if even one of them comes true things get a lot worse quickly. But that's pure speculation/conservatism on my part.